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Transitional Dynamics of Dividend and Capital Gains Tax Cuts

Gourio, Francois - 2010

We develop a dynamic general equilibrium model to study the impact of the 2003 dividend and capital gains tax cuts. In … adjustment costs, equity issuance costs, and collateral constraints. We show that when the dividend and capital gains tax cuts … are unexpected and permanent, dividend payments, equity issuance, and aggregate investment rise immediately. By contrast …

Persistent link: https://www.econbiz.de/10013141317

Dividend taxes and investment efficiency : evidence from the 2003 U.S. personal taxation reform

Chay, J. B.; Chong, Byung-Uk; Im, Hyun Joong - In: Journal of accounting & economics 75 (2023) 1, pp. 1-25

Persistent link: https://www.econbiz.de/10014282256

Repatriation taxes and internal agency conflicts and subsidiary-level investment efficiency

Amberger, Harald; Markle, Kevin S.; Samuel, David M. P. - 2019

Using a global sample of multinational corporations (MNCs) and their foreign subsidiaries, we find that repatriation taxes impair subsidiary-level investment efficiency. Consistent with internal agency conflicts between the central management of the MNC and the manager of the foreign subsidiary...

Persistent link: https://www.econbiz.de/10011922836

Shifts in ownership composition and changes in the implied cost of equity capital for dividend and non-dividend stocks following JGTRRA03

Stinson, Shane R.; Ricketts, Robert C. - In: The journal of the American Taxation Association : a … 38 (2016) 1, pp. 103-124

Persistent link: https://www.econbiz.de/10011625873

Credit Supply and Corporate Policies

Morellec, Erwan - Swiss National Centre of Competence in Research North … - 2010

This paper develops a model of corporate investment and financing decisions thatdiffers from previous contributions by recognizing that firms face uncertainty regardingtheir future access to credit markets and may have to search for creditors when raisingdebt financing. We show that accounting...

Persistent link: https://www.econbiz.de/10009305075

Capital Supply Uncertainty, Cash Holdings, andInvestment

Hugonnier, Julien; Malamud, Semyon; Morellec, Erwan - National Centre of Competence in Research - Financial … - 2010

characterization of the optimal investment,cash management, and dividend policies for a firm acting in the best interests of …

Persistent link: https://www.econbiz.de/10009522190

Taxes and valuation : evidence from dividend change announcements

Li, Oliver Zhen - In: The journal of the American Taxation Association : a … 29 (2007) 2, pp. 1-23

Persistent link: https://www.econbiz.de/10003627504

Shareholder dividend options

Goshen, Zohar - In: The Yale law journal 104 (1995) 4, pp. 881-932

Persistent link: https://www.econbiz.de/10001177855

Capital supply uncertainty, cash holdings, and investment

Hugonnier, Julien; Malamud, Semyon; Morellec, Erwan - 2011

We develop a model of investment, payout, and financing policies in which firms face uncertainty regarding their ability to raise funds and have to search for investors when in need of capital. We show that capital supply uncertainty leads firms to value financial slack and to adjust their...

Persistent link: https://www.econbiz.de/10009375158

Financing investment: the choice between bonds and bank loans

Morellec, Erwan; Valta, Philip; Zhdanov, Alexei - 2014

We build a model of investment and financing decisions to study the choice between bonds and bank loans in a firm's marginal financing decision and its effects on corporate investment. We show that firms with more growth options, higher bargaining power in default, operating in more competitive...

Persistent link: https://www.econbiz.de/10010258730