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Dividend Taxation and the Cost of New Share Issues
Lindhe, Tobias; Södersten, Jan - CESifo - 2014
This paper examines how the effects of dividend taxation on the cost of new equity funds depend on whether or not shareholders can recover their original equity injections without being subject to the dividend tax. We point out the alternative assumptions in the literature on this, and we...
Persistent link: https://www.econbiz.de/10010948888
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Dividend Taxation, Share Repurchases and the Equity Trap
Lindhe, Tobias; Södersten, Jan - CESifo - 2009
This paper reconsiders the effects of dividend taxation. Particular attention is paid to the form of the “equity trap”, that is, the extent to which cash paid to the shareholders must be taxed as dividends. Our analysis shows that Sinn’s (1991) criticism of the well-known King and...
Persistent link: https://www.econbiz.de/10004979406
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The Equity Trap, the Cost of Capital and the Firm’s Growth Path
Lindhe, Tobias; Södersten, Jan - CESifo - 2006
This paper reconsiders Sinn’s (1991) nucleus theory of the corporation by comparing two different regimes for the equity trap. In the first of these, all cash paid to the shareholders is taxed as dividends, in the second, shareholders are allowed a tax-free return of capital contributed...
Persistent link: https://www.econbiz.de/10005181510
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Taxation of Shareholder Income and the Cost of Capital in a Small Open Economy
Sørensen, Peter Birch - CESifo - 2014
When companies finance their investment via the international markets for stocks and bonds, relief from domestic personal taxes on dividends and capital gains will not reduce the cost of capital. Some authors have shown that even for small domestic companies whose shares are not traded...
Persistent link: https://www.econbiz.de/10011086459
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On the Choice of Royalty Rule to Cover Fixed Costs in Input Joint Ventures
Fjell, Kenneth; Foros, Oystein; Kind, Hans Jarle - CESifo - 2013
incorporated. We find that tougher competition between the JV partners may actually increase channel profit under such a scheme. We …
Persistent link: https://www.econbiz.de/10010877877
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Competition in the Presence of Individual Demand Uncertainty
Möller, Marc; Watanabe, Makoto - CESifo - 2013
This paper sheds light on an empirical controversy about the effect of competition on price discrimination. We … shows that whether competition has a positive or negative effect on price dispersion depends on the level of demand …
Persistent link: https://www.econbiz.de/10010877946
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Expectations as Reference Points: Field Evidence from Experienced Subjects in a Competitive, High-Stakes Environment
Bartling, Björn; Brandes, Leif; Schunk, Daniel - CESifo - 2012
We show that professional soccer players exhibit reference-dependent behavior during matches. Controlling for the state of the match and for unobserved heterogeneity, we show on a minute-by-minute basis that a player breaches the rules of the game, measured by the referee’s assignment of...
Persistent link: https://www.econbiz.de/10010551016
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Powering Up Developing Countries through Integration?
Auriol, Emmanuelle; Biancini, Sara - CESifo - 2012
Power market integration is analyzed in a two countries model with nationally regulated firms and costly public funds. If generation costs between the two countries are too similar negative business-stealing outweighs efficiency gains so that following integration welfare decreases in both...
Persistent link: https://www.econbiz.de/10010556079
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A Simple Model of Health Insurance Competition
Kemnitz, Alexander - CESifo - 2010
This paper investigates competition between health insurance companies under different financing regulations. We … consider two alternatives advanced in recent German health care reform discussions: competition by contribution rates (health … contributions) and by fees (health premia). We find that contribution rate competition yields lower company profits and higher …
Persistent link: https://www.econbiz.de/10008727295