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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

U.S. Investment in Global Bonds: As the Fed Pushes, Some EMEs Pull

Burger, John D.; Sengupta, Rajeswari; Warnock, Francis E.; … - National Bureau of Economic Research (NBER) - 2014

We analyze reallocations within the international bond portfolios of US investors. The most striking empirical observation is a steady increase in US investors' allocations toward emerging market local currency bonds, unabated by the global financial crisis and accelerating in the post-crisis...

Persistent link: https://www.econbiz.de/10010951068

U.S. International Equity Investment

Ammer, John; Holland, Sara B.; Smith, David C.; … - National Bureau of Economic Research (NBER) - 2012

U.S. investors are the largest group of international equity investors in the world, but to date conclusive evidence on which types of foreign firms are able to attract U.S. investment is not available. Using a comprehensive dataset of all U.S. investment in foreign equities, we find that the...

Persistent link: https://www.econbiz.de/10009652872

International Diversification at Home and Abroad

Cai, Fang; Warnock, Francis E. - National Bureau of Economic Research (NBER) - 2006

It is an established fact that investors favor the familiar%u2014be it domestic securities or, within a country, the securities of nearby firms%u2014and avoid investments that would provide the greatest diversification benefits. While we do not rule out familiarity as an important driver of...

Persistent link: https://www.econbiz.de/10005710407

Is Home Bias in Assets Related to Home Bias in Goods?

van Wincoop, Eric; Warnock, Francis E. - National Bureau of Economic Research (NBER) - 2006

Obstfeld and Rogoff (2000) have reinvigorated an old literature on the link between home bias in the goods market and home bias in the asset market by arguing that trade costs in the goods market can account for the observed portfolio home bias. The key link between home bias in the two markets...

Persistent link: https://www.econbiz.de/10005710854

Foreign Participation in Local Currency Bond Markets

Burger, John D.; Warnock, Francis E. - National Bureau of Economic Research (NBER) - 2006

Countries that cannot attract foreigners to invest in their local currency bonds run the risk of currency mismatches that can result in painful crises. We analyze foreign participation in the bond markets of over 40 countries. Bond markets in less developed countries have returns characterized...

Persistent link: https://www.econbiz.de/10005718027