A Tax-Based Test of the Dividend Signaling Hypothesis
提出并实施了一种检验股利信号假说的新方法，通过分析税收政策变化发现股利税率与股利支付的市场反应正相关，支持信号假说。
The authors propose and implement a new test of the dividend signaling hypothesis. Dividend signaling models generally imply that an increase in dividend taxation should increase the share price response per dollar of dividends (or 'bang-for-the-buck'). Many other dividend-preference theories have the opposite implication. An analysis of recent variations in tax policy reveals a strong positive relation between dividend tax rates and the bang-for-the-buck. Additional evidence on the relation between the bang-for-the-buck and other variables that are related to the marginal cost of paying dividends provides further support for dividend signaling. Copyright 1995 by American Economic Association.