Replication data for: The Dividend Clientele Hypothesis: Evidence from the 2003 Tax Act

Laura Kawano
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...
This data repository is not currently reporting usage information. For information on how your repository can submit usage information, please see our documentation.