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Author : Pasi Sorjonen
Publisher :
ISBN 13 :
Total Pages : 102 pages
Book Rating : 4.F/5 ( download)
Download or read book The Relative Valuation of Dividends and Capital Gains in Finland written by Pasi Sorjonen and published by . This book was released on 1987 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Roger Hall Gordon
Publisher :
ISBN 13 :
Total Pages : 43 pages
Book Rating : 4.:/5 (584 download)
Download or read book Taxation and the Stock Market Valuation of Capital Gains and Dividends written by Roger Hall Gordon and published by . This book was released on 1979 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dividends seem to be more heavily taxed than capital gains. Why then do corporations pay dividends rather than repurchasing shares or retaining earnings? Either corporations are not acting in the interests of shareholders, or else shareholders desire dividends sufficiently for nontax reasons to offset the tax effect. In this paper, we measure the relative valuation of dividends and capital gains in the stock market, using a variant of the capital asset pricing model. We find that dividends are not valued differently systematically from capital gains. This finding is consistent with share price maximization by firms but inconsistent with the fact that most shareholders pay a heavier tax on dividends. We also show that the relative value of dividends provides an indirect measure of a marginal Tobin's q. The measured value of dividends relative to capital gains tends to be higher during prosperous periods, as is consistent with this interpretation. We hope that this time series on a marginal Tobin's q will prove to be useful in forecasting the rate of investment
Author : Roger Hall Gordon
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (119 download)
Download or read book Taxation and the Stock Market Valuation of Capital Gains and Dividends written by Roger Hall Gordon and published by . This book was released on 1979 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dividends seem to be more heavily taxed than capital gains. Why then do corporations pay dividends rather than repurchasing shares or retaining earnings? Either corporations are not acting in the interests of shareholders, or else shareholders desire dividends sufficiently for nontax reasons to offset the tax effect. In this paper, we measure the relative valuation of dividends and capital gains in the stock market, using a variant of the capital asset pricing model. We find that dividends are not valued differently systematically from capital gains. This finding is consistent with share price maximization by firms but inconsistent with the fact that most shareholders pay a heavier tax on dividends. We also show that the relative value of dividends provides an indirect measure of a marginal Tobin's q. The measured value of dividends relative to capital gains tends to be higher during prosperous periods, as is consistent with this interpretation. We hope that this time series on a marginal Tobin's q will prove to be useful in forecasting the rate of investment.
Author : John Karl Scholz
Publisher :
ISBN 13 :
Total Pages : 276 pages
Book Rating : 4.F/5 ( download)
Download or read book The Effect of the Relative Tax Treatment of Dividends and Capital Gains on Corporate Valuation and Behavior written by John Karl Scholz and published by . This book was released on 1988 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Roger H. Gordon
Publisher :
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.:/5 (129 download)
Download or read book Taxation and the Stock Market Valuation of Capital Gains and Dividends written by Roger H. Gordon and published by . This book was released on 2010 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dividends seem to be more heavily taxed than capital gains. Why then do corporations pay dividends rather than repurchasing shares or retaining earnings? Either corporations are not acting in the interests of shareholders, or else shareholders desire dividends sufficiently for nontax reasons to offset the tax effect. In this paper, we measure the relative valuation of dividends and capital gains in the stock market, using a variant of the capital asset pricing model. We find that dividends are not valued differently systematically from capital gains. This finding is consistent with share price maximization by firms but inconsistent with the fact that most shareholders pay a heavier tax on dividends. We also show that the relative value of dividends provides an indirect measure of a marginal Tobin's q. The measured value of dividends relative to capital gains tends to be higher during prosperous periods, as is consistent with this interpretation. We hope that this time series on a marginal Tobin's q will prove to be useful in forecasting the rate of investment.
