The Journal of Finance, Vol. 45, No. 4. (Sep., 1990), pp. 993-1018.
This paper develops a theory of choice among alternative procedures for distributing cash form corporations to shareholders. Despite the preferential tax treatment of capotal gains for individual investors, it is shown that a majority of a firm's shareholders may support a dividend payment for small distributions. For larger distributions, an open market stock repurchase is likely to be preferred by majority of shareholders, and for the largest distributions tender offer repurchases dominate.
free download
0 comments:
Post a Comment