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"We exploit demographic variation to identify the effect of dividend demand on firm payout policy. Retail investors tend to hold local stocks and older investors prefer dividend-paying stocks. Together, these tendencies generate geographically-varying demand for dividends. Firms headquartered in...
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This paper examines the management practices of German firms with obligations under the EU Emissions Trading Scheme (EU …. The paper sheds light on management and trading practices, abatement behaviour, and the impact of the EU ETS on long …-term decisions, such as investment decisions or innovative capacity. The aim is to provide information on firm-internal management …
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