I examine whether and to what extent tax uncertainty affects a firm's dividend payouts. Based on the argument that tax … uncertainty exhibit a lower probability of dividend payouts. The effect of tax uncertainty is stronger in the presence of … negative effect of tax uncertainty on dividend levels, which is moderated by the costs of dividend reductions. These results …

This paper is the first investigation of the interplay between dividends and risk taking in banks. I examine the role … of dividends as a risk-shifting mechanism that can exacerbate moral hazard, controlling for standard determinants of … to their shareholders, suggesting that dividends are used to shift risk from bank owners to the taxpayer. These findings …

makers. However, the existing literature lacks an investigation of the relation between dividends and bank risk taking. I … find a positive relation between default risk and payout ratios, although this relation is insignificant for very high … levels of default risk. Capital requirements and the desire to preserve the charter can offset the positive relation between …