noteworthy may have been the reduction in dividend tax rates. The political debate over the dividend tax reductions of 2003 took … probability of significant dividend tax reduction fluctuated significantly during 2003. In this paper, we use this fact to … estimate the effects of dividend tax policy on firm value. We find that firms with higher dividend yields benefited more than …

This paper investigates the effects of capital gains and dividend taxes on excess returns around announcements of … dividend increases and ex-dividend days for U.S. corporations. Consistent with standard no-arbitrage conditions, we find that … the ex-dividend day premium increased from 2002 to 2004 when the dividend tax rate was cut. Consistent with the signalling …

This paper investigates the effects of capital gains and dividend taxes on excess returns around announcements of … dividend increases and ex-dividend days for U.S. corporations. Consistent with standard no-arbitrage conditions, we find that … the ex-dividend day premium increased from 2002 to 2004 when the dividend tax rate was cut. Consistent with the signalling …