In this paper, we present a review of tax research. We survey four main areas of the
literature:(1) the informational role of income tax expense reported for financial …

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 …

Firms with low ratios of fundamentals (such as earning and book values) to market values
are known to have systematically lower future stock returns. We document that short-sellers …

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

We survey the literature on payout policy, with a particular emphasis on developments in the
past two decades. The cross-sectional empirical evidence for the traditional motivations …

This paper examines the trading behavior of professional investors around 2,130 mergers
announced between 1994 and 2000. We find considerable support for the existence of price …

The traditional view is that interest deductibility encourages firms to use debt financing;
however, some argue that the personal tax disadvantage to interest offsets the corporate tax …

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 …

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 …

We document important interactions between tax incentives and corporate policies using a
“quasi natural experiment” provided by a surprise announcement that imposed corporate …