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UID:69c3e5f946776441861d81aa4cdacfbe
CATEGORIES:Seminars
CREATED:20190515T130210
SUMMARY:Lunch Seminar: Adrien Matray - Princeton University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nHigher dividend taxes, No Problem! Evidence from Taxing Entrepreneurs i
 n France joint with Charles Boissel\n\n\nAbstract:\nWe exploit one of the l
 argest reform of dividend taxation in France in 2012 to estimate the effect
  of an increase in dividend tax rate on corporate policies, using administr
 ative data covering the universe of firms and employees. In a difference-in
 -difference setting, we find that exposed firms swiftly cut dividend paymen
 ts, both at the extensive and intensive margin, with an implied elasticity 
 of -0:6. We find that treated firms build up considerable amount of cash re
 serves after reducing their dividend payment but do not change their invest
 ment policies. We report a precisely estimated null effect of dividend taxe
 s on investment rate, with an implied elasticity around 0.04.\n\n\n \n\n\n\
 n
DTSTAMP:20260404T233615Z
DTSTART:20190603T130000Z
DTEND:20190603T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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