منابع مشابه
Dividends and Shareholder Taxation: Evidence from Canada∗
The effect of dividend taxes on dividend payments is a topic of considerable debate with repercussions for the cost of capital and investment. The traditional view of dividends suggests that dividend taxes lead to lower dividends, a higher cost of capital and so lower investment. In contrast, according to the new, or trapped equity, view, dividend taxes are neutral to dividend payout, the cost ...
متن کاملNavigating Shareholder Influence: Compensation Plans and the Shareholder Approval Process
Executive Overview Corporate governance research emphasizes the influence of institutional owners on company outcomes such as strategic decisions, organizational structures, and executive compensation. However, little is known about the process companies use to gain support for management-sponsored compensation plan resolutions. This article reviews prior literature linking institutional owners...
متن کاملRisk, Return and Dividends∗
We characterize the joint dynamics of expected returns, stochastic volatility, and prices. In particular, with a given dividend process, one of the processes of the expected return, the stock volatility, or the price-dividend ratio fully determines the other two. For example, the stock volatility determines the expected return and the price-dividend ratio. By parameterizing one, or more, of exp...
متن کاملDividends and Taxes
How do dividend taxes affect firm behavior and what are their distributional and efficiency effects? To answer these questions, the first problem is coming up with an explanation for why firms pay dividends, in spite of their tax penalty. This paper surveys three different models for why firms pay dividends, and then uses each model to examine the behavioral and efficiency effects of dividend t...
متن کاملShareholder Power and Corporate Governance
The pattern of ownership and control of British industry is unusual compared with most other countries in that ownership is relatively dispersed. Typically the largest shareholder in any large listed company is likely to own a voting minority of the shares. Majority ownership by a single shareholder is unusual. It is not uncommon for the largest shareholding to be under 20 percent and in many c...
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ژورنال
عنوان ژورنال: Review of Finance
سال: 2017
ISSN: 1572-3097,1573-692X
DOI: 10.1093/rof/rfx046