Sinn, Hans-Werner (1991): Share repurchases, the ’new’ view, and the cost of capital. In: Economics Letters, Vol. 36, No. 2: pp. 187-190 |
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External fulltext: http://www.sciencedirect.com/science/article/B6V84-45DMS3D-62/2/fb31fcb82fef30d50db04b19813848de
Abstract
This paper counters the view that the possibility of share repurchases invalidates the predictions of the ’new’ (or ’trapped equity’) view of corporate taxation. It is shown that the ’new’ view’s basic cost of capital expression which distinguishes it from the ’old’ view remains valid regardless of the proportions in which corporate distributions of earnings split into share repurchases and ordinary dividend payments.
Item Type: | Journal article |
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Faculties: | Economics Economics > Chairs > Chair for Public Economics |
Subjects: | 300 Social sciences > 330 Economics |
Language: | English |
ID Code: | 19844 |
Deposited On: | 15. Apr 2014 08:54 |
Last Modified: | 29. Apr 2016 09:17 |
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