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Did Firms Substitute Dividends for Share Repurchases after the 2003 Reductions in Shareholder Tax Rates?. (2007). Shackelford, Douglas ; Blouin, Jennifer L. ; Raedy, Jana Smith.
In: NBER Working Papers.
RePEc:nbr:nberwo:13601.

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Cited: 6

Citations received by this document

Cites: 21

References cited by this document

Cocites: 50

Documents which have cited the same bibliography

Coauthors: 0

Authors who have wrote about the same topic

Citations

Citations received by this document

  1. Share repurchases and firm innovation. (2021). Yin, Xiangkang ; Vu, LE ; Nguyen, Lily.
    In: Accounting and Finance.
    RePEc:bla:acctfi:v:61:y:2021:i:s1:p:1665-1695.

    Full description at Econpapers || Download paper

  2. Dividend taxes and stock volatility. (2018). Syron, Erin E.
    In: International Tax and Public Finance.
    RePEc:kap:itaxpf:v:25:y:2018:i:2:d:10.1007_s10797-017-9455-2.

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  3. Dividend Taxes and Stock Volatility. (2015). Ferris, Erin E. Syron, .
    In: Finance and Economics Discussion Series.
    RePEc:fip:fedgfe:2015-36.

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  4. Business Taxation, Corporate Finance and Economic Performance. (2010). Keuschnigg, Christian ; Ribi, Evelyn .
    In: University of St. Gallen Department of Economics working paper series 2010.
    RePEc:usg:dp2010:2010-04.

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  5. Effects of the 2003 dividend tax cut: evidence from real estate investment trusts. (2010). Edgerton, Jesse .
    In: Finance and Economics Discussion Series.
    RePEc:fip:fedgfe:2010-34.

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  6. The impact of tax law changes on bank dividend policy, sell-offs, organizational form, and industry structure. (2009). Mehran, Hamid ; Suher, Michael .
    In: Staff Reports.
    RePEc:fip:fednsr:369.

    Full description at Econpapers || Download paper

References

References cited by this document

  1. Aboody, David, and Ron Kasznik, 2007, Executive stock-based compensation and firms cash payout: The role of shareholders tax-related payout preferences, Working paper, University of California at Los Angeles.
    Paper not yet in RePEc: Add citation now
  2. Ayers, Benjamin, Craig Lefanowicz, and John Robinson, 2003, The effect of shareholder-level capital gains taxes on the structure of corporate acquisitions, Journal of Finance, forthcoming.
    Paper not yet in RePEc: Add citation now

  3. Bagwell, Laurie S., and John B. Shoven, 1989, Cash Distributions to Shareholders, Journal of Economic Perspectives, 3, Summer, 129-149.

  4. Berhheim, B. Douglas, 1991, Tax Policy and the Dividend Puzzle, Rand Journal of Economics 22:4, Winter, 455-476.

  5. Blouin, Jennifer, Jana Raedy, and Douglas Shackelford, 2003, Capital gains taxes and equity trading: Empirical evidence, Journal ofAccounting Research 41, 611-651.

  6. Boudoukh, Jacob, Roni Michaely, Matthew Richardson, and Michael Roberts, 2007, On the Importance of Measuring Payout Yield: Implications for Empirical Asset Pricing, Journal of Finance, 62: 877-915.

  7. Bray, Alon, John Graham, Campbell Harvey, and Roni Michaely, 2005, Payout policy in the 21st century, Journal of Financial Economics 77, 483-527.

  8. Chetty, Raj and Emmanuel Saez, 2007, An agency theory of dividend taxation, NBER working paper number 13538.

  9. DeAngelo, Hany, Linda DeAngelo, and Doug Skinner, 2004, Are dividends disappearing? Dividend concentration and the consolidation of earnings. Journal of Financial Economics 72, 425-456.

  10. DeAngelo, Hany, Linda DeAngelo, and Douglas J. Skinner, 2000, Special dividends and the evolution of dividend signalling, Journal of Financial Economics 57, 309-354.

  11. Dhaliwal, Dan and Oliver Li, 2006, Investor Tax Heterogeneity and Ex-Dividend Day Trading Volume. Journal of Finance 51:1, 463-490.

  12. Dittmar, Amy K. and Robert F. Dittmar, 2004, Stock repurchase waves: An explanation of the trends in aggregate corporate payout policy. Working paper, University of Michigan.
    Paper not yet in RePEc: Add citation now

  13. Fama, Eugene and Kenneth French, 2001, Disappearing dividends: Changing firm characteristics or lower propensity to pay, Journal of Financial Economics 60, 3-43.

