Dividend Tax Capitalization and Liquidity

We provide a new explanation for cross-sectional variation in dividend tax capitalization. Our analysis is twofold. First, we conduct a theoretical analysis that shows that liquidity (illiquidity) mitigates (magnifies) the positive effect of dividend taxes on expected rates of return documented in prior literature. Second, we conduct an empirical analysis centered around the Jobs and Growth Tax Relief and Reconciliation Act of 2003, which reduced the difference between the maximum statutory dividend and capital gains tax rates, and find results consistent with our theory. We also provide results suggesting that institutional ownership’s mitigating effect on dividend tax capitalization documented in prior studies is attributable to stocks with greater institutional ownership being more liquid and not to the “marginal investor” being insensitive to dividend taxes

Indirect tax aggressiveness and tax reforms: Evidence from a quasi-natural experiment

We study the incentives to engage in indirect tax aggressiveness and the implications of such actions for shareholder value. We take advantage of the recent indirect tax reforms in India to design our study as a two-stage analysis of the antecedents and consequences of tax aggressiveness. Our results suggest that the size of the product portfolio, geographical proximity of manufacturing facilities to the headquarters, and the extent of international operations are associated with the propensity to avoid indirect taxes. Further, ownership concentration, membership in business groups, and financial health of the company also affect indirect tax aggressiveness. Firms involved in tax aggressive behavior suffer shareholder value loss when their privileged position comes under risk due to tax reforms, as suggested by the stock price reaction surrounding the tax legislation. Firms endowed with sufficient liquid resources and better-connected firms appear to be able to mitigate the negative consequences suffered by their tax aggressive peers

Guidelines of the American Society of Mammalogists for the use of wild mammals in research

Guidelines for use of wild mammal species are updated from the American Society of Mammalogists (ASM) 2007 publication. These revised guidelines cover current professional techniques and regulations involving mammals used in research and teaching. They incorporate additional resources, summaries of procedures, and reporting requirements not contained in earlier publications. Included are details on marking, housing, trapping, and collecting mammals. It is recommended that institutional animal care and use committees (IACUCs), regulatory agencies, and investigators use these guidelines as a resource for protocols involving wild mammals. These guidelines were prepared and approved by the ASM, working with experienced professional veterinarians and IACUCs, whose collective expertise provides a broad and comprehensive understanding of the biology of nondomesticated mammals in their natural environments. The most current version of these guidelines and any subsequent modifications are available at the ASM Animal Care and Use Committee page of the ASM Web site (http://mammalsociety.org/committees/index.asp).American Society of Mammalogist

2016 Guidelines of the American Society of Mammalogists for the use of wild mammals in research and education.

Guidelines for use of wild mammal species in research are updated from Sikes et al. (2011). These guidelines cover current professional techniques and regulations involving the use of mammals in research and teaching; they also incorporate new resources, procedural summaries, and reporting requirements. Included are details on capturing, marking, housing, and humanely killing wild mammals. It is recommended that Institutional Animal Care and Use Committees (IACUCs), regulatory agencies, and investigators use these guidelines as a resource for protocols involving wild mammals, whether studied in the field or in captivity. These guidelines were prepared and approved by the American Society of Mammalogists (ASM), in consultation with professional veterinarians experienced in wildlife research and IACUCs, whose collective expertise provides a broad and comprehensive understanding of the biology of nondomesticated mammals. The current version of these guidelines and any subsequent modifications are available online on the Animal Care and Use Committee page of the ASM website (http://mammalogy.org/uploads/committee_files/CurrentGuidelines.pdf). Additional resources pertaining to the use of wild animals in research are available at: http://www.mammalsociety.org/committees/animal-care-and-use#tab3. Resumen—Los lineamientos para el uso de especies de mamíferos de vida silvestre en la investigación con base en Sikes et al. (2011) se actualizaron. Dichos lineamientos cubren técnicas y regulaciones rofesionales actuales que involucran el uso de mamíferos en la investigación y enseñanza; también incorporan recursos nuevos, resúmenes de procedimientos y requisitos para reportes. Se incluyen detalles acerca de captura, marcaje, manutención en cautiverio y eutanasia de mamíferos de vida silvestre. Se recomienda que los comités institucionales de uso y cuidado animal (cifras en inglés: IACUCs), las agencias reguladoras y los investigadores se adhieran a dichos lineamientos como fuente base de protocolos que involucren mamíferos de vida silvestre, ya sea investigaciones de campo o en cautiverio. Dichos lineamientos fueron preparados y aprobados por la ASM, en consulta con profesionales veterinarios experimentados en investigaciones de vida silvestre y IACUCS, de quienes cuya experiencia colectiva provee un entendimiento amplio y exhaustivo de la biología de mamíferos no-domesticados. La presente version de los lineamientos y modificaciones posteriores están disponibles en línea en la página web de la ASM, bajo Cuidado Animal y Comité de Uso: http://mammalogy.org/uploads/committee_files/CurrentGuidelines.pdf). Recursos adicionales relacionados con el uso de animales de vida silvestre para la investigación se encuentran disponibles en (http://www.mammalsociety.org/committees/animal-care-and-use#tab3)