Author :
Publisher :
ISBN 13 :
Total Pages : 248 pages
Book Rating : 4.3/5 ( download)
Download or read book Finnish Economic Papers written by and published by . This book was released on 1988 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Emmanuel O. Kumah
Publisher : International Monetary Fund
ISBN 13 : 1451873891
Total Pages : 75 pages
Book Rating : 4.4/5 (518 download)
Download or read book Valuation of Unlisted Direct Investment Equity written by Emmanuel O. Kumah and published by International Monetary Fund. This book was released on 2009-11-01 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the seven valuation methods for unlisted direct investment equity included in the recently adopted IMF Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6). Based on publicly available Danish data, we test the three methods that are generally applicable and find that the choice of valuation method and estimation technique can have a highly significant impact on the international investment position, pointing to the need for further harmonization. The results show that the price-to-book value method generates more robust market value estimates than the price-to-earnings method. This finding suggests that the valuation basis for the forthcoming Coordinated Direct Investment Survey - own funds at book value -will provide useful information for compiling the international investment position.
Author : H. Kent Baker
Publisher : John Wiley & Sons
ISBN 13 : 0470455802
Total Pages : 552 pages
Book Rating : 4.4/5 (74 download)
Download or read book Dividends and Dividend Policy written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2009-05-04 with total page 552 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dividends And Dividend Policy As part of the Robert W. Kolb Series in Finance, Dividends and Dividend Policy aims to be the essential guide to dividends and their impact on shareholder value. Issues concerning dividends and dividend policy have always posed challenges to both academics and professionals. While all the pieces to the dividend puzzle may not be in place yet, the information found here can help you gain a firm understanding of this dynamic discipline. Comprising twenty-eight chapters—contributed by both top academics and financial experts in the field—this well-rounded resource discusses everything from corporate dividend decisions to the role behavioral finance plays in dividend policy. Along the way, you'll gain valuable insights into the history, trends, and determinants of dividends and dividend policy, and discover the different approaches firms are taking when it comes to dividends. Whether you're a seasoned financial professional or just beginning your journey in the world of finance, having a firm understanding of the issues surrounding dividends and dividend policy is now more important than ever. With this book as your guide, you'll be prepared to make the most informed dividend-related decisions possible—even in the most challenging economic conditions. The Robert W. Kolb Series in Finance is an unparalleled source of information dedicated to the most important issues in modern finance. Each book focuses on a specific topic in the field of finance and contains contributed chapters from both respected academics and experienced financial professionals.
Author :
Publisher :
ISBN 13 :
Total Pages : 520 pages
Book Rating : 4.3/5 (512 download)
Download or read book Journal of Business Economics written by and published by . This book was released on 1994 with total page 520 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Harry DeAngelo
Publisher : Now Publishers Inc
ISBN 13 : 1601982046
Total Pages : 215 pages
Book Rating : 4.6/5 (19 download)
Download or read book Corporate Payout Policy written by Harry DeAngelo and published by Now Publishers Inc. This book was released on 2009 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Payout Policy synthesizes the academic research on payout policy and explains "how much, when, and how". That is (i) the overall value of payouts over the life of the enterprise, (ii) the time profile of a firm's payouts across periods, and (iii) the form of those payouts. The authors conclude that today's theory does a good job of explaining the general features of corporate payout policies, but some important gaps remain. So while our emphasis is to clarify "what we know" about payout policy, the authors also identify a number of interesting unresolved questions for future research. Corporate Payout Policy discusses potential influences on corporate payout policy including managerial use of payouts to signal future earnings to outside investors, individuals' behavioral biases that lead to sentiment-based demands for distributions, the desire of large block stockholders to maintain corporate control, and personal tax incentives to defer payouts. The authors highlight four important "carry-away" points: the literature's focus on whether repurchases will (or should) drive out dividends is misplaced because it implicitly assumes that a single payout vehicle is optimal; extant empirical evidence is strongly incompatible with the notion that the primary purpose of dividends is to signal managers' views of future earnings to outside investors; over-confidence on the part of managers is potentially a first-order determinant of payout policy because it induces them to over-retain resources to invest in dubious projects and so behavioral biases may, in fact, turn out to be more important than agency costs in explaining why investors pressure firms to accelerate payouts; the influence of controlling stockholders on payout policy --- particularly in non-U.S. firms, where controlling stockholders are common --- is a promising area for future research. Corporate Payout Policy is required reading for both researchers and practitioners interested in understanding this central topic in corporate finance and governance.
