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Did Firms Substitute Dividends for Share Repurchases after the 2003 Reductions in Shareholder Tax Rates?

Shackelford, Douglas A.; Blouin, Jennifer L.; Raedy, … - National Bureau of Economic Research (NBER) - 2007

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 … (particularly officers and managers) when setting dividend and share repurchase policies. …

Persistent link: https://www.econbiz.de/10005720020

Did Dividends Increase Immediately After the 2003 Reduction in Tax Rates?

Shackelford, Douglas A.; Blouin, Jennifer L.; Raedy, … - National Bureau of Economic Research (NBER) - 2004

from 38.1 percent to 15 percent. This study analyzes dividend declarations in the quarter following passage. Aggregate … dividends rose by 9 percent when boards of directors first met following enactment. Consistent with the dividend changes being … tax-motivated, they are increasing in the percentage of the firm held by individuals. Dividend changes also increased with …

Persistent link: https://www.econbiz.de/10005714818

Capital Gains Taxes and Stock Reactions to Quarterly Earnings Announcements

Shackelford, Douglas A.; Blouin, Jennifer L.; Raedy, … - National Bureau of Economic Research (NBER) - 2000

This paper examines the impact of capital gains taxes on equity pricing. Examining three-day cumulative abnormal returns for quarterly earning announcements from 1983-1997, we present evidence consistent with shareholders' capital gains taxes affecting stock price responses. To our knowledge,...

Persistent link: https://www.econbiz.de/10005717980

The Impact of Capital Gains Taxes on Stock Price Reactions to S&P 500 Inclusion

Shackelford, Douglas A.; Blouin, Jennifer L.; Raedy, … - National Bureau of Economic Research (NBER) - 2000

This paper contributes to our understanding of the determinants of price responses to inclusion in the S&P 500 by providing evidence consistent with capital gains tax planning impacting stock reactions. Tests are conducted on 426 additions from 1978-1999. We regress the returns on the first...

Persistent link: https://www.econbiz.de/10005580434

Capital Gains Holding Periods and Equity Trading: Evidence from the 1998 Tax Act

Shackelford, Douglas A.; Blouin, Jennifer L.; Raedy, … - National Bureau of Economic Research (NBER) - 2000

This paper exploits an unusually powerful setting to explore a choice many individual investors face regularly the decision to sell today or postpone selling until lower rates are available in the future. We examine trading volume and stock returns around the 1998 reduction in the holding period...

Persistent link: https://www.econbiz.de/10005580686

Understanding U.S. Corporate Tax Losses

Altshuler, Rosanne; Auerbach, Alan; Cooper, Michael; … - National Bureau of Economic Research (NBER) - 2008

Recent data present a puzzle: the ratio of corporate tax losses to positive income was much higher around 2001 than in earlier recessions. Using a comprehensive 1982-2005 sample of U.S. corporation tax returns, we explore a variety of potential explanations for this surge in tax losses, taking...

Persistent link: https://www.econbiz.de/10005085116

Do Repatriation Taxes Matter? Evidence from the Tax Returns of U.S. Multinationals

Altshuler, Rosanne; Newlon, T. Scott; Randolph, William C. - National Bureau of Economic Research (NBER) - 1994

dividend remittances should not be influenced by repatriation taxes. The results of recent empirical work indicate that … dividend remittances are sensitive to repatriation taxes. This paper investigates whether the empirical evidence can be … occur due to changes in statutory tax rates, and transitory tax changes on dividend repatriations. Our data contains U …

Persistent link: https://www.econbiz.de/10005718838

Has U.S. Investment Abroad Become More Sensitive to Tax Rates?

Altshuler, Rosanne; Grubert, Harry; Newlon, T. Scott - National Bureau of Economic Research (NBER) - 1998

We use data from the U.S. Treasury corporate tax files for 1984 and 1992 to address two related questions concerning the investment decisions of U.S. multinational corporations. How sensitive are investment location decisions to tax rate differences across countries, and have investment location...

Persistent link: https://www.econbiz.de/10005088977

Repatriation Taxes, Repatriation Strategies and Multinational Financial Policy

Altshuler, Rosanne; Grubert, Harry - National Bureau of Economic Research (NBER) - 2001

Several investment-repatriation strategies are added to the standard model of a multinational in which an affiliate is located in a low-tax country and is limited to two alternatives: repatriating taxable dividends to the parent or investing in its own real operations. In our model, affiliates...

Persistent link: https://www.econbiz.de/10005575788

U.S. Interest Allocation Rules: Effects and Policy

Altshuler, Rosanne; Mintz, Jack - National Bureau of Economic Research (NBER) - 1994

One of the important changes of the 1986 tax reform for U.S. multinationals is related to the allocation of interest expense. Prior to 1986, U.S. companies allocated domestic interest expense to the income of foreign affiliates on a non-consolidated basis according to the distribution of gross...

Persistent link: https://www.econbiz.de/10005580167