the hypothesis that dividends and repurchases are perfect substitutes. They are also inconsistent with the prediction that … predicts that dividends are used to disburse permanent, and repurchases transitory, earnings. …We analyze how the introduction of repurchases in 1998, and a major tax reform in 2001, affected the payout policy of …

which repurchases have replaced dividends as the prime vehicle for corporate payouts. Other payout motivations, such as … differences in the taxation of dividends and capital gains have only a second-order impact on setting payout policy. None of the …

to incentive regulation smooth their dividends less than firms subject to cost-based regulation and present higher impact … control, smoothing of dividends remains irrespective of the regulatory mechanism. It seems that corporate governance (i …

subject to incentive regulation smooth their dividends less than firms subject to cost plus regulation but also present higher … competition-like efficiency pressures following the adoption of incentive regulation, they are more inclined to cut dividends when …

proxy to measure the relative preference for repurchases over dividends—the difference premium. Results show that the … between repurchases and dividends. …This paper investigates catering as a motivation for substitution between share repurchases and dividend payments. I …

dividends and shares repurchases). This finding suggests that shareholder coalitions serve as an instrument for the dominant … the dominant owner?s voting rights is negatively related to dividends. This result means that the dominant owner uses the …

-term institutional investors have a higher propensity to buybacks shares instead of using dividends. Firm managers seem to respond to the …-term oriented shareholders, while firms pay dividends if their stock is mostly held by long-term investors who have less need to … liquidate their investment and may have a better tax treatment with dividends. We document two effects of investor pressure: for …