Author :
Publisher :
ISBN 13 :
Total Pages : 1246 pages
Book Rating : 4.:/5 (318 download)
Download or read book Journal of Economic Literature written by and published by . This book was released on 1988 with total page 1246 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Osmo Rännäri
Publisher :
ISBN 13 :
Total Pages : 302 pages
Book Rating : 4.F/5 ( download)
Download or read book Electricity Pricing Behavior in Finland written by Osmo Rännäri and published by . This book was released on 1992 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ms.Li Liu
Publisher : International Monetary Fund
ISBN 13 : 1484337700
Total Pages : 49 pages
Book Rating : 4.4/5 (843 download)
Download or read book Where Does Multinational Investment Go with Territorial Taxation? Evidence from the UK written by Ms.Li Liu and published by International Monetary Fund. This book was released on 2018-01-13 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2009, the United Kingdom changed from a worldwide to a territorial tax system, abolishing dividend taxes on foreign repatriation from many low-tax countries. This paper assesses the causal effect of territorial taxation on real investments, using a unique dataset for multinational affiliates in 27 European countries and employing the difference-in-difference approach. It finds that the territorial reform has increased the investment rate of UK multinationals by 15.7 percentage points in low-tax countries. In the absence of any significant investment reduction elsewhere, the findings represent a likely increase in total outbound investment by UK multinationals.
Author : Doina Maria Radulescu
Publisher : Springer Science & Business Media
ISBN 13 : 3540733191
Total Pages : 179 pages
Book Rating : 4.5/5 (47 download)
Download or read book CGE Models and Capital Income Tax Reforms written by Doina Maria Radulescu and published by Springer Science & Business Media. This book was released on 2007-09-13 with total page 179 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book suggests a novel way how the effects of tax reforms especially in the field of capital income taxation can be measured by means of dynamic computable general equilibrium (CGE) models. Using a model calibrated to the German economy, the author evaluates and quantifies the effects of introducing a Dual Income Tax (DIT) in Germany. This tax reform is a currently hotly debated topic in Germany and has been suggested both by the German Council of Economic Advisors (GCEA) and by Prof. Hans-Werner Sinn. Thus, the book is of great interest not only for the academic but also for the business world and politics.
Author : Mike Brewer
Publisher : SAGE
ISBN 13 : 1526481316
Total Pages : 164 pages
Book Rating : 4.5/5 (264 download)
Download or read book What Do We Know and What Should We Do About Inequality? written by Mike Brewer and published by SAGE. This book was released on 2019-06-10 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: "A brilliantly clear and concise guide. Highly recommended." – Ben Chu Economic inequality in the UK is currently at historically high levels and the rise in income inequality over the last 30 years is one of the largest across developed nations. But what caused this sustained increase in inequality and what does it mean for modern society in the UK? In this book, Economist Mike Brewer discusses the causes and consequences of these high levels of economic inequality, outlining why the UK became so unequal in the 1980s and how this has developed further since the 2008 financial crash and the austerity that followed. Brewer then presents new analysis of the top 1% and 0.1%, before assessing the relevance of Thomas Piketty’s landmark work and predictions around wealth inequalities. The author then outlines six key areas that need addressing to move the UK off its high-inequality path and towards a fairer society, including wealth redistribution, social mobility, and excessive pay at the top. ABOUT THE SERIES: The ‘What Do We Know and What Should We Do About...?′ series offers readers short, up-to-date overviews of key issues often misrepresented, simplified or misunderstood in modern society and the media. Each book is written by a leading social scientist with an established reputation in the relevant subject area. The Series Editor is Professor Chris Grey, Royal Holloway, University of London
Author : Roni Michaely
Publisher : Palala Press
ISBN 13 : 9781379009573
Total Pages : 50 pages
Book Rating : 4.0/5 (95 download)
Download or read book Investors' Heterogeneity, Prices, and Volume Around the Ex-dividend Day written by Roni Michaely and published by Palala Press. This book was released on 2018-03-02 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Author : J. Lorié
Publisher : Springer
ISBN 13 : 0230625703
Total Pages : 486 pages
Book Rating : 4.2/5 (36 download)
Download or read book Taxes and Exchange Rates in the EU written by J. Lorié and published by Springer. This book was released on 2006-09-22 with total page 486 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks at concerns in the EU about differences in company tax rates, exchange rate changes, and inflation differentials, building an analytical model which includes the finance decision of firms, particularly those decisions which have a strong tax component.
