For a sample of 28,895 firms across 30 countries and 29 years, there is a negative relation between dividend tax rates … and dividend payout. Firms increase dividend payout in response to both absolute and relative (to capital gains tax rates …) decreases in dividend tax rates. This negative relation is robust to both increases and decreases and both shocks and continuous …

surge of special dividends in the final months of 2010 and 2012, immediately before individual-level dividend tax rates were … their regular dividend payments by shifting what would normally be January regular dividend payments into the preceding … December. To our knowledge this is the first evidence in the literature about changes in the timing of regular dividend …

This study focuses on the relationship between dividend payout ratio and DRP (Dividend Reinvestment Plan) adoption … within the framework of the Australian dividend tax imputation system. Since the decision to adopt the DRP (Dividend … Reinvestment Plan) is effected through the distribution of dividends, a longitudinal study of dividend payout ratios and DRP …

The 2012 Dividend Tax Reform in China uniquely ties individual investors' dividend tax rates to the length of their … share holding period. We find that firms facing a reduction in their individual investors' dividend tax rate are more likely … to increase dividend payout, initiate dividends, and are less likely to omit dividends, compared with firms facing an …

How do dividend taxes affect stock volatility? In this paper, I use a decrease in dividend taxes as a natural … contract, changes in stock volatility due to dividend taxes may increase agency costs and therefore decrease overall welfare …-neutral shareholders, dividend taxes may exacerbate agency costs. The increase in agency costs will decrease shareholder welfare, which can …

the ex-dividend date on nine occasions, and twice after 8 days. However, it used to pay cash at least 18 days after the ex-dividend … date. When examining the whole market, firms tend to go ex-dividend on Wednesdays and pay the cash on Fridays. The …

This paper explores the impact dividend taxes exert on the dividends repatriated from foreign affiliates to their … German parent company. Based on an augmented Lintner model of firms' dividend payout decisions, the paper focusses on cross …-border intra-firm dividend payments of wholly-owned foreign affiliates in the manufacturing sector. Firm-level data from the …

We examine the interaction of dividends, agency costs and taxes on SEO valuations using the 2003 dividend tax cut as a … natural experiment. We find the difference in SEO announcement-day returns between dividend- and non-dividend-paying firms … disappears after the tax cut evidencing dividend status dependent revaluations. Incorporation of agency costs reveals the …

We investigate the ex-dividend behaviour of TSX listed Canadian firms during a period when both U.S and Canadian … governments cut taxes on dividend income. We test whether the tax differential between dividends and capital gains affects the … stock price drop ratio on ex-dividend date. Using quarterly dividend date from 2002-2007, we also investigate the existence …