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1、FinanceandEconomicsDiscussionSeriesDivisionsofResearch&StatisticsandMonetaryAffairsFederalReserveBoard,Washington,D.C.Effectsofthe2003DividendTaxCut:EvidencefromRealEstateInvestmentTrustsJesseEdgerton2010-34NOTE:StaffworkingpapersintheFinanceandEconomicsDiscussionSeries(FEDS)areprelim
2、inarymaterialscirculatedtostimulatediscussionandcriticalcomment.TheanalysisandconclusionssetfortharethoseoftheauthorsanddonotindicateconcurrencebyothermembersoftheresearchstaffortheBoardofGovernors.ReferencesinpublicationstotheFinanceandEconomicsDiscussionSeries(otherthanacknowledge
3、ment)shouldbeclearedwiththeauthor(s)toprotectthetentativecharacterofthesepapers.Effectsofthe2003DividendTaxCut:EvidencefromRealEstateInvestmentTrustsJesseEdgerton∗FederalReserveBoardApril23,2010AbstractRecentliteraturehasestimatedthatthe2003dividendtaxcutcausedalargein-creaseinaggre
4、gatedividendpayouts,whichwouldimplythatdividendtaxationcreateslargeefficiencycostsrelativetotheamountofrevenueraised.Idocumentthatdivi-dendpayoutsbyrealestateinvestmenttrustsalsorosesharplyfollowingthetaxcut,eventhoughREITdividendsdidnotqualifyforthecut.UsingREITsasacontrolgroupinasi
5、mpledifference-in-differencesframeworkproducessmallandstatisticallyinsignificantestimatesoftheeffectofthetaxcutonaggregatedividendpayouts.Ifurtherdocumentthattheratioofdividendpayoutstocorporateearningschangedlittleafterthetaxcut,andthattheratioofdividendpayoutstosharerepurchasesfelldr
6、amatically.Thesefactssuggestthatcontemporaneousincreasesinearningsandin-vestordemandforpayoutsdrovetheobservedincreasesinaggregatedividendpayouts,withatmostamodestroleforthetaxcut.JELCodes:H24,G35.Keywords:Payoutpolicy,dividends,sharerepurchases,taxes.∗Email:jesse.j.edgerton@frb.go
7、v.AnyviewsexpressedherearethoseoftheauthorandneednotrepresenttheviewsoftheFederalReserveBoardortheFederalReservesystem.IthankMalcolmBaker,JeffBrown,RajChetty,AmyFinkelstein,JerryHausman,DavidLebow,JamesPoterba,JohannesSpinnewijn,andparticipantsattheMITpublicfinancelunchforhelpfulcomm
8、ents.11IntroductionTheeffec
