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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

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

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

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

E-Lections: Voting Behavior and the Internet

Falck, Oliver; Gold, Robert; Heblich, Stephan - CESifo - 2012

This paper analyses the effect of information disseminated by the Internet on voting behavior. We address endogeneity … in Internet availability by exploiting regional and technological peculiarities of the preexisting voice telephony … network that hinder the roll-out of fixed-line broadband infrastructure for high-speed Internet. We find small negative …

Persistent link: https://www.econbiz.de/10010551013

Digital Piracy: Theory

Belleflamme, Paul; Peitz, Martin - CESifo - 2010

This article reviews recent theoretical contributions on digital piracy. It starts by elaborating on the reasons for intellectual property protection, by reporting a few facts about copyright protection, and by examining reasons to become a digital pirate. Next, it provides an exploration of the...

Persistent link: https://www.econbiz.de/10008727287

The Effect of Internet Piracy on CD Sales: Cross-Section Evidence

Peitz, Martin; Waelbroeck, Patrick - CESifo - 2004

Persistent link: https://www.econbiz.de/10005765667

The Economics of Books

Canoy, Marcel F. M.; Ours, Jan C. van; Ploeg, Frederick … - CESifo - 2005

The tensions between books and book markets as expressions of culture and books as products in profit-making businesses are analysed and insights from the theory of industrial organisation are given. Governments intervene in the market for books through laws concerning prices of books, grants...

Persistent link: https://www.econbiz.de/10005766082

An Economist’s Guide to Digital Music

Peitz, Martin; Waelbroeck, Patrick - CESifo - 2004

In this guide, we discuss the impact of digitalization on the music industry. We rely on market and survey data at the international level as well as expert statements from the industry. The guide investigates recent developments in legal and technological protection of digital music and...

Persistent link: https://www.econbiz.de/10005766225

Piracy of Digital Products: A Critical Review of the Economics Literature

Peitz, Martin; Waelbroeck, Patrick - CESifo - 2003

Digital products have the property that they can be copied almost costlessly. This makes them candidates for non-commercial copying by final consumers. Because the copy of a copy typically does not deteriorate in quality, copying products can become a wide-spread phenomenon – this can be...

Persistent link: https://www.econbiz.de/10005094277