An income tax is equivalent to a uniform tax on all expenditures, including expenditures on commodity tax payments. This will compound the tax being applied to any taxed commodity. In the presence of an income tax, therefore, any expenditure tax (including a pollution tax) will produce a higher effective tax than its nominal tax rate would suggest. For example, a nominal Pigouvian tax applied t...

This research focuses on who controls shareholder’s wealth maximization and how does this affect firm’s performance in publicly quoted non-financial companies in Nigeria. The shareholder fund was the dependent while explanatory variables were firm size (proxied by log of turnover), retained earning (representing management control) and dividend payment (representing measure of shareholders cont...

This paper examines earnings changes surrounding firms' decisions to initiate or omit dividend payments. Firms that initiate (omit) dividend payments have positive (negative) earnings changes both before and after the dividend policy change. The subsequent earnings changes arc positively related to the dividend announcement return. Also, the stock price reactions at the announcement of subseque...

Under the assumption of information asymmetry between market investors and firm managers, a reduced form model of a firm is developed in order to derive optimal investment strategies and capital structures while taking into account the effects of dividend policies and taxes. The motivation of the reduced form approach lies in its empirical implementation tractability. Closed-form solutions for ...

The purpose of this study is to identify the determinants of dividend policy in Malaysian financial institutions. Panel data set were constructed from 33 financial institutions in Malaysia for a period of 10 years (2001-2010). The results show a statistically significant positive relationship between dividend policy and profitability, which implies that Malaysian financial institutions distribu...

this paper deals with optimal operation of a three-product dividing-wall column (dwc). the main idea is to design a control structure, through a systematic procedure for plantwide control, with an objective to achieve desired product purities with the minimum use of energy. exact local method is used to find the best controlled variables as single measurement or combination of measurements base...

We consider a singular stochastic control problem, which is called the Monotone Follower Stochastic Control Problem and give sufficient conditions for the existence and uniqueness of a local-time type optimal control. To establish this result we use a methodology that has not been employed to solve singular control problems. We first confine ourselves to local time strategies. Then we apply a t...

We consider a singular stochastic control problem, which is called the Monotone Follower Stochastic Control Problem and give sufficient conditions for the existence and uniqueness of a local-time type optimal control. To establish this result we use a methodology that has not been employed to solve singular control problems. We first confine ourselves to local time strategies. Then we apply a t...

Article history: Received 7 January 2010 Accepted 13 August 2010 Available online 21 August 2010 This paper simultaneously analyses optimal dividend, debt and investment policy within a conventional multi-period DCF framework, and takes account of differential personal taxation over both investors and types of income, the effect of dividends and interest on the level of share issues and hence s...