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- Faculty Publications (56)
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- 17 Feb 2014
- Research & Ideas
Companies Detangle from Legacy Pensions
Prudential, which then promised to make good on the benefit payouts in the form of guaranteed annuities. The deal made sense—after all, who better than insurance companies to estimate life expectancy and long-term risk. And by pooling the...
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- 28 Nov 2012
- What Do You Think?
Should Pay-for-Performance Compensation be Replaced?
new potential problems to the process? Can the effectiveness of pay for performance be improved by extending payout periods or determining performance on non-financial criteria? Or should reliance on pay for performance be reduced in the...
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by James Heskett
- 21 Feb 2017
- First Look
First Look at New Research: February 21
shareholders more than $3.95 trillion via stock buybacks and $2.45 trillion via dividends—$6.4 trillion in total. These shareholder payouts amounted to over 93% of the firms' net income. Academics, corporate lawyers, asset managers, and...
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Carmen Nobel
- 12 Jun 2018
- First Look
New Research and Ideas, June 12, 2018
$2.8 trillion via dividends—$7 trillion in total. These shareholder payouts amounted to over 96% of the firms' net income. Academics, corporate lawyers, asset managers, and politicians point to such shareholder-payout figures as...
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Dina Gerdeman
- 12 Oct 2011
- First Look
First Look: October 12
decisions. We review relevant psychology, economic theory and predictions, empirical challenges, empirical evidence, new directions such as behavioral signaling, and open questions. Download the paper: http://papers.nber.org/papers/w17333 View Details
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Sean Silverthorne
- 27 Aug 2013
- First Look
First Look: August 27
fraction of their wealth increases annuitization relative to a situation where annuitization is an "all or nothing" decision. Very few respondents choose declining real payout streams over flat or increasing real View Details
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Sean Silverthorne
- 20 Jan 2010
- First Look
First Look: Jan. 20
their firms as small firms when investors favor small firms. Local Dividend Clienteles Authors:Bo Becker, Zoran Ivkovic, and Scott Weisbenner Publication:Journal of Finance (forthcoming) Abstract We exploit demographic variation to identify the effect of dividend...
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Martha Lagace
- 07 Aug 2007
- First Look
First Look: August 7, 2007
complete abandonment of the current system. Download the paper: http://papers.nber.org/papers/W13213 Institutional Tax Clienteles and Payout Policy Authors:Mihir A. Desai and Li Jin Abstract This paper employs heterogeneity in...
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Martha Lagace
- 04 Dec 2018
- First Look
New Research and Ideas, December 4, 2018
to shareholders $7 trillion via buybacks and dividends, over 96% of their aggregate net income, prompting claims that "short-termism" is impairing firms' ability to invest and innovate. We show that, when taking into account both direct and indirect equity issuances,...
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Dina Gerdeman
- 24 Nov 2014
- Research & Ideas
Corrupting Silence: Companies Must Speak Up Against Bribes
business world with revelations it had been paying bribes for contracts on a massive scale—eventually admitting to payouts in 60 percent of its markets, totaling $130 million to $275 million a year. Shopping trips to Hong Kong were the...
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by Michael Blanding
- 29 Sep 2009
- First Look
First Look: September 29
Working PapersLocal Dividend Clienteles Authors:Bo Becker, Zoran Ivkovich, and Scott WeisbennerNBER Working Paper Series, No. 15175, July 2009 Abstract We exploit demographic variation to identify the effect of dividend demand on firm View Details
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Martha Lagace
- 30 Jun 2009
- First Look
First Look: June 30
increase in domestic investment, employment or R@amp;D—even for the firms that lobbied for the tax holiday stating these intentions and for firms that appeared to be financially constrained. Instead, a $1 increase in repatriations was associated with an increase of...
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Martha Lagace
- 27 Feb 2018
- First Look
First Look at New Research and Ideas, February 27, 2018
distribution. We also find that households’ consumption is significantly more responsive to dividend payouts across all parts of the wealth distribution. Our findings are broadly consistent with near-rational behavior in which households...
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Sean Silverthorne
- 01 Sep 2015
- First Look
First Look -- September 1, 2015
debt increases exogenously and they use the proceeds of equity issues to increase payouts to shareholders. Our evidence suggests that extant findings that have been attributed to constraints may instead reflect differences in the growth...
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Sean Silverthorne
- 24 Apr 2012
- First Look
First Look: April 24
would not be achieved even if the product offered a payout ratio comparable to U.S. insurance contracts. We present evidence suggesting that lack of trust, liquidity constraints, and limited salience are significant non-price frictions...
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Carmen Nobel
- 30 Aug 2006
- Op-Ed
The Compensation Game
payments or deferred-compensation arrangements that serve to obscure total pay. And when clubs get rid of poorly-performing players, they do not generally provide them with the equivalent of a golden parachute—a payout that is common...
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by Lucian Bebchuk & Rakesh Khurana
- 30 Sep 2014
- First Look
First Look: September 30
the puzzle of low adoption, we show that payouts improve trust in the product and that farmers shield payouts from claims by relatives. Download working paper:...
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Sean Silverthorne
- 17 Mar 2009
- First Look
First Look: March 17, 2009
that issuance is partly an attempt to arbitrage mispriced characteristics. Our approach helps forecast returns to portfolios based on book-to-market, size, price, distress, payout policy, profitability, and industry. Our results provide a...
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Martha Lagace
- 17 Oct 2006
- First Look
First Look: October 17, 2006
converting an $11 million investment in Peruvian bonds worth $21 million into a $58 million cash payout from the country, representing the full face value of the bonds plus past-due interest. Highlights the problems associated with debt...
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Sean Silverthorne
- 19 Apr 2011
- First Look
First Look: April 19
Becker, Zoran Ivkovic, and Scott Weisbenner Publication:Journal of Finance 66, no. 2 (April 2011) Abstract : We exploit demographic variation to identify the effect of dividend demand on corporate payout policy. Retail investors tend to...
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Sean Silverthorne