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Erscheinungsjahr: 
2024
Schriftenreihe/Nr.: 
CESifo Working Paper No. 11460
Verlag: 
CESifo GmbH, Munich
Zusammenfassung: 
This paper presents a novel study on the significance of corporate payout policy in shaping firms' financial decision-making and, in turn, the macroeconomy. To this end, we add to the literature by allowing households and firms to choose share buybacks optimally. We then explore the implications of various shocks commonly facing them, such as dividend income, investment, and tax shocks. The latter include corporate income, capital gains, and dividend income taxes. We find that the model predictions cohere well with the data when applying the non-policy shocks. We also find that tax reform's aggregate and welfare effects are overstated when share buybacks are not optimally chosen as assumed in the relevant literature.
Schlagwörter: 
dividends
share repurchases
tax reforms
payout flexibility
JEL: 
C68
E62
G30
G35
H25
H30
Dokumentart: 
Working Paper
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