We study the tax regulations in relation to dividends and capital gains over the last two decades for the UK in order … to determine whether changes in tax regimes affect corporate payout policy (dividends, share repurchases, or a … reduce the dividend payout and increase the use of share repurchases …

We study the tax regulations in relation to dividends and capital gains over the last two decades for the UK in order … to determine whether changes in tax regimes affect corporate payout policy (dividends, share repurchases, or a … reduce the dividend payout and increase the use of share repurchases …

-owned enterprises (listed CSOEs) controlled by these parent CSOEs experience a significant reduction in dividend payouts. The reduction … in dividend payouts is concurrent with an increase in intra-group capital flows: listed CSOEs' loans to group peers and …

dividend as long as capital gains are not heavily discriminated by taxation in relation to dividends. The positive price effect … of dividends can be enhanced if the firm implements a dividend reinvestment plan (DRIP). … effects considered in signaling games. We show that paying out free cash flow, either as a dividend or via repurchasing shares …

firms' stock price when making investment decisions following an increase in common ownership …

with investor “rationality,” the relation must be “explained” by a risk factor model. The investment approach changes the …-based factor models can be linear approximations of firm-level investment returns. The evidence that characteristics dominate … important, the investment approach completes the consumption approach in general equilibrium, especially for cross …

We survey the theory and evidence of behavioral corporate finance, which generally takes one of two approaches. The … market timing and catering approach views managerial financing and investment decisions as rational managerial responses to … on their decisions. We review relevant psychology, economic theory and predictions, empirical challenges, empirical …

We survey the theory and evidence of behavioral corporate finance, which generally takes one of two approaches. The … market timing and catering approach views managerial financing and investment decisions as rational managerial responses to … on their decisions. We review relevant psychology, economic theory and predictions, empirical challenges, empirical …

We take a simple q-theory model and ask how well it can explain external financing anomalies, both qualitatively and … quantitatively. Our central insight is that optimal investment is an important driving force of these anomalies. The model … simultaneously reproduces procyclical equity issuance waves, the negative relation between investment and average returns, long …