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associated with the likelihood that a firm pays dividends and the size of dividend payments. The greater the tax disadvantage of …, the more international investors push for fewer dividends. The results support the existence of dividend clienteles around …
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"Using a novel data of institutional investors' bond holdings, we examine a transmission of the crisis of 2007-2008 from the securitized bond market to the corporate bond market via joint ownership of these bonds by investors. We posit that, ceteris paribus, corporate bonds held by investors...
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