This paper exploits a newly developed data set to investigate recent changes in the international distribution of industrial pollution. In particular, the authors examine three issues: (1) the relationship between the toxic intensity of industrial production and the level of economic development, (2) the impact of OECD environmental regulation on global changes in toxic intensity, and (3) the relationship between trade policy and the toxic intensity of industrial production in LDC's. 10 refs.

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.