This paper surveys the literature on payout policy. We start out by discussing several stylized
facts that are important to the development of any comprehensive payout policy framework …

This article reviews tax research related to domestic and multinational capital structure,
payout policy, compensation policy, risk management, and organizational form. For each …

We derive the quantitative implications of growth theory for US corporate equity plus net debt
over the period 1960–2001. There were large secular movements in corporate equity values …

It is well documented that stock prices on ex-dividend days drop by less than the value of the
dividend, on average. This has commonly been attributed to the effect of tax clienteles. We …

Since prices are constrained to discrete tick multiples while dividends are essentially
continuous, ex day price changes will not equal dividends. We argue that the expected price …

We exploit cross‐temporal differences in capital gains tax rates to test whether shareholder‐
level capital gains taxes are associated with higher acquisition premiums for taxable …

This paper examines the impact of a major change in dividend taxation introduced in the
United Kingdom in July 1997. The reform was structured in such a way that the immediate …

By the end of January 2001, all NYSE stocks had converted their price quotations from 1/8s
and 1/16s to decimals. This study examines the effect of this change in price quotations on …

Volume 1A covers corporate finance: how businesses allocate capital-the capital budgeting
decision-and how they obtain capital-the financing decision. Though managers play no …

Implicit tax rates priced in the cross section of municipal bonds are approximately two to
three times as high as statutory income tax rates, with implicit tax rates close to 100% using …