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Dividend Taxes and Firm Valuation : New Evidence
Auerbach, Alan J. - 2010
Relief Act of 2003quot; on firm valuation. That paper found that firms with higher dividend yields benefited more than other … dividend paying firms, a result that, in itself, is consistent with both new and traditional views of dividend taxation. But … further evidence favored the new view. We also found that non-dividend-paying quot;immaturequot; firms experienced larger …
Persistent link: https://www.econbiz.de/10012761771
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The Effects of Taxes on Market Responses to Dividend Announcements and Payments : What Can We Learn from the 2003 Dividend Tax Cut?
Chetty, Raj - 2009
This paper investigates the effects of capital gains and dividend taxes on excess returns around announcements of … dividend increases and ex-dividend days for U.S. corporations. Consistent with standard no-arbitrage conditions, we find that … the ex-dividend day premium increased from 2002 to 2004 when the dividend tax rate was cut. Consistent with the signalling …
Persistent link: https://www.econbiz.de/10012767550
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Transitional Dynamics of Dividend and Capital Gains Tax Cuts
Gourio, Francois - 2010
We develop a dynamic general equilibrium model to study the impact of the 2003 dividend and capital gains tax cuts. In … adjustment costs, equity issuance costs, and collateral constraints. We show that when the dividend and capital gains tax cuts … are unexpected and permanent, dividend payments, equity issuance, and aggregate investment rise immediately. By contrast …
Persistent link: https://www.econbiz.de/10013141317
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Empirical Evidence on the Aggregate Effects of Anticipated and Unanticipated U.S. Tax Policy Shocks
Mertens, Karel - 2010
We provide empirical evidence on the dynamics effects of tax liability changes in the United States. We distinguish between surprise and anticipated tax changes using a timing-convention. We document that pre-announced but not yet implemented tax cuts give rise to contractions in output,...
Persistent link: https://www.econbiz.de/10013139130
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Estimates of the Trade and Welfare Effects of NAFTA
Caliendo, Lorenzo - 2012
We build into a Ricardian model sectoral linkages, trade in intermediate goods, and sectoral heterogeneity in production to quantify the trade and welfare effects from tariff changes. We also propose a new method to estimate sectoral trade elasticities consistent with any trade model that...
Persistent link: https://www.econbiz.de/10013098477
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The Impact of Tax Incentives on the Economic Activity of Entrepreneurs
Harju, Jarkko - 2012
Based on existing evidence, we know little about how the taxation of small business owners affects their economic activity. This paper studies the effect of two Finnish tax reforms, in 1997 and 1998, on the effort decisions of the owners of small businesses utilizing both theoretical model and...
Persistent link: https://www.econbiz.de/10013099817
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Simulating the Elimination of the U.S. Corporate Income Tax
Fehr, Hans - 2013
We simulate corporate tax reform in a single good, five-region (U.S., Europe, Japan, China, India) model, featuring skilled and unskilled labor, detailed region-specific demographics and fiscal policies. Eliminating the model's U.S. corporate income tax produces rapid and dramatic increases in...
Persistent link: https://www.econbiz.de/10013071508
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The Effects of the Tax Deduction for Postsecondary Tuition : Implications for Structuring Tax-Based Aid
Hoxby, Caroline M. - 2015
The federal tax deduction for tuition potentially increases investments in postsecondary education at minimal administrative cost. We assess whether it actually does this using regression discontinuity methods on the income cutoffs that govern eligibility for the deduction. Although many...
Persistent link: https://www.econbiz.de/10013015547
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Crowding Out in Ricardian Economies
Abel, Andrew B. - 2015
The crowding-out coefficient is the ratio of the reduction in privately-issued bonds to the increase in government bonds that are issued to finance a tax cut. If (1) Ricardian equivalence holds, and (2) households do not simultaneously borrow risklessly and have positive gross positions in other...
Persistent link: https://www.econbiz.de/10013015551
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How Large are the Effects of Tax Changes?
Favero, Carlo A. - 2009
We use the time series of shifts in U.S. Federal tax liabilities constructed by Romer and Romer to estimate tax multipliers. Differently from the single-equation approach adopted by Romer and Romer, our estimation strategy (a Var that includes output, government spending and revenues, inflation...
Persistent link: https://www.econbiz.de/10013156671