  14. Feldstein, Martin and Jerry Green, 1983, Why do companies pay dividends?, American Economic Review 73:1, 17-30.

  15. Gordon, Roger and Martin Dietz, 2006, Dividends and taxes, NBER Working Paper No. 12292.

  16. Grullon, Gustavo and Roni Michaely, 2002, Dividends, share repurchases and the substitution hypothesis. Journal of Finance LVII: 4, (August): 1649-1684.

  17. Guay, Wayne and Janod Harford, 2000, The cash-flow permanence and information content of dividend increases versus repurchases, Journal of Financial Economics 57, p. 385-415.
    Paper not yet in RePEc: Add citation now

  18. Jagannathan, Murali , Clifford P Stephens and Michael S Weisbach, 2000, Financial flexibility and the choice between dividends and stock repurchases, Journal of Financial Economics 57:3, 355-384.

  19. Lie, Erik and Heidi Lie, 1999, The role of personal taxes in corporate decision: An empirical analysis of share repurchases and dividends, Journal of Financial and Quantitative Analysis 34, 533-552.

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  21. Skinner, Douglas J., 2007, The evolving relation between earnings, dividends and stock repurchases, forthcoming in Journal of Financial Economics.
    Paper not yet in RePEc: Add citation now

Cocites

Documents in RePEc which have cited the same bibliography

  1. A comprehensive examination of the wealth effects of recent stock repurchase announcements. (2011). Gangopadhyay, Partha ; Yook, Ken .
    In: Review of Quantitative Finance and Accounting.
    RePEc:kap:rqfnac:v:37:y:2011:i:4:p:509-529.

    Full description at Econpapers || Download paper

  2. Dividends, Share Repurchases, and Tax Clienteles: Evidence from the 2003 Reductions in Shareholder Taxes. (2010). Shackelford, Douglas ; Jennifer Blouin, Jana Raedy, Douglas Shackelford, .
    In: NBER Working Papers.
    RePEc:nbr:nberwo:16129.

    Full description at Econpapers || Download paper

  3. How corporate governance affects payout policy under agency problems and external financing constraints. (2009). Lee, Eun Jung ; Kim, Sung Min ; Chae, Joon.
    In: Journal of Banking & Finance.
    RePEc:eee:jbfina:v:33:y:2009:i:11:p:2093-2101.

    Full description at Econpapers || Download paper

  4. Stock Buybacks and Their Association with Stock Options Exercised in the IT Industry. (2008). Hurtt, David N. ; Langsam, Sheldon A. ; Kreuze, Jerry G..
    In: American Journal of Business.
    RePEc:eme:ajbpps:v:23:y:2008:i:1:p:13-21.

    Full description at Econpapers || Download paper

  5. The timing of financing decisions: An examination of the correlation in financing waves. (2008). Dittmar, Robert.
    In: Journal of Financial Economics.
    RePEc:eee:jfinec:v:90:y:2008:i:1:p:59-83.

    Full description at Econpapers || Download paper

  6. The evolving relation between earnings, dividends, and stock repurchases. (2008). Skinner, Douglas J..
    In: Journal of Financial Economics.
    RePEc:eee:jfinec:v:87:y:2008:i:3:p:582-609.

    Full description at Econpapers || Download paper

  7. Errors in estimating share repurchases. (2008). Dyl, Edward A. ; Banyi, Monica L. ; Kahle, Kathleen M..
    In: Journal of Corporate Finance.
    RePEc:eee:corfin:v:14:y:2008:i:4:p:460-474.

    Full description at Econpapers || Download paper

  8. Did Firms Substitute Dividends for Share Repurchases after the 2003 Reductions in Shareholder Tax Rates?. (2007). Shackelford, Douglas ; Blouin, Jennifer L. ; Raedy, Jana Smith.
    In: NBER Working Papers.
    RePEc:nbr:nberwo:13601.

    Full description at Econpapers || Download paper

  9. Payout policy, taxes, and the relation between returns and the bid-ask spread. (2006). Gottesman, Aron A. ; Jacoby, Gady.
    In: Journal of Banking & Finance.
    RePEc:eee:jbfina:v:30:y:2006:i:1:p:37-58.

    Full description at Econpapers || Download paper

  10. Share repurchases, shareholder rights, and corporate governance provisions. (2006). Jiraporn, Pornsit.
    In: The North American Journal of Economics and Finance.
    RePEc:eee:ecofin:v:17:y:2006:i:1:p:35-47.

