کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5090825 | 1375647 | 2008 | 10 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Inside shareholders' effective tax rates and dividends
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
Using information collected from the Swedish tax authorities, we calculate insiders' actual effective tax rates on dividends. With this unique dataset, we find a significant negative cross-sectional relationship between insiders' effective tax rates and dividend payout. This result is consistent with a tax-induced clientele effect for dividends. We also look at the impact of large block trades on dividends. We find that when insiders with zero effective taxes sell blocks, subsequent dividend payments are significantly more likely to decrease. This provides evidence that large shareholders are adjusting dividends for their individual tax situations.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 32, Issue 9, September 2008, Pages 1860-1869
Journal: Journal of Banking & Finance - Volume 32, Issue 9, September 2008, Pages 1860-1869
نویسندگان
Martin Holmen, John D. Knopf, Stefan Peterson,