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Dividends, Share Repurchases, and Tax Clienteles : Evidence from the 2003 Reductions in Shareholder Taxes

Blouin, Jennifer L. - 2010

This paper jointly evaluates firm-level changes in investor composition and shareholder distributions following a 2003 reduction in the dividend and capital gains tax rates for individuals. We find that directors and officers, but not other individual investors, rebalanced their portfolios to...

Persistent link: https://www.econbiz.de/10013141852

Does Financial Constraint Affect Shareholder Taxes and the Cost of Equity Capital?

Chen, Chongyang - 2011

We show that firms with the least elastic demand for equity capital should benefit the most from reductions in shareholder taxes. Consistent with this prediction, we find that, following 1997 and 2003 cuts in U.S. individual shareholder taxes, financially constrained firms, and particularly...

Persistent link: https://www.econbiz.de/10013123306

A New Summary Measure of the Effective Tax Rate on Investment

Gordon, Roger H.; Kalambokidis, Laura; Slemrod, Joel - 2021

The empirical literature that seeks to measure the effective tax rate on new investment offers a striking paradox. On the one hand, summary measures of the effective tax rate on new investment are normally quite high. On the other hand, the amount of revenue actually collected from taxing...

Persistent link: https://www.econbiz.de/10013218702

Taxation of Corporate Capital Income : Tax Revenues vs. Tax Distortions

Gordon, Roger H. - 2021

Since the average tax rate on corporate capital income is very high, economists often conclude that taxes have caused a substantial fall in corporate investment, a movement of capital into noncorporate uses, and a fall in personal savings. The combined efficiency costs of these distortions are...

Persistent link: https://www.econbiz.de/10013227221

Taxing Multinationals

Devereux, Michael P.; Hubbard, R. Glenn - 2021

This paper analyzes the effects of tax policy on the strategic choices of a domestic multinational company competing with a foreign multinational company in a third country. We demonstrate the role of the effective average tax rate and the effective marginal tax rate on the company's choices. We...

Persistent link: https://www.econbiz.de/10013215345

Dividend Taxes and Corporate Behavior : Evidence from the 2003 Dividend Tax Cut

Chetty, Raj - 2010

This paper analyzes the effects of dividend taxation on corporate behavior using the large tax cut on individual dividend income enacted in 2003. Using data spanning 1980 to 2004-Q2, we document a sharp and widespread surge in dividend payments following the tax cut, along several dimensions....

Persistent link: https://www.econbiz.de/10012762567

The 2003 Dividend Tax Cuts and the Value of the Firm : An Event Study

Auerbach, Alan J. - 2009

The quot;Jobs and Growth Tax Relief Act of 2003quot; (JGTRA03) contained a number of significant tax provisions, but the most noteworthy may have been the reduction in dividend tax rates. The political debate over the dividend tax reductions of 2003 took a number of surprising twists and turns....

Persistent link: https://www.econbiz.de/10012767551

Why is There Corporate Taxation in a Small Open Economy? The Role of Transfer Pricing and Income Shifting

Gordon, Roger H. - 2009

Several recent papers argue that corporate income taxes should not be used by small, open economies. With capital mobility, the burden of the tax falls on fixed factors (e.g., labor), and the tax system is more efficient if labor is taxed directly. However, corporate taxes not only exist but...

Persistent link: https://www.econbiz.de/10012767953

Dividend Taxes, Corporate Investment, and "Q"

Poterba, James M. - 2008

distribution of this tax burden between the shareholders and the corporation is irrelevant. Recent research has suggested an alter …

Persistent link: https://www.econbiz.de/10012774610

Constraints on Large-Block Shareholders

Holderness, Clifford G. - 2010

interest appear to be less constrained than managers of diffusely held firms, yet their power to harm minority shareholders … a majority shareholders -- capital market activity -- also appears to be no different from firms with diffuse ownership … that the law constrains managerial majority shareholders, both in their day-to-day management and when they redeem the …

Persistent link: https://www.econbiz.de/10012763829