Did firms substitute dividends for share repurchases after the 2003 reductions in shareholder tax rates?

Did firms substitute dividends for share repurchases after the 2003 reductions in shareholder tax rates?

by Jennifer L. Blouin

Book 13601 of NBER working paper series -- working paper

Join Readfeed freeFind clubs reading this
Rate this book:

Browse books you can read free on Readfeed

No club is reading this yet — be the first to start one

Start a club free
About
"This paper tests whether firms altered their dividend and share repurchase policies in response to the 2003 reductions in shareholder tax rates. We predict that firms substituted dividends for repurchases, because the reduction in dividend tax rates exceeded the reduction in the capital gains tax rates. As expected, we find substitution and find that it is increasing in the percentage of the company owned by individual investors, the only shareholders affected by the legislation. These findings are consistent with boards of directors considering the tax preferences of individual stockholders (particularly officers and managers) when setting dividend and share repurchase policies"--National Bureau of Economic Research web site.

Discuss Did firms substitute dividends for share repurchases after the 2003 reductions in shareholder tax rates? with other readers

Join or start a book club for Did firms substitute dividends for share repurchases after the 2003 reductions in shareholder tax rates? on Readfeed. Live chat, shared reading progress, and AI discussion questions — free to get started.

Sign up freeBrowse book clubs

Frequently asked questions

How do I join a book club for Did firms substitute dividends for share repurchases after the 2003 reductions in shareholder tax rates??

Sign up free on Readfeed, then browse public clubs or start your own club with Did firms substitute dividends for share repurchases after the 2003 reductions in shareholder tax rates? as the current read. Invite friends with a share link and discuss together with live chat and AI discussion questions.

Can I discuss Did firms substitute dividends for share repurchases after the 2003 reductions in shareholder tax rates? with other readers online?

Yes. Readfeed book clubs let you chat live, share progress, and join discussions about Did firms substitute dividends for share repurchases after the 2003 reductions in shareholder tax rates? with readers worldwide — whether your club is virtual, in-person, or hybrid.

Is Readfeed free?

Yes. Creating an account and joining book clubs is free. Sign up to find readers who love the same books and start discussing today.