A Catering Theory of Dividends

A Theory of Dividends Based on Tax Clienteles

This paper offers a novel explanation for why some firms prefer to pay dividends rather than repurchase shares. It is well-known that institutional investors are relatively less taxed than individual investors, and that this induces “dividend clientele” effects. We argue that firms determine the proportions of institutional and individual owners when they set dividends. Institutions have a rela...

applying transitivity theory to gender analysis of efl textbook: : a comparative study.

efl/esl textbooks have been regarded as essential language teaching materials with which the learners spend about 70 up to 90 percent of their class time. the important role they play and their vast use make them not only influential in learning the language but also in shaping values and attitudes. put it another way, textbooks socialize learners using their contents (i.e. texts, illustrations...

Who Cuts Dividends First? Theory and Evidence from Dividend Reductions

This paper examines dividend reduction timing at the industry level, asking what firm types choose to reduce their dividends earlier in a dividend reducing cycle than others. Theory is proposed that suggests that higher quality firms will reduce dividends sooner to start rebuilding the firm‟s profitability, while lower quality firms delay reducing their dividends until they must. This paper con...

The Distribution of Corporate Dividends

Of primary importance to the investor in corporate shares is the dividend return. But many a purchaser of shares has other dominant interests. He may desire merely to qualify to be a director. He may be a "pirate" and contenplate a particular suit which he can institute only as a shareholder. He may hope to acquire the right of a shareholder to examine the stock ledger or other books or records...

Catering Food Safety – A Responsibility Ignored?