Dividend Policy, Personal Taxes and Optimal Capital Structure

نویسندگان
چکیده

برای دانلود باید عضویت طلایی داشته باشید

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

Optimal Capital Structure and Dividend Policy for Control Efficient Family Business Groups: Theory and Empirical Evidence

I present a theory of the optimal capital structure and dividend policy for family business groups expanding in countries where the private control benefit is substantial and the market for corporate control is active. Here, issuing debt overcomes the limited dilution capacity of equity, but reduces the expected control benefit by increasing the probability of default. When family business grou...

متن کامل

Personal Dividend and Capital Gains Taxes: Further Examination of the Signaling Bang for the Buck May 2004 Personal Dividend and Capital Gains Taxes: Further Examination of the Signaling Bang for the Buck Abstract

In this study, we examine the impact of dividend and capital gains taxes on dividendincrease announcement returns. Consistent with Bernheim and Wantz (1995), we find dividend announcement returns increase in the dividend tax rate. In contrast to existing signaling models, however, we also find robust evidence that dividend announcement returns increase in the capital gains tax rate. This anomal...

متن کامل

Debt Valuation, Renegotiation, and Optimal Dividend Policy

The valuation of debt and equity, reorganization boundaries, and firm’s optimal dividend policies are studied in a framework where we model strategic interactions between debt holders and equity holders in a game-theoretic setting which can accommodate varying bargaining powers to the two claimants. Two formulations of reorganization are presented: debt-equity swaps and strategic debt service r...

متن کامل

Optimal dividend policy and growth option

We analyse the interaction between dividend policy and investment decision in a growth opportunity of a liquidity constrained firm. This leads us to study a mixed singular control/optimal stopping problem for a diffusion that we solve quasi-explicitly establishing connections with two auxiliary optimal stopping problems. We characterize situations where it is optimal to postpone dividend distri...

متن کامل

Dividend taxes and income shifting

This paper analyzes whether a dividend tax cut for owner–managers of closely held corporations encourages income shifting, income generation, or both. We use rich, micro data from Sweden for the period 2000–2011 comprising the entire Swedish population, as well as firmand individual-level data for all owner–managers in closely held corporations, partnerships, and self-employed. We find robust e...

متن کامل

ذخیره در منابع من


  با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید

ژورنال

عنوان ژورنال: Financial Forum

سال: 2020

ISSN: 2251-2659

DOI: 10.18282/ff.v9i2.713