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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

Do After-Tax Returns Affect Mutual Fund Inflows?

Bergstresser, Daniel Baird; Poterba, James - National Bureau of Economic Research (NBER) - 2000

This paper explores the relationship between the after-tax returns that taxable investors earn on equity mutual funds and the subsequent cash inflows to these funds. Previous studies have documented that funds with high pretax returns attract greater inflows. This paper investigates the relative...

Persistent link: https://www.econbiz.de/10005719991

Taxation and Portfolio Structure: Issues and Implications

Poterba, James - National Bureau of Economic Research (NBER) - 2001

overview of how taxation affects household portfolio structure. It begins by outlining six aspects of portfolio behavior that may be influenced by the tax system. These are asset selection, asset allocation, borrowing, asset location in taxable and tax-deferred accounts, asset turnover, and...

Persistent link: https://www.econbiz.de/10005829445

Taxation and Household Portfolio Composition: U.S. Evidence from the 1980s and 1990s

Poterba, James; Samwick, Andrew - National Bureau of Economic Research (NBER) - 1999

This paper explores the relationship between household marginal income tax rates, the set of assets that households own, and the portfolio shares accounted for by each of these assets. It analyzes data from the 1983, 1989, 1992, and 1995 Surveys of Consumer Finances and develops a new algorithm...

Persistent link: https://www.econbiz.de/10005575486

Taxes and Mutual Fund Inflows Around Distribution Dates

Poterba, James; Johnson, Woodrow T. - National Bureau of Economic Research (NBER) - 2008

Capital gain distributions by mutual funds generate tax liability for taxable shareholders, thereby reducing their after-tax returns. Taxable investors who are considering purchasing fund shares around distribution dates have an incentive to delay their purchase until after the distribution,...

Persistent link: https://www.econbiz.de/10005575578

Taxing Retirement Income: Nonqualified Annuities and Distributions from Qualified Accounts

Brown, Jeffrey Robert; Mitchell, Olivia; Poterba, James; … - National Bureau of Economic Research (NBER) - 1999

This paper explores the current tax treatment of non-qualified immediate annuities and distributions from tax-qualified retirement plans in the United States. First, we describe how immediate annuities held outside retirement accounts are taxed. We conclude that the current income tax treatment...

Persistent link: https://www.econbiz.de/10005714102

The Alternative Minimum Tax and Effective Marginal Tax Rates

Feenberg, Daniel; Poterba, James - National Bureau of Economic Research (NBER) - 2003

This paper examines the impact of the Alternative Minimum Tax on the weighted average marginal tax rates that apply to various components of taxable income. It also considers the impact of several AMT reform proposals on the number of AMT taxpayers, the total revenue collected from the AMT, and...

Persistent link: https://www.econbiz.de/10005714217

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

Estate and Gift Taxes and Incentives for Inter Vivos Giving in the United States

Poterba, James - National Bureau of Economic Research (NBER) - 1998

This paper describes the current estate and gift tax rules that apply to intergenerational transfers in the United States. It summarizes the incentives for inter vivos giving as a strategy for reducing estate tax liability. It shows that the current level of intergenerational transfers is much...

Persistent link: https://www.econbiz.de/10005829724