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A Theory of Income Smoothing When Insiders Know More Than Outsiders

Acharya, Viral V.; Lambrecht, Bart M. - National Bureau of Economic Research (NBER) - 2011

We consider a setting in which insiders have information about income that outside shareholders do not, but property rights ensure that outside shareholders can enforce a fair payout. To avoid intervention, insiders report income consistent with outsiders' expectations based on publicly...

Persistent link: https://www.econbiz.de/10009395472

Disclosure and the Cost of Capital: Evidence from Firms' Responses to the Enron Shock

Leuz, Christian; Schrand, Catherine - National Bureau of Economic Research (NBER) - 2009

This paper examines the link between disclosure and the cost of capital. We exploit an exogenous cost of capital shock created by the Enron scandal in Fall 2001 and analyze firms' disclosure responses to this shock. These tests are opposite to the typical research design that analyzes cost of...

Persistent link: https://www.econbiz.de/10005714190

The Effect of Regulatory Harmonization on Cross-border Labor Migration: Evidence from the Accounting Profession

Leuz, Christian; Bloomfield, Matthew J.; Brüggemann, Ulf; … - National Bureau of Economic Research (NBER) - 2015

The paper examines the effect of international regulatory harmonization on cross-border labor migration. We analyze directives in the European Union (EU) that harmonized accounting and auditing standards. This regulatory harmonization should make it less costly for those who work in the...

Persistent link: https://www.econbiz.de/10011133512

Dividend Taxation and Intertemporal Tax Arbitrage

Korinek, Anton; Stiglitz, Joseph E. - National Bureau of Economic Research (NBER) - 2008

We analyze the effects of changes in dividend tax policy using a life-cycle model of the firm, in which new firms first access equity markets, then grow internally, and finally pay dividends when they have reached steady state. In accordance with the traditional view of dividend taxation, new...

Persistent link: https://www.econbiz.de/10005084736

Does Firm Value Move Too Much to be Justified by Subsequent Changes in Cash Flow?

Yogo, Motohiro; Larrain, Borja - National Bureau of Economic Research (NBER) - 2007

The appropriate measure of cash flow for valuing corporate assets is net payout, which is the sum of dividends, interest, and net repurchases of equity and debt. Variation in net payout yield, the ratio of net payout to asset value, is mostly driven by movements in expected cash flow growth,...

Persistent link: https://www.econbiz.de/10005088558

Executive Financial Incentives and Payout Policy: Firm Responses to the 2003 Dividend Tax Cut

Brown, Jeffrey Robert; Liang, Nellie; Weisbenner, Scott - National Bureau of Economic Research (NBER) - 2004

We test whether executive stock ownership affects firm payouts using the 2003 dividend tax cut to identify an exogenous change in the after-tax value of dividends. We find that executives with higher stock ownership were more likely to increase dividends after the tax cut in 2003, whereas no...

Persistent link: https://www.econbiz.de/10005088992

Dividends and Taxes

Gordon, Roger H.; Dietz, Martin - National Bureau of Economic Research (NBER) - 2006

How do dividend taxes affect firm behavior and what are their distributional and efficiency effects? To answer these … efficiency effects of dividend taxes. The three models examined are: the %u201Cnew view,%u201D an agency cost explanation, and a … for the efficiency and distributional effects of a dividend tax, often differ. Given the evidence to date, we find the …

Persistent link: https://www.econbiz.de/10005049946

Mutual Fund Tax Clienteles

Sialm, Clemens; Starks, Laura - National Bureau of Economic Research (NBER) - 2009

Mutual funds are pooled investment vehicles with diverse tax clienteles. Whereas many mutual funds are held primarily by taxable investors, a significant fraction of mutual fund assets are held in tax-qualified retirement accounts. Our paper investigates whether the characteristics, investment...

Persistent link: https://www.econbiz.de/10005059068

Local Dividend Clienteles

Becker, Bo; Ivković, Zoran; Weisbenner, Scott - National Bureau of Economic Research (NBER) - 2009

We exploit demographic variation to identify the effect of dividend demand on corporate payout policy. Retail investors tend to hold local stocks and older investors prefer dividend-paying stocks. Together, these tendencies generate geographically-varying demand for dividends. Firms...

Persistent link: https://www.econbiz.de/10005061536

Dividend Policy, Agency Costs, and Earned Equity

DeAngelo, Harry; DeAngelo, Linda; Stulz, Rene - National Bureau of Economic Research (NBER) - 2004

Why do firms pay dividends? If they didn't their asset and capital structures would eventually become untenable as the earnings of successful firms outstrip their investment opportunities. Had they not paid dividends, the 25 largest long-standing 2002 dividend payers would have cash holdings of...

Persistent link: https://www.econbiz.de/10005108406

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