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We test whether executive stock ownership affects firm payouts using the 2003 dividend tax cut to identify an exogenous change in the after-tax value of dividends. We find that executives with higher stock ownership were more likely to increase dividends after the tax cut in 2003, whereas no...
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We examine CEO partisanship and the speed of adjustment to target leverage ratios. Republicans, who prior literature views as risk-averse, are expected to move more aggressively to their targets when over-levered and more slowly when under-levered. However, Republicans’ dislike of taxes...
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We examine the relation between institutional investors and management discipline over the last several decades to better understand how CEO turnover has increased. Using a sample of forced and voluntary turnovers, we investigate the changing roles of activism and exit among institutional...
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