The personal tax impact on share prices of a permanent distribution via stock repurchase was first modeled by Bierman and West (JF 1966, #4) who argued that the tax impact is minimized under permanent ownership by the same shareholders. Elton and Gruber (JF 1968, #1) faulted the original model...

The modest title chosen by the editor understates the contribution of this paper. To the best of our knowledge, we were the first to use company-based shareholder valuation approach to refute the prevailing view that retention of corporate earnings under the U.S. tax system automatically...

By limiting their attention to the effect of capital gains tax on the price asked by mid-cycle sellers, Elton and Gruber (Review of Economics and Statistics v.52, 1970) overlook a parallel effect of capital loss credit on the bid price offered by mid-cycle buyers. We show that unequal marginal...

This paper examines the redistributive effects of government partisanship on economic sectors. Based on a rational partisan perspective and policy-induced campaign contribution models we expect that once in office, ideologically different parties deliver favourable policies to different...

This paper takes a snapshot of the role of economy, state and societal culture in shaping society's attitude toward business. It attempts to explore how cultural characteristics of the society may be related to the significance of the role stakeholders play in driving corporate behaviour.The...

In this paper, we examine the economic impact of the Sarbanes-Oxley Act (SOX) by analyzing foreign listing behavior onto U.S. and U.K. stock exchanges before and after the enactment of the Act in 2002. Using a sample of all listing events onto U.S. and U.K. exchanges from 1995-2006, we develop...

Over the last twenty years, developing countries have experienced the massive shift of financing and the operation of infrastructure from the public to private sector. The paper analyzes how the government agency should structure the investment promotion policy. I develop a sequential...

Predatory lending is a real, pervasive, and destructive problem as demonstrated by record settlements, jury awards, media exposes, and a large body of empirical scholarship. Currently the national debate over predatory mortgage lending is shifting to the controversial question of who should bear...

Maintaining and enhancing market integrity is a central objective of exchanges worldwide. However, there is relatively little research examining the efforts of exchanges in achieving this objective. Using unique data, this paper presents evidence on Australian Stock Exchange surveillance effort...

Partisan theory and extant evidence from parties' ideal policies suggest firms to perform better under right - than under left-leaning governments. If investors anticipate these effects of different parties holding office, changes in expected government partisanship should produce distinct...