The Dividend Clientele Hypothesis: Evidence from the 2003 Tax Act
利用2003年股息减税前后的消费者金融调查数据，估计股息税与资本利得税的相对变化对家庭投资组合股息收益率的影响，发现股息税率每降低1个百分点，家庭投资组合股息收益率上升0.04个百分点。
This paper provides evidence that dividend and capital gains tax rates importantly influence household portfolio choices. Using data from the Surveys of Consumer Finances around the 2003 dividend tax reductions, I estimate the relationship between taxes and household portfolio dividend yields. I find that a one percentage point decrease in the dividend tax rate relative to the long-term capital gains tax rate causes household portfolio dividend yields to increase by 0.04 percentage points. The results suggest that high income households significantly increased their portfolio dividend yields in response to the 2003 dividend tax rate reductions.