the hypothesis that dividends and repurchases are perfect substitutes. They are also inconsistent with the prediction that … predicts that dividends are used to disburse permanent, and repurchases transitory, earnings. …We analyze how the introduction of repurchases in 1998, and a major tax reform in 2001, affected the payout policy of …

the hypothesis that dividends and repurchases are perfect substitutes. They are also inconsistent with the prediction that … predicts that dividends are used to disburse permanent, and repurchases transitory, earnings. …We analyze how the introduction of repurchases in 1998, and a major tax reform in 2001, affected the payout policy of …

for the EU to better insulate managers from shareholder pressure. But the evidence offered---rising levels of repurchases … and dividends---is incomplete and misleading: it ignores large offsetting equity issuances that move capital from …

the notion that both dividends and repurchases are paid when firms have excess cash flows in order to reduce potential …’ financial flexibility. It seems that young, risky firms prefer to use repurchases rather then dividends. We also observe that … many large, established firms and those with more volatile earnings substitute repurchases for dividends. We believe that …

which repurchases have replaced dividends as the prime vehicle for corporate payouts. Other payout motivations, such as … differences in the taxation of dividends and capital gains have only a second-order impact on setting payout policy. None of the …

to incentive regulation smooth their dividends less than firms subject to cost-based regulation and present higher impact … control, smoothing of dividends remains irrespective of the regulatory mechanism. It seems that corporate governance (i …

subject to incentive regulation smooth their dividends less than firms subject to cost plus regulation but also present higher … competition-like efficiency pressures following the adoption of incentive regulation, they are more inclined to cut dividends when …

The average annual inflation-adjusted amount paid out through dividends and repurchases by public industrial firms is …