Three studies on the timing of investment advisers' loss realizations

textIn this dissertation, I use a unique data set to address three questions related to the timing of loss realizations by institutional investors. The data include clienteles and quarterly holdings of investment advisers, whom I classify as "tax-sensitive" if their clients are primarily high net-worth individuals and as "tax-insensitive" if their clients are primarily tax-exempt entities or individuals with tax-deferred accounts. Prior empirical studies attribute abnormal stock return patterns around calendar year-end (the "January effect") to individual investors' tax-loss-selling and to institutional investors' window-dressing. In chapter two, I examine whether investment advisers contribute to the January effect via tax-loss-selling rather than via windowdressing. I find that tax-sensitive advisers' year-end sales of loss stocks (but not those of tax-exempt client advisers whose detailed disclosures to clients provide more incentive to window-dress) are associated with abnormally low (high) returns at the end of December (beginning of January). These results suggest that investment advisers contribute to the January effect via tax-loss-selling rather than via window-dressing. In chapter three, I examine whether tax-sensitive advisers respond to holding period incentives at year-end. Under U.S. tax law, net short-term gains are taxed as ordinary income, while net long-term gains are taxed at a lower rate. Prior studies find little or no response to holding period incentives by individual investors. In contrast, tax-sensitive advisers are more likely to sell stocks with short-term losses the larger the difference between the current short-term loss deduction and what the long-term loss deduction would be. In chapter four, I examine whether, like individual investors, tax-sensitive advisers realize their losses at year-end because they exhibit the "disposition effect," or the tendency to realize gains at a quicker rate than losses, earlier in the year. I compare the likelihood of advisers' realizations of "losers" (stocks the cumulative return of which over the prior nine months is negative) to the likelihood of their realizations of "winners" (stocks the cumulative return of which over the prior nine months is positive) by calendar quarter. Tax-insensitive, but not tax-sensitive, advisers exhibit the disposition effect, suggesting that tax incentives combined with investor sophistication prevent the disposition effect.Accountin

Dividend tax capitalization and liquidity

Abstract We provide a new explanation for cross-sectional variation in dividend tax capitalization. Our analysis is twofold. First, we conduct a theoretical analysis that shows that liquidity (illiquidity) mitigates (magnifies) the positive effect of dividend taxes on expected rates of return documented in prior literature. Second, we conduct an empirical analysis centered around the Jobs and Growth Tax Relief and Reconciliation Act of 2003, which reduced the difference between the maximum statutory dividend and capital gains tax rates, and find results consistent with our theory. We also provide results suggesting that institutional ownership's mitigating effect on dividend tax capitalization documented in prior studies is attributable to stocks with greater institutional ownership being more liquid and not to the ''marginal investor'' being insensitive to dividend taxes

Taxes and Earnings Uncertainty

No description supplie

Aggregate Corporate Tax Avoidance and Cost of Capital

No description supplie