This paper explores the impact dividend taxes exert on the dividends repatriated from foreign affiliates to their German parent company. Based on an augmented Lintner model of firms' dividend payout decisions, the paper focusses on cross-border intra-firm dividend payments of wholly-owned...

For more than 50 years, researchers around the world have been searching for a solution to Blacks famous 'dividend-puzzle'. However, despite tremendous efforts in different fields of economics, the influence of taxation on the distribution policy of firms has remained elusive and is still...

We study the importance of owner wages and dividends as alternative payout channels in privately held firms. Using data on all Swedish closely held corporations and their owner-managers over the period 2000 - 2009, we find that dividends comprise one-fourth of total payout to owner-managers....

The European Union (EU) has no explicit common income tax law. Nevertheless, Court of Justice decisions have driven EU member states to adopt more similar corporate tax systems, and thus, to align the tax treatment of corporate profit distributions - dividends and capital gains. This paper...

This paper discusses the degree of intertemporal comparability of national estimates of income inequality when data are based on income tax records. The problem of comparability is particular crucial when major tax reforms have taken place and pre- and post-reform income data are used as basis...

This paper analyzes a tax system where personal share income in excess of the risk-free return on equity (the equity premium) is taxed. The rate of return allowance (RRA) in the Norwegian shareholder income tax system is, to the best of our knowledge, the first attempt of implementing such...

The introduction of the 2006 Norwegian shareholder income tax was announced in advance, and it increased top marginal tax rates on individual dividend income from zero to 28 percent. We document strong timing effects on dividend payout on a large panel of non-listed corporations, with a surge of...

We model a risk-averse firm owner who wants to maximize the intertemporal expected utility of firm’s dividends. The optimal dynamic control problem is characterized by two stochastic state variables: the equity value, and profitability (ROA) of the _rm. According to the empirical evi-dence, we...

This paper explores the impact dividend taxes exert on the dividendsrepatriated from foreign affiliates to their German parent company.Based on an augmented Lintner model of rms' dividend payoutdecisions, the paper focusses on cross-border intra-rm dividend paymentsof wholly-owned foreign...

Classical corporation tax entails double taxation of corporate income. The alternative practice to impute corporation tax to the domestic recipients of dividends is shown, in the case of a company with international owners, effectively to convert the imputation system back to a classical...