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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

Taxes and Portfolio Choice: Evidence from JGTRRA's Treatment of International Dividends

Dharmapala, Dhammika; Desai, Mihir A. - National Bureau of Economic Research (NBER) - 2007

foreign dividends in the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA). JGTRRA lowered the dividend tax rate to 15 …

Persistent link: https://www.econbiz.de/10005828685

Taxes, Institutions and Foreign Diversification Opportunities

Dharmapala, Dhammika; Desai, Mihir A. - National Bureau of Economic Research (NBER) - 2007

Investors can access foreign diversification opportunities through either foreign portfolio investment (FPI) or foreign direct investment (FDI). By combining data on US outbound FPI and FDI, this paper analyzes whether the composition of US outbound capital flows reflect efforts to bypass home...

Persistent link: https://www.econbiz.de/10005580848

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

Taxation and the Evolution of Aggregate Corporate Ownership Concentration

Dharmapala, Dhammika; Desai, Mihir A.; Fung, Winnie - National Bureau of Economic Research (NBER) - 2005

Legal rules, politics and behavioral factors have all been emphasized as explanatory factors in analyses of the determinants of the concentration of corporate ownership and stock market participation. An extension of standard tax clientele arguments demonstrates that changes in the progressivity...

Persistent link: https://www.econbiz.de/10005061613

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

Watch What I Do, Not What I Say: The Unintended Consequences of the Homeland Investment Act

Dharmapala, Dhammika; Forbes, Kristin; Foley, C. Fritz - National Bureau of Economic Research (NBER) - 2009

This paper analyzes the impact on firm behavior of the Homeland Investment Act of 2004, which provided a one-time tax holiday for the repatriation of foreign earnings by U.S. multinationals. The analysis controls for endogeneity and omitted variable bias by using instruments that identify the...

Persistent link: https://www.econbiz.de/10005025649

Which Countries Become Tax Havens?

Dharmapala, Dhammika; Hines, James R. Hines, Jr. - National Bureau of Economic Research (NBER) - 2006

This paper analyzes the factors influencing whether countries become tax havens. Roughly 15 percent of countries are tax havens; as has been widely observed, these countries tend to be small and affluent. This paper documents another robust empirical regularity: better-governed countries are...

Persistent link: https://www.econbiz.de/10005720839