TY  - BOOK
AU  - Brittain,John A.
TI  - Corporate dividend policy / 
T2  - Studies of government finance
U1  - 658.155 / 23
PY  - 1966///
CY  - Washington, D.C., : 
PB  - The Brookings Institution, 
KW  - Dividendos
KW  - Estados Unidos
N1  - Incluye notas a pie de página y datos biográficos del autor; Antecedents and Methodology -- The Effect of Liberalized Depreciation Allowances -- The Effect of Individual Income Tax Rates -- Other Factors in Corporate Dividend Policy -- The Dividend Policy of Industries -- The Dividend Policy of Firms: Time Series Analysis -- Pooling of Time Series and Cross Section Data

N2  - What factors determine corporate dividend policy? Why has the percentage of net profits paid out as dividends ranged from 35 percent to 65 percent since World War II? 
These are among the key questions analyzed in this study of the trends in corporate dividends since 1920. These trends have had sig nificant effects not only on the income of stockholders, but also on the value of corporate securities, total investment, and economic growth and stability.
The study shows, among other things, that liberalization of deprecia tion allowances raises the level of dividend payments and that increases in individual tax rates or in interest rates lower the level of payments. These findings, the author points out, suggest that effects on dividends should be taken into account in the formulation of fiscal and monetary policy
ER  -