We study two court rulings that materially affected dividend taxation in several European countries. The tax changes were not related to economic conditions or part of broader policy initiatives, providing a useful experiment for identifying the effect of taxation on capital structure, payout,...

In the years surrounding the financial crisis, the share prices of equity Real Estate Investment Trusts (REITs) were much more volatile than the underlying commercial real estate prices. To better understand this phenomenon we examine the cross-sectional dispersion of REIT returns during this...

In the years surrounding the financial crisis, the share prices of equity Real Estate Investment Trusts (REITs) were much more volatile than the underlying commercial real estate prices. To better understand this phenomenon we examine the cross-sectional dispersion of REIT returns during this...