The impact of payout policy changes on firm value and short selling activities across different taxation regimes

Brealey等人（2011）断言，我们对公司之间的支付政策如何变化还不够了解。本项目考察了股息变化和回购计划的信息内容以及这些公告的长期市场影响，控制了不同制度/税收制度下回购/股息的替代效应。本项目还考察了卖空者是否在股息变动和回购计划公告前后表现出异常行为，以及在回购计划公告之前，盈利是否被向上操纵以维持股息或向下操纵。研究结果将引起学者、管理人员、投资者和监管机构的极大兴趣。

Brealey et al (2011) assert that we don't know enough yet about how payout policy varies across firms. This project examines the information content of dividend changes and repurchase programs and the long-term market impact of these announcements, controlling for the substitution effect of repurchases/dividends in different institutional/tax regimes. This project also examines whether short sellers manifest abnormal behaviour around the announcement of dividend changes and repurchase programs, and whether earnings are manipulated upwards to maintain the dividend or downwards prior to the announcement of repurchase programs. The findings will be of major interest to academics, managers, investors and regulators.