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 … increasing in the percentage of the company owned by individual investors, the only shareholders affected by the legislation …

reduction in the dividend and capital gains tax rates for individuals. We find that directors and officers, but not other …

GIM Index or the proportion of activist shareholders. Following these special meetings, we find that the next quarter …

shareholders from the complex, pyramidal, and often obscure corporate structures. First, we show that there are large differences …

their institutional shareholders indicates that quot;dividend-aversequot; institutions are significantly less likely to hold … shares in firms with larger dividend payouts. This relationship between the tax preferences of institutional shareholders and … changes, managers alter their dividend policy to serve their institutional shareholders …

work on shareholders and shareholder activism, directors, executives and their compensation, controlling shareholders …

an information ea between management and outside shareholders. In the presence of such a gap, maximizing short-run and … actions that will reduce long-run value. In such a case, management faces the dilemma of which shareholders to please: those …

important in curbing these private benefits. A high degree of statutory protection of minority shareholders and high degree of …