and dividends---is incomplete and misleading: it ignores large offsetting equity issuances that move capital from …

of unique data for which there are no taxes on dividends and capital gains and tick size is fixed for all traded …

. However, positive innovations to dividends in both China and India have a negative impact on returns. We conjecture that the … high potential growth rates in these markets make it preferable for companies to retain earnings rather than pay dividends …

This paper investigates the relatively unexplored relationship between dividends and ownership structure in an emerging … payouts as the shareholdings of foreigners increase. This result is consistent with the agency theory view of dividends, i ….e. dividends can substitute for direct monitoring of firms by large external shareholders. . …

payouts for a panel of 5,767 firms from 25 countries for 1990-2008. We find robust evidence that the tax penalty on dividends … versus capital gains is statistically significant and negatively related to firms’ propensity to pay dividends, initiate such … payments, and the amount of dividends paid. Our analysis further reveals that an increase in the dividend tax penalty raises …

This paper examines cash dividends and share repurchases in Japan - discerning between keiretsu and non … United States, share repurchases in Japan have grown strikingly across firm groupings even relative to cash dividends which … have also increased. Unlike in the United States, cash dividends remain the dominant form of payout across the groupings of …

incremental information relative to Iowa. Simple combinations of these models and outlook forecasts are able to reduce forecast …