    Full description at Econpapers || Download paper

  11. Dividend Taxation and Corporate Governance. (2005). Morck, Randall ; Yeung, Bernard .
    In: Journal of Economic Perspectives.
    RePEc:aea:jecper:v:19:y:2005:i:3:p:163-180.

    Full description at Econpapers || Download paper

  12. Stock price behavior surrounding stock repurchase announcements: Evidence from Japan. (2004). Isagawa, Nobuyuki ; Hatakeda, Takashi .
    In: Pacific-Basin Finance Journal.
    RePEc:eee:pacfin:v:12:y:2004:i:3:p:271-290.

    Full description at Econpapers || Download paper

  13. Appearing and disappearing dividends: The link to catering incentives. (2004). Wurgler, Jeffrey ; Baker, Malcolm.
    In: Journal of Financial Economics.
    RePEc:eee:jfinec:v:73:y:2004:i:2:p:271-288.

    Full description at Econpapers || Download paper

  14. Are dividends disappearing? Dividend concentration and the consolidation of earnings. (2004). Skinner, Douglas J. ; DeAngelo, Linda .
    In: Journal of Financial Economics.
    RePEc:eee:jfinec:v:72:y:2004:i:3:p:425-456.

    Full description at Econpapers || Download paper

  15. Appearing and Disappearing Dividends: The Link to Catering Incentives. (2003). Wurgler, Jeffrey ; Baker, Malcolm.
    In: NBER Working Papers.
    RePEc:nbr:nberwo:9995.

    Full description at Econpapers || Download paper

  16. On the marginal source of investment funds. (2003). hassett, kevin ; Auerbach, Alan.
    In: Journal of Public Economics.
    RePEc:eee:pubeco:v:87:y:2003:i:1:p:205-232.

    Full description at Econpapers || Download paper

  17. The personal-tax advantages of equity. (2003). Hollifield, Burton ; Green, Richard ; Green Richard C., ; Burton, Hollifield .
    In: Journal of Financial Economics.
    RePEc:eee:jfinec:v:67:y:2003:i:2:p:175-216.

    Full description at Econpapers || Download paper

  18. Dividend taxes and firm valuation:: a re-examination. (2003). Myers, James N. ; Shevlin, Terry ; Hanlon, Michelle.
    In: Journal of Accounting and Economics.
    RePEc:eee:jaecon:v:35:y:2003:i:2:p:119-153.

    Full description at Econpapers || Download paper

  19. The Efficient Market Hypothesis and Its Critics. (2003). Malkiel, Burton G..
    In: Journal of Economic Perspectives.
    RePEc:aea:jecper:v:17:y:2003:i:1:p:59-82.

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  20. Evaluating Value Weighting: Corporate Events and Market Timing. (2002). Lamont, Owen.
    In: NBER Working Papers.
    RePEc:nbr:nberwo:9049.

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  21. Dividend Policy inside the Firm. (2002). Hines, James ; Foley, Fritz C. ; Desai, Mihir A..
    In: NBER Working Papers.
    RePEc:nbr:nberwo:8698.

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  22. Revisiting the dividend puzzle: Do all of the pieces now fit?. (2002). Powell, Gary ; Baker, Kent H. ; Veit, Theodore E..
    In: Review of Financial Economics.
    RePEc:eee:revfin:v:11:y:2002:i:4:p:241-261.

    Full description at Econpapers || Download paper

  23. Tax Competition and Profit Shifting: On the Relationship between Personal and Corporate Tax Rates. (2002). Weichenrieder, Alfons ; Fuest, Clemens.
    In: CESifo Working Paper Series.
    RePEc:ces:ceswps:_781.

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  24. Taxation and Corporate Financial Policy. (2001). Auerbach, Alan.
    In: NBER Working Papers.
    RePEc:nbr:nberwo:8203.

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  25. An Empirical Examination of the Price-Dividend Relation with Dividend Management. (2001). Ackert, Lucy ; Hunter, William .
    In: Journal of Financial Services Research.
    RePEc:kap:jfsres:v:19:y:2001:i:2:p:115-129.

    Full description at Econpapers || Download paper

  26. Disappearing dividends: changing firm characteristics or lower propensity to pay?. (2001). French, Kenneth ; Fama, Eugene.
    In: Journal of Financial Economics.
    RePEc:eee:jfinec:v:60:y:2001:i:1:p:3-43.

    Full description at Econpapers || Download paper

  27. Share repurchase tender offers and bid-ask spreads. (2001). Cao, Charles ; Choe, Hyuk ; Ahn, Hee-Joon.
    In: Journal of Banking & Finance.
    RePEc:eee:jbfina:v:25:y:2001:i:3:p:445-478.

