The 2003 Dividend Tax Cuts and the Value of the Firm: An Event Study

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Business Volatility, Job Destruction, and Unemployment (2010, background): “The impact of changes in the dividend tax rate depends on the firm’s dividend payout rate and its marginal source of investment funds (Alan J. Auerbach and Hassett 2005).”
Executive Financial Incentives and Payout Policy: Firm Responses to the 2003 Dividend Tax Cut (2007, unknown): “These eight event windows are based on the careful analysis of news events between December 2002 and the May 2003 passage of the dividend tax cut conducted by Auerbach and Hassett (2005).”
Taxing Corporate Income (2007, background): “…have not definitively resolved its significance in explaining the investment behaviour and valuation of corporations,15 this ‘new view’ of equity finance clearly emphasizes the distinction between 15 See Auerbach (2002) and Auerbach and Hassett (2007) for recent reviews of the relevant literature.”
Capital Tax Reform and the Real Economy: The Effects of the 2003 Dividend Tax Cut (2015, background): “28 Second and despite stock price evidence that the tax cut was unanticipated (Auerbach and Hassett 2007), perhaps C-corporations had been expecting to enjoy low dividend taxes at some point in the future and thus had been investing at a permanently higher rate even before the tax cut.53 Under this…”