Name: Dividend Taxes and Stock Volatility (en Inglés)
Price: 21.43 USD
Availability: InStock
Author: Penny Hill Press Inc ; Board of Governors of the Federal Reserv
ISBN: 9781523423903

portada Dividend Taxes and Stock Volatility (en Inglés)

Formato

Libro Físico

Autor

Board of Governors of the Federal Reserv

Ilustrado por

Penny Hill Press Inc

Editorial

Createspace Independent Publishing Platform

Idioma

Inglés

N° páginas

Encuadernación

Tapa Blanda

Dimensiones

28.0 x 21.6 x 0.2 cm

Peso

0.12 kg.

ISBN13

9781523423903

Categorías

Fiscalidad y hacienda pública
Inversiones

Dividend Taxes and Stock Volatility (en Inglés)

Board of Governors of the Federal Reserv (Autor) · Penny Hill Press Inc (Ilustrado por) · Createspace Independent Publishing Platform · Tapa Blanda

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Reseña del libro "Dividend Taxes and Stock Volatility (en Inglés)"

Often when we discuss the effects of taxes, we focus on the effects on the mean of firm value and de-emphasize the effects on the variance of the distribution. The existing literature on dividend taxation has analyzed the effect on firm stock price (Auerbach and Hassett (2005) and Amromin, Harrison and Sharpe (2008)). However, there are two important moments for the stock: the level of the stock price and the volatility of the stock. In a world where executives are more risk averse than most shareholders (since they are unable to diversify away firm-speciffc risk), we want to focus on both the mean and the variance effects due to agency costs. If a dividend tax change suffciently increases volatility, the executive may take actions to decrease the volatility of the stock at the expense of the share price. Therefore, the stock price might not increase as much as it would have in a world with risk-neutral executives (or equally risk averse executives and shareholders). It is therefore important to consider the effects on the volatility of the stock.