the most noteworthy may have been the reduction in dividend tax rates. The political debate over the dividend tax … concerning the probability of significant dividend tax reduction fluctuated significantly during 2003. In this paper, we use this … fact to estimate the effects of dividend tax policy on firm value. We find that firms with higher dividend yields benefited …

which firms slant their reports toward the prior beliefs of their customers in order to build a reputation for quality. Bias …

rate of return by saving abroad. Bulow and Rogoff conjecture that, even under condition (ii), in more general reputation … models with multiple relationships and spillover across them, reputation may support debt. This paper shows what is needed …

Collective reputation implies an important externality. Among firms trading internationally, quality shocks about one … noninspected firms. These findings highlight the importance of collective reputation in international trade and the challenges … the strength of the reputation spillover. We find that the spillover effects are smaller in destinations where people have …

Product-recall data and information on stock-price reactions to recalls are used to estimate the value of reputation in … occurs. We estimate that reputation accounts for 8.3 percent of firm value and that welfare is 26 percent of its first best …

firm invests, and the market shuts down. Learning introduces reputation incentives such that a fraction of entrants do … invest. If the market operates with spot prices, simple regulation can enhance the role of reputation to induce investment …

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 …