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Dividend taxes and corporate behavior

2Raj Chetty and Emmanuel Saez, “Dividend Taxes and Corporate Behavior: Evidence from the 2003 Dividend Tax Cut,” National Bureau of Economic Research Working Paper 10841, October 2004; and Jennifer Blouin, Jana SmithThe Effects of the 2003 Dividend Tax Cut on Corporate Behavior: Interpreting the Evidence by Raj Chetty and Emmanuel Saez. As a The U. Dividends and Taxes by Roger Gordon and Martin Dietz* (UCSD and University of St. We also find evidence of improved corporate governance and economic efficiency over the long run. . In this model, dividend taxation induces managers to undertake unproductive TAXES AND DIVIDEND POLICY CHUNCHIWU ABSTRACT This paper examines the effect of differential personal taxation on corporate dividend policy. ELTON, MARTIN J. In line with the agency model, we find a negative relation between family control and dividend payouts at low and high levels of control. Until 2003, individuals were taxed on dividend income at the same rates as on other forms of income, resulting in overall taxes on dividends much higher than those in most other countries This paper studies the impact of the concentration of control, the type of controlling shareholder and the dividend tax preference of the controlling shareholder on dividend policy for a panel of 220 German firms over 1984–2005. The tempo- ral pattern of corporate dividend payout and dynamic dividend behavior are examined over a …"This paper analyzes the effects of dividend taxation on corporate behavior using the large tax cut on individual dividend income enacted in 2003. First, an unprecedented number of firms initiated regular dividend payments after the reform. We develop a simple agency model in which managers and shareholders have conflicting interests to explain the evidence. Recent evidence on the effect of dividend taxes on firm behavior is inconsistent with neoclassical theories of dividend and corporate taxation. government subjects corporate dividends to double taxation: It first taxes corporate income, then taxes the same income again when shareholders receive dividends paid out of corporate income. Using data spanning 1980 to 2004-Q2, we document a sharp and widespread surge in dividend payments following the tax cut, along several dimensions. S. Published in volume 96, issue 2, pages 124-129 of American Economic Review, May 2006Ex-Dividend Day Behaviour in the Absence of Taxes and Price Discreteness Khamis Al Yahyaee, Toan Pham*, and Terry Walter The University of New South Wales Abstract We examine the ex-dividend day behaviour in a unique setting where (1) there are neither taxes on dividends nor on capital gains, (2) stock prices have been decimalized,EDWIN J. Gallen) Abstract: How do dividend taxes affect firm behavior and what are their distributional and efficiency effects? To answer these questions, the first problem is coming up with an explanation for why firms pay dividends, in spite of their tax penalty. GRUBER and JOEL RENTZLER, The Ex‐Dividend Day Behavior of Stock Prices; A Re‐Examination of the Clientele Effect: A Comment, The Journal of Finance, 39, 2, (551-556), (2012)

 
 
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