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Myopia, the 'Dividend Puzzle', and Share Prices

Nickell, Stephen; Wadhwani, Sushil B - C.E.P.R. Discussion Papers - 1987

too high a weight to current dividends relative to future dividends. This is consistent with the widely-held belief that … allow for a time-varying discount rate. In addition our test does not depend on the time-series properties of dividends (e …

Persistent link: https://www.econbiz.de/10005497792

The Internal Governance of Firms

Acharya, Viral V; Myers, Stewart C; Rajan, Raghuram G - C.E.P.R. Discussion Papers - 2009

theory of investment and dividend policy, where dividends are paid by self-interested CEOs to maintain a balance between …

Persistent link: https://www.econbiz.de/10004980207

Banks and Securities Markets: Corporate Financing in Germany and the UK

Alexander, Ian; Mayer, Colin - C.E.P.R. Discussion Papers - 1990

out a lower proportion of their profits as dividends and finance a larger proportion of their investments from retentions …

Persistent link: https://www.econbiz.de/10005662045

Can Buybacks Be A Product of Shorter Shareholder Horizons?

Gaspar, José-Miguel; Massa, Massimo; Matos, Pedro Pinto; … - C.E.P.R. Discussion Papers - 2004

-term institutional investors have a higher propensity to buybacks shares instead of using dividends. Firm managers seem to respond to the …-term oriented shareholders, while firms pay dividends if their stock is mostly held by long-term investors who have less need to … liquidate their investment and may have a better tax treatment with dividends. We document two effects of investor pressure: for …

Persistent link: https://www.econbiz.de/10005123950

A Theory of Income Smoothing When Insiders Know More Than Outsiders

Acharya, Viral V; Lambrecht, Bart - C.E.P.R. Discussion Papers - 2012

We consider a setting in which insiders have information about income that outside shareholders do not, but property rights ensure that outside shareholders can enforce a fair payout. To avoid intervention, insiders report income consistent with outsiders' expectations based on publicly...

Persistent link: https://www.econbiz.de/10011083832

Computing Effective Tax Rates on Factor Incomes and Consumption: An International Macroeconomic Perspective

Mendoza, Enrique G; Razin, Assaf; Tesar, Linda - C.E.P.R. Discussion Papers - 1994

This paper proposes a methodology for computing effective average tax rates using national accounts and revenue statistics, and applies it to construct time-series of tax rates for the seven largest industrialized countries. The resulting tax rates are consistent with available estimates of...

Persistent link: https://www.econbiz.de/10005124394

Taxing Risky Investment

Devereux, Michael P. - C.E.P.R. Discussion Papers - 2003

This Paper re-examines the impact of capital income taxes on the incentive to invest in the presence of risk. Specifically, it challenges a well-known claim in the literature that such a tax can leave incentives ‘basically unaffected’ because the tax liability is offset by a reduction in the...

Persistent link: https://www.econbiz.de/10005666854

Why so Glum? The Meese-Rogoff Methodology Meets the Stock Market

Flood, Robert P; Rose, Andrew K - C.E.P.R. Discussion Papers - 2008

base forecasts on actual future fundamentals of dividends and earnings. Using this metric and for this sample period …

Persistent link: https://www.econbiz.de/10005124429