|
on Corporate Finance |
| By: | Haesner, Christian; Schanz, Deborah |
| Abstract: | This paper investigates the impact of the 2001 tax reform in Germany on dividend announcement returns. With this major tax reform, the full imputation system was replaced by the half-income system, which had a significant impact on the relative taxation of dividends and capital gains for most investor classes. In an event study framework, we separate the tax effect of dividends from their positive signaling and agency cost effects to offer a more comprehensive picture of the valuation implications of dividends in Germany. Controlling for signaling and agency cost effects of dividends we find that the market response to positive dividend surprises is more pronounced under the full imputation system, where dividends are generally more favorable to investors from a tax perspective, than under the half-income system. Our results suggest that the observed decline in the dividend response coefficient is synchronized with the 2001 tax reform and hence attributable to the 2001 tax reform. -- |
| Keywords: | Dividend Announcements,Taxation |
| JEL: | G35 G14 H3 G34 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:arqudp:117&r=cfn |
| By: | Clara Cardone Riportella; Antonio Trujillo; Anahí Briozzo |
| Abstract: | This paper analyses the impact of the new Basel Capital Accords (Basel II and Basel III) on the bank’s capital requirements in a portfolio of Small and Medium-sized Enterprises (SMEs) when the internal ratings-based (IRB) approach is used. To do this, the study uses a large database of Spanish firms and covers the period from 2005 to 2009. We also examine the effect on the credit risk premium charged by banks of the guarantee offered by a Loan Guarantee Association (LGA) to a SME; and whether this foreseeable decrease in the interest rates applicable to the SME is compensated by the cost of this guarantee |
| Keywords: | Bank capital requirements, Credit risk mitigation, Bank financing of SMEs, Basel II, Basel III Loan Guarantee Association |
| JEL: | G21 G32 |
| Date: | 2011–04 |
| URL: | http://d.repec.org/n?u=RePEc:cte:wbrepe:wb111004&r=cfn |