...Zachary Kaplan; Gerardo Pérez-Cavazos ABSTRACT We provide evidence that dividends signal sustainable earnings generated by assets-in-place for firms with weak investment opportunities. In the cross-section, both dividend levels and changes contain more earnings information among firms with weaker...

...Michelle L. Nessa ABSTRACT This paper examines whether and to what extent repatriation tax costs constrain U.S. multinational companies' (MNCs) distributions to shareholders. During the 1987–2004 sample period, I find that repatriation tax costs decrease U.S. MNCs' dividend payments...

...Jacob Thornock ABSTRACT: This study examines the effects of dividend taxation on the primary parties involved in a short sale: the lender of the stock and the short seller. For stock lenders, dividend taxation is associated with a decrease in the supply of shortable shares and an increase...

...Santhosh Ramalingegowda; Chuan-San Wang; Yong Yu ABSTRACT Miller and Modigliani's (1961 ) dividend irrelevance theorem predicts that in perfect capital markets dividend policy should not affect investment decisions. Yet in imperfect markets, external funding constraints that stem from information...