. This way, one bank's dividend payout policy affects the equity value and risk of default of other banks. When such negative …

We empirically document that stock prices moved inversely with dividend yields during the May, 1997 week, when the … share prices of other firms. Among firms paying dividends, the change in share prices was decreasing in dividend yields. The …

Recent empirical studies of dividend taxation have found that: (1) dividend tax cuts cause large, immediate increases … in dividend payouts, and (2) the increases are driven by firms with high levels of shareownership among top executives or … of dividend taxation. We propose a simple alternative theory of dividend taxation in which managers and shareholders have …

This paper presents a bound on the variance of the price-dividend ratio and a decomposition of the variance of the … price-dividend ratio into components that reflect variation in expected future discount rates and variation in expected … future dividend growth. Unobserved discount rates needed to make the variance bound and variance decomposition hold are …

dividend yield is typically viewed as a reflection of either changing risk, related to the business cycle, or irrational … mispricing. Extending the work on asset allocation and dividend yield by Kandel and Stambaugh (1996) to accommodate variation in …