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Investors’ Payout-form Preference and Taxes

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Author Info

  • Abdelaziz Chazi
  • Alexandra Theodossioub
  • Zaher Zantout
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    Abstract

    We find the form of U.S. corporate cash payout to shareholders often relevant to share price and in different directions at different times. Regularly cash-dividend paying firms have a significant share price premium compared to regularly stock-repurchasing firms in the early 1970s, but this premium exhibits a significant general negative trend and turns into a discount in the mid-to-late 2000s. Also, the premium (discount) is significantly related to the time-series changes in the differential tax burden on dividends and long-term capital gains. It is not related to the excess market return.

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    File URL: https://dspace.aus.edu:8443/xmlui/bitstream/handle/11073/5876/WPS_Chazi-Theodossiou-Zantout.pdf?sequence=1
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    Bibliographic Info

    Paper provided by School of Business Administration, American University of Sharjah in its series Finance Working Papers with number 06-05/2013.

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    Length: 56 pages
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    Handle: RePEc:sha:finwps:06-05/2013

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    Related research

    Keywords: Form of corporate cash payout; Investors’ preference; Taxes; Investors’ rationality;

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