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Distortive effects of dividend taxation
Lindhe, Tobias; Södersten, Jan - 2013
This paper examines how the distortions caused by dividend taxation depend on whether or not shareholders can recover … their original equity injections without being subject to the dividend tax. We point out the alternative assumptions in the … distortive effects of dividend taxation. …
Persistent link: https://www.econbiz.de/10010126800
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Dividend taxation and the cost of new share issues
Lindhe, Tobias; Södersten, Jan - 2014
This paper examines how the effects of dividend taxation on the cost of new equity funds depend on whether or not … shareholders can recover their original equity injections without being subject to the dividend tax. We point out the alternative … that the shareholders cannot recover their original equity injections without being subject to the dividend tax …
Persistent link: https://www.econbiz.de/10010412740
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Why the Norwegian shareholder income tax is neutral
Södersten, Jan - 2019
This note extends the work by Sørensen (2005) and others by demonstrating why the Norwegian Shareholder Income Tax may be neutral between the two sources of equity funds, i.e. new share issues and retained earnings, despite the fact that the retention of earnings to finance new investment does...
Persistent link: https://www.econbiz.de/10011967007
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The dividends received deduction in the corporate income tax and cost of capital
Rumpf, Dominik - 2011
This paper provides a model-based analysis of special tax rules for corporations that invest in stocks of other corporations. To avoid double taxation the returns from such stock investments (dividends and capital gains) are usually tax-exempted or taxed at a reduced tax rate. This allows for...
Persistent link: https://www.econbiz.de/10009751367
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Tax and the Cost of Equity Capital : An International Analysis
Dhaliwal, Dan S. - 2014
penalized dividend income and that cross-border equity investments affect the relation between taxes and the cost of equity …
Persistent link: https://www.econbiz.de/10013058034
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Adjusted Present Value and Tax Shield im Rahmen des DCF-Konzeptes - Zur analytischen Umsetzung aus theoretischer und praktischer Sicht
Volkart, Rudolf - Institut für Schweizerisches Bankwesen <Zürich> - 1998
Die analytisch korrekte Bestimmung von DCF-Unternehmens- und Projektwerten ist nicht trivial...
Persistent link: https://www.econbiz.de/10005857031
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Valuation with share repurchases and personal taxes
Diedrich, Ralf; Dierkes, Stefan; Sümpelmann, Johannes - In: Journal of business finance & accounting : JBFA 50 (2023) 7/8, pp. 1502-1524
Persistent link: https://www.econbiz.de/10014362790
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The Cost of Misaligned Tax Incentives : Evidence from Tax-Motivated Special Dividends
Krupa, Trent - 2020
Prior research finds that firms pay special dividends before a dividend tax increase. We examine the real effects of …. When (tax-insensitive) institutional investors likely influence the dividend, for the benefit of shareholders other than … both market responses to tax-motivated special dividend announcements and total factor productivity changes around the …
Persistent link: https://www.econbiz.de/10012841193
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The Start-Up and Growth Stages in Enterprise Formation : The 'New View' of Dividend Taxation Reconsidered
Kanniainen, Vesa; Kari, Seppo Juhani; Ylä-Liedenpohja, … - 2021
to a dividend tax is above the old view double-tax one, (iii) the start-up investment is not affected by undervaluation …, but the discouragement engendered by dividend taxation is compensated by realization-based capital gains tax, (iv) with … suggests, (v) without undervaluation, the dividend tax boosts expansion investment …
Persistent link: https://www.econbiz.de/10013318429
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The Equity Trap, the Cost of Capital and the Firm´s Growth Path
Lindhe, Tobias; Södersten, Jan - 2006
This paper reconsiders Sinn's (1991) nucleus theory of the corporation by comparing two different regimes for the equity trap. In the first of these, all cash paid to the shareholders is taxed as dividends, in the second, shareholders are allowed a tax-free return of capital contributed through...
Persistent link: https://www.econbiz.de/10010321558