Extant research finds that firms are increasingly substituting dividends with share repurchases. This substitution effect is largely attributable to the flexibility offered by share repurchases but not by dividends. Without fear of an adverse market reaction, firms can choose not to repurchase...

The proposed OECD Pillar One and Two reforms mark a significant shift in the way large multinational enterprises are taxed on their global incomes. However, while considering the reform at the proposed scale tax administrators must be able to compare the revenue gains with alternatives. This...