How Did the 2003 Dividend Tax Cut Affect Stock Prices and Corporate Payout Policy?
How Did the 2003 Dividend Tax Cut Affect Stock Prices and Corporate Payout Policy?
复制标题
2003 年股息税削减如何影响股价和企业派息政策？
DOI：
10.2139/ssrn.873879
复制
发表时间：
2005
期刊：
影响因子：
--
通讯作者：
P. Harrison
中科院分区：
文献类型：
--
作者：
Gene Amromin;Steven A. Sharpe;P. Harrison
我们研究了2003年股息税削减对美国股票价格和公司支付政策的影响。首先，使用事件研究方法，我们将美国股票的表现与其他不应该从税收变化中受益的证券的表现进行比较。我们发现，在事件窗口期间，美国大盘股和小盘股指数的表现并没有优于欧洲同行，也没有优于房地产投资信托基金股票，这表明税收变化对股市的总体影响微乎其微。在横截面分析中，高股息股票的表现比低股息股票高出几个百分点。另一方面，非股息支付股票的表现略优于整体市场，但这一结果并不特定于事件窗口，这表明非税收因素在起作用。第二，税收变化似乎确实导致了股息的增加，特别是在高管薪酬更侧重于股票而不是期权的公司。然而，由于许多公司缩减了股票回购，对总支出的影响更为温和。
We examine the effects of the 2003 dividend tax cut on U.S. stock prices and corporate payout policies. First, using an event-study methodology, we compare the performance of U.S. stocks to that of other securities that should not have benefited from the tax change. We find that U.S. large-cap and small-cap indexes do not outperform their European counterparts, nor REIT stocks, over the event windows, suggesting little if any aggregate stock market effect from the tax change. In cross-sectional analysis, high-dividend stocks outperformed low-dividend stocks by a few percentage points over the event windows. On the other hand, non-dividend paying stocks are found to have outperformed the overall market by a small margin, but this result does not appear specific to the event windows, suggesting that non-tax factors were at play. Second, the tax change did appear to induce an increase in dividends, especially at firms where executive compensation was weighted more heavily toward stock than options. However, the effect on total payouts was more muted, as many firms scaled back share repurchases.