Patronage Dividends: Income Distribution or Price Adjustment
نویسندگان
چکیده
منابع مشابه
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...
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As the centerpiece of its “growth package,” the Bush Administration proposes to eliminate taxes that individuals pay on dividend payments they receive from corporations. These dividends would receive tax-free treatment to the extent that they have been paid from profits subject to the corporate income tax. For individuals who hold shares in companies that do not pay dividends, the proposal woul...
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According to several empirical studies, the linear present-value model fails to explain the behaviour of stock prices in the long run. We analyse the possible presence of threshold cointegration between real stock prices and dividends for the US market during the period from 1871:1 to 2004:6. According to our results, the null hypothesis of linear cointegration between stock prices and dividend...
متن کاملExplaining Asymmetric Price Adjustment
In an in nite horizon model with stochastic costs, moderate ination, costly price adjustment, and optimal price setting, we demonstrate that individual price reductions will be larger but less frequent than price increases. With positive ination, aggregate prices are more responsive to cost increases than to cost decreases, and a calibrated version of the model ts well the magnitude of downw...
متن کاملSpeed of price adjustment with price conjectures
We derive a measure of firm speed of price adjustment that is directly inversely related to market power and compare this to the measure derived by Martin (1993). However, both measures are incorrect when firms have non-zero price conjectural variations and treat competing price levels as exogenous. This is because Taylor series expansions of the demand function implicitly assume that firms inf...
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ژورنال
عنوان ژورنال: Law and Contemporary Problems
سال: 1948
ISSN: 0023-9186
DOI: 10.2307/1189876