reduction in the dividend and capital gains tax rates for individuals. We find that directors and officers, but not other …

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 … increasing in the percentage of the company owned by individual investors, the only shareholders affected by the legislation …

shareholders from the complex, pyramidal, and often obscure corporate structures. First, we show that there are large differences …

GIM Index or the proportion of activist shareholders. Following these special meetings, we find that the next quarter …

with theory of the firm based on conflicts of interests between shareholders and stakeholders, we find that establishments … of firms that experience an increase in ownership by larger and more concentrated institutional shareholders have lower … local labor markets, and for dedicated and activist institutional shareholders. The labor losses are accompanied by higher …

responsibility indices. These tests and the most recent proposals data predominantly indicate that shareholders are driven by non … shareholders are willing to sacrifice (or, 'greeniums'), along with the increasing amounts of assets pledged to firms that become …

their institutional shareholders indicates that "dividend-averse" institutions are significantly less likely to hold shares … in firms with larger dividend payouts. This relationship between the tax preferences of institutional shareholders and … changes, managers alter their dividend policy to serve their institutional shareholders …

We test whether executive stock ownership affects firm payouts using the 2003 dividend tax cut to identify an exogenous … dividends after the tax cut in 2003, whereas no relation is found in previous periods when the dividend tax rate was higher …