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The information content of dividends : safer profits, not higher profits
Michaely, Roni; Rossi, Stefano; Weber, Michael - 2017 - This version: October 2017
model's predictions, cash-flow volatility changes in the opposite direction from that of dividend changes and larger changes …
Persistent link: https://www.econbiz.de/10011754236
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Dividend taxation and the cost of new share issues
Lindhe, Tobias; Södersten, Jan - 2014
This paper examines how the effects of dividend taxation on the cost of new equity funds depend on whether or not … shareholders can recover their original equity injections without being subject to the dividend tax. We point out the alternative … that the shareholders cannot recover their original equity injections without being subject to the dividend tax …
Persistent link: https://www.econbiz.de/10010412740
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Cash flow duration and the term structure of equity returns
Weber, Michael - 2016
The term structure of equity returns is downward-sloping: stocks with high cash flow duration earn 1.10% per month lower returns than short-duration stocks in the cross section. I create a measure of cash flow duration at the firm level using balance sheet data to show this novel fact. Factor...
Persistent link: https://www.econbiz.de/10011521939
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Up or down? : capital income taxation in the United States and the United Kingdom
Polito, Vito - 2010
take into account financial constraints on dividend policy faced by firms investing in both the United States and the … United Kingdom. The paper incorporates financial constraints on dividend policy into the analytical framework for the … stable. -- capital income taxation ; dividend policy ; effective marginal tax rates ; financial constraints …
Persistent link: https://www.econbiz.de/10008749020
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The rate of return on everything, 1870-2015
Jordà, Òscar; Knoll, Katharina; Kuvshinov, Dmitry; … - 2018
This paper answers fundamental questions that have preoccupied modern economic thought since the 18th century. What is the aggregate real rate of return in the economy? Is it higher than the growth rate of the economy and, if so, by how much? Is there a tendency for returns to fall in the...
Persistent link: https://www.econbiz.de/10011794864
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Can destination-based cash flow taxes arise in equilibrium?
Gresik, Thomas A.; Bond, Eric W. - 2021
We examine the effects of unilateral changes in a country's tax parameters in a two country model when both countries are part of a destination-based cash flow taxation (DBCFT) system. We consider deviations from a globally efficient DBCFT equilibrium by allowing each country to vary its...
Persistent link: https://www.econbiz.de/10012417725
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Stock market's assessment of monetary policy transmission : the cash flow effect
Gürkaynak, Refet S.; Karasoy-Can, Hatice Gökçe; Lee, … - 2019
We show that firm liability structure and associated cash flow matter for firm behavior, and that financial market participants price stocks accordingly. Looking at firm level stock price changes around monetary policy announcements, we find that firms that have more cash flow exposure see their...
Persistent link: https://www.econbiz.de/10012119797
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Revenue implications of destination-based cash-flow taxation
Hebous, Shafik; Klemm, Alexander; Stausholm, Saila - 2019
We estimate the revenue implications of a Destination Based Cash Flow Tax (DBCFT) for 80 countries. On a global average, DBCFT revenues under unchanged tax rates would remain similar to the existing corporate income tax (CIT) revenue, but with sizable redistribution of revenue across countries....
Persistent link: https://www.econbiz.de/10011958815
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Stagflationary stock returns
Knox, Ben; Timmer, Yannick - 2024 - This version: July 16, 2024
We study investors' perceptions of inflation through the lens of a high-frequency event study and document that they have a stagflationary view of the world. In response to higher-than-expected inflation, investors expect firms' nominal cash flows to remain stagnant while discount rates...
Persistent link: https://www.econbiz.de/10014632362
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Dividend taxation, share repurchases and the equity trap
Lindhe, Tobias; Södersten, Jan - 2009
This paper reconsiders the effects of dividend taxation. Particular attention is paid to the form of the equity trap …. -- dividend taxation ; share repurchases ; equity trap ; cost of capital ; nucleus theory ; growth path …
Persistent link: https://www.econbiz.de/10003850505