increase in aggregate shareholder value. Consistent with shareholders believing that the benefits of the rules—deterrence of … findings provide new evidence that shareholders perceive regulations aiming to curtail risky tax planning differently depending …

This paper examines the response of private firms and their shareholders to a dividend tax increase, which affects only … a small group of shareholders. Using an exogenous shock in Germany, my results suggest that firms do not adjust their … payout policy but corporate minority shareholders, the only ones affected by the increase in shareholder taxes, reduce their …

the corporate level can be imputed to shareholders when companies distribute dividends. The intention is that company … to shareholders the benefit of tax that the company has not in fact paid and frustrate other forms of avoidance …