Dividends and Taxes

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The determinants of dividend policy in Pakistan (2008, background): “Miller and Scholes (1978) find that the effect of tax preferences on clientele and conclude different tax rates on dividends and capital gain lead to different clientele.”
Payout Taxes and the Allocation of Investment (2011, background): “Miller and Scholes (1978) argue that payout taxes can be avoided completely, and this would remove our predictions about relative investment and cost of capital.”
Patterns in Payout Policy and Payout Channel Choice of UK Firms in the 1990s (2005, unknown): “Miller and Scholes (1978) pioneer the second generation of clientele models explaining payout policy and argue that investors can trade dynamically to reduce the tax burden associated with dividends.”
A review of tax research (2010, unknown): “For example, an important issue is understanding the conditions for a capital market equilibrium under which an identifiable marginal investor matters in the sense of Miller and Scholes (1978) or all investors matter in the sense of Brennan’s (1970) after-tax CAPM.”
Dynamics and determinants of dividend policy in Pakistan (evidence from Karachi stock exchange non-financial listed firms) (2008, unknown): “Miller and Scholes (1978) find that the effect of tax preferences on clientele and conclude different tax rates on dividends and capital gain lead to different clientele.”