| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16129 |
| 来源ID | Working Paper 16129 |
| Dividends, Share Repurchases, and Tax Clienteles: Evidence from the 2003 Reductions in Shareholder Taxes | |
| Jennifer Blouin; Jana Raedy; Douglas Shackelford | |
| 发表日期 | 2010-06-24 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | This paper jointly evaluates firm-level changes in investor composition and shareholder distributions following a 2003 reduction in the dividend and capital gains tax rates for individuals. We find that directors and officers, but not other individual investors, rebalanced their portfolios to maximize after-tax returns in light of the new tax rules. We also find that firms adjusted their distribution policy (specifically, dividends versus share repurchases) in a manner consistent with the altered tax incentives for individual investors. To our knowledge, this is the first paper to employ simultaneous equations to estimate both investor and managerial responses to the 2003 rate reductions. We find that estimating a system of equations leads to different inferences. |
| 主题 | Financial Economics ; Corporate Finance ; Public Economics ; Taxation ; Other ; Law and Economics |
| URL | https://www.nber.org/papers/w16129 |
| 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/573803 |
| 推荐引用方式 GB/T 7714 | Jennifer Blouin,Jana Raedy,Douglas Shackelford. Dividends, Share Repurchases, and Tax Clienteles: Evidence from the 2003 Reductions in Shareholder Taxes. 2010. |
| 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 | ||
| w16129.pdf（273KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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