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  28. Empirical tax research in accounting. (2001). Shackelford, Douglas ; Shevlin, Terry.
    In: Journal of Accounting and Economics.
    RePEc:eee:jaecon:v:31:y:2001:i:1-3:p:321-387.

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  29. On the Marginal Source of Investment Funds. (2000). hassett, kevin ; Auerbach, Alan.
    In: NBER Working Papers.
    RePEc:nbr:nberwo:7821.

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  30. Adquisición de acciones propias: factores explicativos para el caso español. (2000). Ropero, Miguel Ángel.
    In: Investigaciones Economicas.
    RePEc:iec:inveco:v:24:y:2000:i:2:p:329-355.

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  31. An empirical examination of the price-dividend relation with dividend management. (2000). Ackert, Lucy ; Hunter, William C..
    In: Working Paper Series.
    RePEc:fip:fedhwp:wp-00-22.

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  32. Special dividends and the evolution of dividend signaling. (2000). Harry, DeAngelo ; Skinner Douglas J., ; Linda, DeAngelo.
    In: Journal of Financial Economics.
    RePEc:eee:jfinec:v:57:y:2000:i:3:p:309-354.

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  33. The Share Price Effects of Dividend Taxes and Tax Imputation Credits. (1999). Hubbard, Robert ; Kemsley, Deen ; Harris, Trevor S..
    In: NBER Working Papers.
    RePEc:nbr:nberwo:7445.

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  34. Capitalization of Capital Gains Taxes: Evidence from Stock Price Reactions to the 1997 Rate Reduction. (1999). Shackelford, Douglas ; Lang, Mark H..
    In: NBER Working Papers.
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  35. Intrinsic bubbles: the case of stock prices: a comment. (1999). Ackert, Lucy ; Hunter, William C..
    In: Working Paper Series.
    RePEc:fip:fedhwp:wp-99-26.

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  36. Does stock price elasticity affect corporate financial decisions?. (1999). Hodrick, Laurie ; Simon, Hodrick Laurie.
    In: Journal of Financial Economics.
    RePEc:eee:jfinec:v:52:y:1999:i:2:p:225-256.

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  37. Share repurchases and intangible assets. (1999). Barth, Mary E. ; Kasznik, Ron.
    In: Journal of Accounting and Economics.
    RePEc:eee:jaecon:v:28:y:1999:i:2:p:211-241.

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  38. Intrinsic Bubbles: The Case of Stock Prices: Comment. (1999). Ackert, Lucy ; Hunter, William C..
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    RePEc:aea:aecrev:v:89:y:1999:i:5:p:1372-1376.

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  39. The finance process on a macroeconomic level from a flow perspective: A new interpretation of hoarding. (1997). Binswanger, Mathias.
    In: International Review of Financial Analysis.
    RePEc:eee:finana:v:6:y:1997:i:2:p:107-131.

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  40. Heterogeneous shareholders and signaling with share repurchases. (1997). Persons, John C..
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    RePEc:eee:corfin:v:3:y:1997:i:3:p:221-249.

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  41. Earnings and Expected Returns. (1996). Lamont, Owen.
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  42. Company dividends and taxes in the UK. (1995). Devereux, Michael ; Bond, Stephen ; Chennells, Lucy .
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    RePEc:ifs:fistud:v:16:y:1995:i:3:p:1-18.

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  43. Foreign investment, international mergers and the 1993 capital income tax reform in Finland. (1995). Piekkola, Hannu .
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    RePEc:fep:journl:v:8:y:1995:i:1:p:25-39.

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  44. Financial Market Efficiency Tests. (1992). Hodrick, Robert ; Bollerslev, Tim.
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  45. Leverage: The Tax Incentives. (1991). Somers, Harold M..
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  46. Taxation and the Birth of Foreign Subsidiaries. (1990). Sinn, Hans-Werner.
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  47. Tax Policy and the Dividend Puzzle. (1990). Bernheim, B. Douglas.
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  48. Dividends, Capital Gains, and the Corporate Veil: Evidence from Britain, Canada, and the United States. (1989). Poterba, James.
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  49. Tax policy and corporate borrowing. (1989). Auerbach, Alan.
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    RePEc:fip:fedbcp:y:1989:p:136-172:n:33.

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  50. Short-Term Returns of UK Share Buyback Activity. (). Padgett, Carol ; Wang, Zhiqi .
    In: ICMA Centre Discussion Papers in Finance.
    RePEc:rdg:icmadp:icma-dp2007-10.

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