Recently, applications of cooperative game theory to economic allocation problems have gained popularity. In many such allocation problems, such as river games, queueing games and auction games, the game is totally positive (i.e., all dividends are nonnegative), and there is some hierarchical ordering of the players. In this paper we introduce the Restricted Core for such games with ordered pla...

China’s state-owned enterprises (SOEs) overseen by the central government’s StateOwned Assets Supervision and Administration Commission (SASAC) made net profits of RMB 299 billion during the first half of 2005 and RMB 400 billion in 2004. All nonfinancial SOEs, including those administered by provincial and municipal authorities, earned total profits of RMB 759 billion in 2003, representing 6.5...

Dividends are taxed at both the corporate and personal levels in the United States. This double taxation of dividends may distort investment efficiency. Partly motivated by this consideration, the US Congress enacted the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA) in 2003. This act reduced the tax rates on dividends and capital gains, and eliminated the wedge between these two tax ra...

In this study, we examine the impact of dividend and capital gains taxes on dividendincrease announcement returns. Consistent with Bernheim and Wantz (1995), we find dividend announcement returns increase in the dividend tax rate. In contrast to existing signaling models, however, we also find robust evidence that dividend announcement returns increase in the capital gains tax rate. This anomal...

Dynamic epistemic logics which model abilities of agents to make various announcements and influence each other’s knowledge have been studied extensively in recent years. Two notable examples of such logics are Group Announcement Logic and Coalition Announcement Logic. They allow us to reason about what groups of agents can achieve through joint announcements in non-competitive and competitive ...

Public announcement logic is an extension of multi-agent epistemic logic with dynamic operators to model the informational consequences of announcements to the entire group of agents. We propose an extension of public announcement logic with a dynamic modal operator that expresses what is true after any announcement: ♦φ expresses that there is a truthful announcement ψ after which φ is true. Th...

This study investigates the market reaction to dividend change announcements at the Istanbul Stock Exchange. A sample of 184 announcements made by 46 companies during the period 2005 to 2008 is analyzed by using the event study methodology. The results suggest that the market reacts positively to dividend increases, negatively to dividend decreases and does not react when dividends are not chan...

This research aims to investigate the effect of conservative reporting on the investors' opinion divergence at the time of earnings announcement in a 5 year period during 2012-2016; the required data have been collected from Tehran Securities and Stock Exchange Organization and the population is consisted of 585 corporates-years which have been selected by the systematic removal sampling. To in...

Various extensions of public announcement logic have been proposed with quantification over announcements. The best-known extension is called arbitrary public announcement logic, APAL. It contains a primitive language construct ✷φ intuitively expressing that “after every public announcement of a formula, formula φ is true.” The logic APAL is undecidable and it has an infinitary axiomatization. ...