Taxation and Corporate Payout Policy
研究公司派息政策如何应对股息税负与资本利得税负的差异，构建了1929年以来的加权平均边际税率序列，并估计2003年税收改革后股息相对资本利得的税后价值提升超5个百分点，弹性超3，最终可能使股息增加近20%。
This paper presents new evidence on how corporate payout policy responds to the differential between the tax burden on dividend income and that on accruing capital gains. It describes the construction of weighted average marginal tax rate series for the period since 1929, and it suggests that the enactment of the Job Growth of Taxpayer Relief Reconciliation Act of 2003 should raise the after-tax value of dividends relative to capital gains by more than five percentage points. The impact of this change on payout depends on the elasticity of dividend payments with respect to the after-tax value of dividend income relative to capital gains. Time series estimates suggest an elasticity of more than three, and imply that the recent tax reform could ultimately increase dividends by almost twenty percent.