In this paper, we provide new and complementing international evidence on the relation between cash holdings, corporate governance, and firm value. Our sample consists of a crosssection of 1,875 firms from 46 countries in 2007. We construct eight different measures of firm-level corporate governance based on 64 individual governance attributes provided by Governance Metrics International (GMI)....

Previous research on landowner willingness to retire land into the Conservation Reserve Program (CRP) is based on cross-sectional data prior to 2002. Using enrollment data on a CRP subprogram from 1998 to 2010 we find that incentives matter more for pasture than cropland, and we find that counties producing cattle respond more strongly to current incentives. We also see an idiosyncratic lack of...

This research aims to analyze the influence of corporate governance, tax avoidance, and leverage on companies' dividend payout policies. In this study, governance is measured by scoring method; avoidance current ETR; used debt asset ratio used, measure payments. Using all companies listed Indonesia Stock Exchange have a payment policy for 2014-2018, Eviews version 11 as data analytic. The resul...

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...

We investigate the information content of the call (put) Early Exercise Premium, or EEP , defined as the normalized difference in prices between otherwise comparable American and European call (put) options. The call EEP specifically captures investors’ expectations about future lump sum dividend payments as well as other state variables such as conditional volatility and interest rates. From t...

This paper studies the properties of the continuous double auction trading mechanism using an artificial market populated by heterogeneous computational agents. In particular, we investigate how changes in the population of traders and in market microstructure characteristics affect price dynamics, information dissemination and distribution of wealth across agents. In our computer simulated mar...

Many large U.S. bank holding companies (BHCs) continued to pay dividends during the recent financial crisis, even as financial market conditions deteriorated, large losses accumulated, and emergency capital and liquidity were being provided by the official sector. In contrast, share repurchases by these BHCs dropped sharply in the early part of the crisis. Documenting this divergent behavior is...

Adopting a probabilistic approach we determine the optimal dividend payout policy of firm whose surplus process follows controlled arithmetic Brownian motion and cash-flows are discounted at stochastic dynamic rate. Dividends can be paid to shareholders unrestricted rates so that problem is cast as one singular control. The interest rate modeled by Cox–Ingersoll–Ross (CIR) firm's objective maxi...

Article history: Received 12 November 2009 Received in revised form 27 July 2010 Accepted 28 July 2010 Available online 6 August 2010 We provide new evidence that differences in international tax rates and tax regimes affect multinational firms' debt location decisions. Our sample contains 8287 debt issues from 2437 firms headquartered in 23 different countries with debt-issuing subsidiaries in...

The modern capital cost and structure theory—the Brusov–Filatova–Orekhova (BFO) theory its perpetuity limit, the Modigliani–Miller theory—describe case of payments income tax at end year. However, in practice, companies could make these advance. Recently, has been modified for advanced shown that obtained results are quite different from ones “classical” theory. In current paper, first time, we...