Narrow search
Showing 1 - 10 of 17,324
Cover Image
Are dividend taxes and tax imputation credits capitalized in share values?
Harris, Trevor S.; Hubbard, R. Glenn; Kemsley, Deen - 1998
capitalisation of future dividend taxes in retained earnings, and it is robust to inclusion of a variety of control variables and … tests for possible alternative explanations. Second, we find that differences in dividend tax rates across U.S. tax regimes …-country variation in dividend tax rates is associated with predictable variation in the implied tax discount. Furthermore, the …
Persistent link: https://www.econbiz.de/10011608410
Cover Image
Up or down? Capital income taxation in the United States and the United Kingdom
Polito, Vito - 2010
take into account financial constraints on dividend policy faced by firms investing in both the United States and the … United Kingdom. The paper incorporates financial constraints on dividend policy into the analytical framework for the …
Persistent link: https://www.econbiz.de/10010274779
Cover Image
Up or down? Capital income taxation in the United States and the United Kingdom
Polito, Vito - 2011
take into account financial constraints on dividend policy faced by firms investing in both the United States and the … United Kingdom. The paper incorporates financial constraints on dividend policy into the analytical framework for the …
Persistent link: https://www.econbiz.de/10010288835
Cover Image
Equilibrium security prices with capital income taxes and an exogenous interest rate
Rapp, Marc Steffen; Schwetzler, Bernhard - 2008
We are interested in the effect of capital income taxes upon security prices when investors face locally segmented stock markets and a global bond market. Therefore, we analyze an equilibrium model of an economy with binomial uncertainty, an exogenous risk-free interest rate and a representative...
Persistent link: https://www.econbiz.de/10010305709
Cover Image
The Norwegian shareholder tax reconsidered
Södersten, Jan; Lindhe, Tobias - 2011
In an article in International Tax and Public Finance, Peter Birch Sørensen (2005) gives an in-depth account of the new Norwegian Shareholder Tax, which allows the shareholders a deduction for an imputed risk-free rate of return. Sørensen's positive evaluation appears as reasonable for a...
Persistent link: https://www.econbiz.de/10010321456
Cover Image
The slanted-L Phillips curve
Benigno, Pierpaolo; Eggertsson, Gauti B. - 2024
A slanted-L curve is well-suited to represent the non-linearity of the celebrated Phillips curve. We show this using cross-country data of major industrialized economies since 2009, including the inflationary surge of the 2020s. At high unemployment rates, an increase in demand reduces...
Persistent link: https://www.econbiz.de/10014494995
Cover Image
Dectecting speculative bubbles in stock prices: A new approach and some evidence for the US
Bohl, Martin T.; Siklos, Pierre L. - 2001
A large part of the current debate on US stock price behavior concentrates on the question of whether stock prices are driven by fundamentals or by non-fundamental factors. In this paper we put forward the hypothesis that a present value model with time-varying expected returns provides an...
Persistent link: https://www.econbiz.de/10010301738
Cover Image
Dividend momentum and stock return predictability: A Bayesian approach
Antolín-Díaz, Juan; Petrella, Ivan; Rubio-Ramírez, … - 2021
empirical practice of omitting dividend growth from the system amounts to imposing the extra restriction that dividend growth is … not persistent. We highlight that persistence in dividend growth induces a previously overlooked channel for return … predictability, which we label "dividend momentum." Compared to estimation based on ordinary least squares, our restricted …
Persistent link: https://www.econbiz.de/10012819002
Cover Image
Steuer-Klientel-Effekte: Realität oder Illusion?
Bühler, Wolfgang; Rasch, Steffen - 1995
Die empirische Überprüfung von steuerlich bedingten Marktsegmentationen (Steuer-Klientel- Effekten) ergab an den DM-Anleihemärkten asymmetrische Ergebnisse für Anleihen in Abhängigkeit von deren Kurshöhe. Im vorliegenden Beitrag werden diese Resultate durch Friktionen bei der Bildung von...
Persistent link: https://www.econbiz.de/10010299638
Cover Image
The impact of a firm's payout policy on stock prices and shareholders' wealth in an inefficient market
Nekat, Kai; Nippel, Peter - 2007
effects considered in signaling games. We show that paying out free cash flow, either as a dividend or via repurchasing shares … dividend as long as capital gains are not heavily discriminated by taxation in relation to dividends. The positive price effect … of dividends can be enhanced if the firm implements a dividend reinvestment plan (DRIP). …
Persistent link: https://www.econbiz.de/10011558825