| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13601 |
| 来源ID | Working Paper 13601 |
| Did Firms Substitute Dividends for Share Repurchases after the 2003 Reductions in Shareholder Tax Rates? | |
| Jennifer L. Blouin; Jana Smith Raedy; Douglas A. Shackelford | |
| 发表日期 | 2007-11-14 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | This paper tests whether firms altered their dividend and share repurchase policies in response to the 2003 reductions in shareholder tax rates. We predict that firms substituted dividends for repurchases, because the reduction in dividend tax rates exceeded the reduction in the capital gains tax rates. As expected, we find substitution and find that it is increasing in the percentage of the company owned by individual investors, the only shareholders affected by the legislation. These findings are consistent with boards of directors considering the tax preferences of individual stockholders (particularly officers and managers) when setting dividend and share repurchase policies. |
| 主题 | Financial Economics ; Corporate Finance ; Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w13601 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571277 |
| 推荐引用方式 GB/T 7714 | Jennifer L. Blouin,Jana Smith Raedy,Douglas A. Shackelford. Did Firms Substitute Dividends for Share Repurchases after the 2003 Reductions in Shareholder Tax Rates?. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13601.pdf（211KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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