dividends. We show both theoretically and empirically that dividends signal safer, rather than higher, future profits. Using the … in volatility come with larger announcement returns. We find similar results for share repurchases. Crucially, the data …

large panel of non-listed corporations, with a surge of dividends prior to 2006 and a sharp drop after. Mature firms are … more likely to pay dividends, and high asset growth increases the probability of retaining all earnings. Intertemporal … income shifting through the timing of dividends seems to be a drain on internal equity and cause increases in the …

tax to the domestic recipients of dividends is shown, in the case of a company with international owners, effectively to …-through dividends from equalization tax to avoid the cumulation of corporation tax internationally. In contrast, classical corporation …

We model a risk-averse firm owner who wants to maximize the intertemporal expected utility of firm’s dividends. The …

monthly observations on real oil prices, real equity prices and real dividends. We confirm the perverse positive relationship … stable negative relationship between oil prices and real dividends which we argue is a better proxy for economic activity (as …

This paper analyses the optimal taxation of dividends and other types of income from portfolio investment. We show that …, in an open economy, it is not desirable to offer double taxation relief for dividends paid by domestic firms to domestic … dividend income at the household level. A reduction of the tax burden on dividends is therefore merely an undesirable subsidy …