Large Shareholders and Dividends: Evidence from U.S. Tax Reforms

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Payout Taxes and the Allocation of Investment (2011, background): “…(for example, Germany and Sweden) until 8 The Rydqvist et al prediction seems to be borne out in US dividend policy: Chetty and Saez (2005) and Perez-Gonzalez (2003) show that firms with a large share of institutional (tax exempt) ownership exhibit smaller changes in policy after the 2003 tax…”
How relevant is dividend policy under low shareholder protection? (2015, unknown): “To check for the robustness of the partial adjustment model itself, Renneboog and Trojanowski (2006) propose various alternative specifications.”
Executive Financial Incentives and Payout Policy: Firm Responses to the 2003 Dividend Tax Cut (2007, unknown): “These results are consistent with Perez-Gonzalez (2003), who finds that dividend valuation increased when dividends were less tax disadvantaged, but only for firms with large individual shareholders.”