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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

The Effect of Corporate Taxes on Investment and Entrepreneurship

Djankov, Simeon; Shleifer, Andrei; Ganser, Tim; … - National Bureau of Economic Research (NBER) - 2008

We present new data on effective corporate income tax rates in 85 countries in 2004. The data come from a survey, conducted jointly with PricewaterhouseCoopers, of all taxes imposed on "the same" standardized mid-size domestic firm. In a cross-section of countries, our estimates of the effective...

Persistent link: https://www.econbiz.de/10005778557

Style Investing

Shleifer, Andrei; Barberis, Nicholas - National Bureau of Economic Research (NBER) - 2000

We study asset prices in an economy where some investors classify risky assets into different styles and move funds back and forth between these styles depending on their relative performance. Our assumptions imply that news about one style can affect the prices of other apparently unrelated...

Persistent link: https://www.econbiz.de/10005085117

Finance and the Preservation of Wealth

Shleifer, Andrei; Gennaioli, Nicola; Vishny, Robert W. - National Bureau of Economic Research (NBER) - 2013

We introduce the model of asset management developed in Gennaioli, Shleifer, and Vishny (2012) into a Solow-style neoclassical growth model with diminishing returns to capital. Savers rely on trusted intermediaries to manage their wealth (claims on capital stock), who can charge fees above costs...

Persistent link: https://www.econbiz.de/10010667293

Persuasion in Finance

Mullainathan, Sendhil; Shleifer, Andrei - National Bureau of Economic Research (NBER) - 2005

Persuasion is a fundamental part of social activity, yet it is rarely studied by economists. We compare the traditional economic model, in which persuasion is communication of objectively valuable information, with a behavioral model, in which persuasion is an effort to fit the message into the...

Persistent link: https://www.econbiz.de/10005829554

Comovement

Shleifer, Andrei; Wurgler, Jeffrey; Barberis, Nicholas - National Bureau of Economic Research (NBER) - 2002

A number of studies have identifed patterns of positive correlation of returns, or comovement, among different traded securities. We distinguish three views of such comovement. The traditional 'fundamentals' view explains the comovement of securities through positive correlations in the rational...

Persistent link: https://www.econbiz.de/10005778366