  We consider de Finetti's optimal dividends problem with absolutely continuous
strategies in a spectrally negative L\'evy model with Parisian ruin as the
termination time. The problem considered is essentially a generalization of
both the control problems considered by Kyprianou, Loeffen & P\'erez (2012) and
by Renaud (2019). Using the language of scale functions for Parisian
fluctuation theory, and under the assumption that the density of the L\'evy
measure is completely monotone, we prove that a refraction dividend strategy is
optimal and we characterize the optimal threshold. In particular, we study the
effect of the rate of Parisian implementation delays on this optimal threshold.

Probability;Optimization and Control