Cristin-prosjekt-ID: 473346
Sist endret: 12. juni 2017 15:45

Cristin-prosjekt-ID: 473346
Sist endret: 12. juni 2017 15:45
Prosjekt

Illiquid Stockholders and Firm Cash Flows: The Personal Wealth Tax as a Payout Trigger.

prosjektleder

Janis Berzins
ved Institutt for finans ved Handelshøyskolen BI

prosjekteier / koordinerende forskningsansvarlig enhet

  • Institutt for finans ved Handelshøyskolen BI

Klassifisering

Vitenskapsdisipliner

Økonomi

Kategorier

Prosjektkategori

  • Anvendt forskning

Tidsramme

Avsluttet
Start: 1. januar 2012 Slutt: 31. desember 2016

Beskrivelse Beskrivelse

Tittel

Illiquid Stockholders and Firm Cash Flows: The Personal Wealth Tax as a Payout Trigger.

Vitenskapelig sammendrag

We address the role of dividends as a liquidity provider for the firm’s owners. Our key to uncovering the relationship between owner illiquidity and firm payout is the wealth tax levied on the owner’s stock, i.e., the owner’s share of the firm’s equity and other personal equity. This tax bill needs to be financed by the owner’s liquid assets, which may be difficult when the tax bill is high relative to the owner’s liquid assets and when the law changes.

Our basic idea is that the higher this ratio of wealth tax to owner’s liquid assets, the more the owner wants the firm to pay high dividends. We expect this illiquidity-induced dividend effect to be particularly strong in firms controlled by families who have invested heavily in firms where the family’s share of the firm’s equity is large relative to the family’s liquid assets and personal equity. Since such firms are mostly non-listed and may allow for considerable private benefits, financing the wealth tax by selling shares in the firm may be very costly unless the control premium can be recovered when the shares are sold.

prosjektdeltakere

prosjektleder

Janis Berzins

  • Tilknyttet:
    Prosjektleder
    ved Institutt for finans ved Handelshøyskolen BI

Øyvind Bøhren

  • Tilknyttet:
    Prosjektdeltaker
    ved Institutt for finans ved Handelshøyskolen BI

Leon Bogdan Stacescu

  • Tilknyttet:
    Prosjektdeltaker
    ved Institutt for finans ved Handelshøyskolen BI
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