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lowers information rents. Mature firms pay smoothed dividends and have a fixed termination threshold. Dividend smoothing …
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We examine whether short-term financial reporting objectives related to executive compensation and employment horizons affect managers' decisions to undertake accelerated share repurchases (ASRs) versus open market repurchases (OMRs). In an ASR, the firm repurchases borrowed shares and...
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The paper analyzes the efficiency costs of dividend taxation in an effort-based corporate agency model in which non …-verifiable managerial effort enhances taxable profits. We show that investment changes following a rise in dividend taxes might not be … sufficient to infer the efficiency cost of dividend taxation as well as the financing regime of the firm that underlies the …
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The paper analyzes the efficiency costs of dividend taxation in an effort-based corporate agency model in which non …-verifiable managerial effort enhances taxable profits. We show that investment changes following a rise in dividend taxes might not be … sufficient to infer the efficiency cost of dividend taxation as well as the financing regime of the firm that underlies the …
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