Abstract We study the effect of dividend taxes on payout and investment policies publicly listed firms. exploit a unique setting in Switzerland where, following corporate tax reform 2011, some but not all firms were suddenly able to pay tax-exempt dividends. show that treated increase their by around 30$\%$ after cut. The is less pronounced for prone agency conflicts. find significant positive ...

Dividend is the return that an investor receives when purchasing a company’s shares. The decision to pay these dividends to shareholders concerns several other groups of people, such as financial managers, consulting firms, individual and institutional investors, government and monitoring authorities, and creditors, just to name a few. The prediction and modelling of this decision has received ...

This paper investigates the impact of coronavirus disease 2019 pandemic on investors' trading behaviors around ex-dividend dates in Europe. The sudden decrease number companies paying dividends reduced opportunities to capture dividends. Thus, firms that maintained dividend payments during attracted more interest than before. led a doubling magnitude stock return patterns usually observed days....

The average cash holdings of Chinese-listed firms decreased significantly after the split share structure reform in China, which specified a process that allowed previously nontradable shares held by controlling shareholders to be freely tradable on the exchanges. The reduction in cash holdings is greater for firms with weaker governance and firms facing more financial constraints prior to the ...

It is widely held that for tax reasons corporate shareholders are the only shareholders that prefer dividends to capital gains. This has led to clientele models where corporate blockholders migrate to firms paying dividends and use their voting power to increase dividends in these firms. We use panel data and trades of large blocks of stock to investigate these propositions. Although one-third ...

The valuation of dividend imputation credits is a currently unresolved issue facing managers, investors and regulators in the Australian market. This thesis builds upon Officer’s (1994) cost of capital, under imputation, framework by seeking to identify the value of imputation credits implied by option prices. It extends the existing imputation literature by using widely traded common stock opt...

This research seeks to examine the determinants of affiliation to pyramid structure of Malaysian public listed firms. A motivation of the research comes from the phenomenon of pyramid structure causing divergence of ultimate owners' actual ownership and control leading to severe expropriation of minority shareholders' interest. The method adapts Attig Model and employs Panel Generalised Least S...

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