New Evidence of the Impact of Dividend Taxation and on the Identity of the Marginal Investor
研究1997年英国股息税改革对高股息公司估值的影响，发现税改后股息收入估值显著变化，支持税收影响公司估值且养老基金是高股息公司有效边际投资者的假说。
ABSTRACT This paper examines the impact of a major change in dividend taxation introduced in the United Kingdom in July 1997. The reform was structured in such a way that the immediate impact fell almost entirely on the largest investor class in the United Kingdom, namely pension funds. We find significant changes in the valuation of dividend income after the reform, in particular for high‐yielding companies. These results provide strong support for the hypothesis that taxation affects the valuation of companies, and that pension funds were the effective marginal investors for high‐yielding companies.