  Over the last decade, dividends have become a standalone asset class instead
of a mere side product of an equity investment. We introduce a framework based
on polynomial jump-diffusions to jointly price the term structures of dividends
and interest rates. Prices for dividend futures, bonds, and the dividend paying
stock are given in closed form. We present an efficient moment based
approximation method for option pricing. In a calibration exercise we show that
a parsimonious model specification has a good fit with Euribor interest rate
swaps and swaptions, Euro Stoxx 50 index dividend futures and dividend options,
and Euro Stoxx 50 index options.
