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Textbook theory assumes that firm managers maximize the net present value of future cash flows. But when you ask them, real-world firm managers consistently say that they are maximizing something else entirely: earnings per share (EPS). Perhaps this is a mistake. No matter. We take firm managers...
Persistent link: https://www.econbiz.de/10014250143
these mortality rates. Our findings show that social factors such as organized religion can play an important role in …
Persistent link: https://www.econbiz.de/10013537734
We study the climate as a determinant of religious belief. People believe in the divine when religious authorities (the "church") can credibly intervene in nature on their behalf. We present a model in which nature sets the pattern of rainfall over time and the church chooses when optimally to...
Persistent link: https://www.econbiz.de/10014322798
Within the field of economics, despite being widespread, African traditional religions tend to be perceived as unimportant and ignored when studying economic decision-making. This study tests whether this presumption is correct. Using daily data on business decisions and performance of beer...
Persistent link: https://www.econbiz.de/10014322817
religions and costs of having one's religion deviate from the type viewed as ideal. The International Social Survey Programme … (ISSP) waves for 1991, 1998, 2008, and 2018 allow for calculations of country-wide conversion rates based on religion … analysis applies to 8 types of religion for 58 countries (125 total observations). The rate of conversion depends positively on …
Persistent link: https://www.econbiz.de/10014468246
~22% who report to do so in surveys. The number of occasional vs. frequent attenders varies substantially by religion. I …
Persistent link: https://www.econbiz.de/10014528374
We examine the hypothesis that dividend taxes are capitalized into share prices by focusing on investors' implicit …-in equity is distributable as a tax-free return of capital. Consistent with dividend tax capitalization, firm-level results for … addition, differences in dividend tax rates across U.S. tax regimes are associated with predictable differences in the …
Persistent link: https://www.econbiz.de/10012471338
between the log dividend-price ratio and mathematical expectations of future log real dividend changes and future real … dividend growth, measured real discount rates and unexplained factors in determining the dividend-price ratio …
Persistent link: https://www.econbiz.de/10012476969
expected present discounted value of its dividend stream, with a constant discount rate. The inequality states that if this … the innovation in the dividend. The bound is valid even if prices and dividends are nonstationary.The inequality is used …
Persistent link: https://www.econbiz.de/10012477243
This paper tests several competing hypotheses about the economic effects of dividend taxation. It employs British data … on security returns, dividend payout rates, and corporate investment, because unlike the United States, Britain has … experienced several major dividend tax reforms in the last three decades. These tax changes provide an ideal natural experiment …
Persistent link: https://www.econbiz.de/10012477739