【主讲】吴嘉豪 副教授 (香港中文大学经济系)
【主题】Does Dividend Tax Impede Competition for Corporate Charters
【时间】2014年4月23日 (周三) 15：30-17：00
【地点】上海财经大学经济学院楼602室
【语言】英文
【摘要】In a model featuring corporations' location choices among states, we show that taxing dividends makes corporations less keen on shopping around the different states based on the differences in their takeover regulations. Consequently, states are more tempted to enacting more takeover regulations. A driving force in the model is that lowering dividend tax and reducing the no. of takeover regulations are complementary in curbing agency conflicts between management and shareholders. The implications of this driving force, that under a dividend tax cut, corporations governed by fewer anti-takeover provisions would react more by increasing dividends and reducing overall investment, are borne out in the data.
