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BEGIN:VEVENT
UID:69c3e5f946776441861d81aa4cdacfbe
CATEGORIES:Seminars
CREATED:20190515T130210
SUMMARY:Lunch Seminar: Adrien Matray - Princeton University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p><strong><span style="font-size: 11pt; font-family: 'Calibri','sans-serif
 ';">Higher dividend taxes, No Problem! Evidence from Taxing Entrepreneurs i
 n France</span></strong><span style="font-size: 11pt; font-family: 'Calibri
 ','sans-serif';"><span> joint with Charles Boissel</span></span></p><p><spa
 n style="font-size: 11pt; font-family: 'Calibri','sans-serif';">Abstract:</
 span></p><p style="text-align: justify;"><span><span style="font-size: 11pt
 ; font-family: 'Calibri','sans-serif';">We exploit one of the largest refor
 m of dividend taxation in France in 2012 to estimate the effect of an incre
 ase in dividend tax rate on corporate policies, using administrative data c
 overing the universe of firms and employees. In a difference-in-difference 
 setting, we find that exposed firms swiftly cut dividend payments, both at 
 the extensive and intensive margin, with an implied elasticity of </span><s
 pan>-</span><span>0</span><span>:</span><span>6. We find that treated firms
  build up considerable amount of cash reserves after reducing their dividen
 d payment but do not change their investment policies. We report a precisel
 y estimated null effect of dividend taxes on investment rate, with an impli
 ed elasticity around 0.04.</span></span></p><p> </p><p><span style="font-si
 ze: 11pt;"></span></p>
DTSTAMP:20260404T233907Z
DTSTART:20190603T130000Z
DTEND:20190603T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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