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This paper jointly evaluates firm-level changes in investor composition and shareholder distributions following a 2003 reduction in the dividend and capital gains tax rates for individuals. We find that directors and officers, but not other individual investors, rebalanced their portfolios to...
Persistent link: https://www.econbiz.de/10012462527
This paper tests whether firms altered their dividend and share repurchase policies in response to the 2003 reductions in shareholder tax rates. We predict that firms substituted dividends for repurchases, because the reduction in dividend tax rates exceeded the reduction in the capital gains...
Persistent link: https://www.econbiz.de/10012465045
"We explore the impact of a tax reform in some provinces of China which eliminated the value-added tax on some … induce labor-saving growth. This experiment has since been extended to the rest of China"--National Bureau of Economic …
Persistent link: https://www.econbiz.de/10011395531
frictions. We illustrate these results by studying one of the largest tax incentives for investment in recent history: China …
Persistent link: https://www.econbiz.de/10012480302
China as a natural experiment to identify the existence of these intranational barriers due to local protectionism and study …
Persistent link: https://www.econbiz.de/10012480525
Currently proposals are actively circulating in China to move to a unified enterprise tax structure with similar tax …
Persistent link: https://www.econbiz.de/10012465757
We explore the impact of a tax reform in some provinces of China which eliminated the value-added tax on some … induce labor-saving growth. This experiment has since been extended to the rest of China …
Persistent link: https://www.econbiz.de/10012461126
Based on a survey that we designed and that covers a stratified random sample of 12,400 firms in 120 cities in China … regions and sectors. By our calculation, if China succeeds in allocating its capital more efficiently, it could reduce its …
Persistent link: https://www.econbiz.de/10012465551
, China's stimulus boosted real GDP growth from an annualized 6.2% in the first quarter of 2009 trough to 11.9% in the first … speed and efficacy of China's stimulus derives from state control over its banking system and corporate sector. Beijing …, fueling a real estate bubble; and that China's seemingly highly effective macroeconomic stimulus package may well have induced …
Persistent link: https://www.econbiz.de/10012461787
Persistent link: https://www.econbiz.de/10000742921