Showing 51 - 60 of 80
We study two court rulings that materially affected dividend taxation in several European countries. The tax changes were not related to economic conditions or part of broader policy initiatives, providing a useful experiment for identifying the effect of taxation on capital structure, payout,...
Persistent link: https://www.econbiz.de/10013217351
In this paper we explore the possibility that the presence of uncertain growth opportunities contribute to the use of PIPE financing. We conjecture that the existence of information asymmetry induces the firm to undertake a private placement and that the characteristics of the firm's investment...
Persistent link: https://www.econbiz.de/10013008213
We utilise a change to the treatment of franking credits in the hand of domestic shareholders, namely the introduction of fully refundable franking credits, to provide robust evidence on the causal effect of investor-level taxes on corporate dividend policy. Consistent with investors having a...
Persistent link: https://www.econbiz.de/10013305821
Persistent link: https://www.econbiz.de/10004604517
Persistent link: https://www.econbiz.de/10004763169
Persistent link: https://www.econbiz.de/10005376719
This study examines how the institutional environment influences capital structure and debt maturity choices of firms in 39 developed and developing countries. We find that a country’s legal and tax system, corruption, and the preferences of capital suppliers explain a significant portion of...
Persistent link: https://www.econbiz.de/10011120636
Persistent link: https://www.econbiz.de/10010728693
Empirical evidence on the pricing behaviour of options on index futures contracts traded on USA and UK futures markets reveals that pricing errors and implied volatility estimates differ systematically across exercise price and time to maturity. The introduction on 17 June 1985 of options on...
Persistent link: https://www.econbiz.de/10010769391
This paper studies the exposure of the stock prices of Australian gold-mining firms to changes in gold prices and the valuation effects of gold price exposure. Gold-mining firms have significant gold price exposure; the price of the average gold-mining stock moves 0.76% for each 1.00% change in...
Persistent link: https://www.econbiz.de/10010769517