I examine whether and to what extent tax uncertainty affects a firm's dividend payouts. Based on the argument that tax … uncertainty exhibit a lower probability of dividend payouts. The effect of tax uncertainty is stronger in the presence of … negative effect of tax uncertainty on dividend levels, which is moderated by the costs of dividend reductions. These results …

valuation of DAX futures contracts and test the resulting hypotheses empirically. We find that dividend taxation cannot explain … these deviations. Futures prices are lower in years with higher dividend yields, and prices of the June contract (which is …. Multivariate regressions confirm the finding that dividend taxation affects futures prices. …