| Record ID | marc_oregon_summit_records/catalog_files/washs02192008.mrc_revrev.mrc:1791797827:2575 |
| Source | Oregon Libraries |
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LEADER: 02575cam a2200361Ia 45 0
001 61156144
003 OCoLC
005 20050916042842.0
007 cr cn---------
008 050727s2005 maua b 000 0 eng d
040 $aGZM$cGZM$dGUL$dNTE
043 $an-us---
049 $aNTEA$aNTEF
090 $aHB1$b.W654 no.11449
100 1 $aAuerbach, Alan J.
245 14 $aThe 2003 dividend tax cuts and the value of the firm :$ban event study /$cAlan J. Auerbach, Kevin A. Hassett.
260 $aCambridge, Mass. :$bNational Bureau of Economic Research,$cc2005.
300 $a33, [13] p. :$bcol. ill. ;$c22 cm.
490 1 $aNBER working paper paper series ;$vno. 11449.
500 $a"June 2005."
504 $aIncludes bibliographical references (p. 32-33).
530 $aAlso available in PDF from the NBER world wide web site (www.nber.org).
520 3 $a"The "Jobs and Growth Tax Relief Act of 2003" (JGTRA03) contained a number of significant tax provisions, but the most noteworthy may have been the reduction in dividend tax rates. The political debate over the dividend tax reductions of 2003 took a number of surprising twists and turns. Accordingly, it is likely that the views of market participants concerning the probability of significant dividend tax reduction fluctuated significantly during 2003. In this paper, we use this fact to estimate the effects of dividend tax policy on firm value. We find that firms with higher dividend yields benefited more than other dividend paying firms, a result that, in itself, is consistent with both new and traditional views of dividend taxation. But further evidence points toward the new view and away from the traditional view. We also find that non-dividend-paying firms experienced larger abnormal returns than other firms as the result of the dividend tax cut, and that a similar bonus accrued to firms likely to issue new shares, two results that may appear surprising at first but are consistent with the theory developed in the paper"--National Bureau of Economic Research web site.
650 0 $aDividends$xTaxation$zUnited States.
700 1 $aHassett, Kevin A.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research) ;$vworking paper no. 11449.
856 41 $uhttp://www.nber.org/papers/W11449.pdf$zOnline access for everyone
907 $a.b32163988$bmulti$c-
902 $a071206
998 $b2$c050916$dm$ea$f-$g4
945 $lt $aHB1$b.W654 no.11449 (Electronic resource)
945 $lwhs $aHB1$b.W654 no.11449