Suchergebnisse

This volume discusses the law of the World Trade Organization (WTO), the global forum for trade liberalization. It discusses in exhaustive manner the legal framework governing international trade that evolves out of the treaty regime and elaborates upon the major case law issued by the WTO. It further includes references to academic scholarship critiquing the caselaw, as well as discussions of the economic and political science theories of how WTO law is shaped. ; https://scholarship.law.columbia.edu/books/1132/thumbnail.jpg

AbstractAfter documenting CRSP errors in classifying the tax status of distributions, we make use of two important institutional features that the related literature has ignored: (i) tax rate changes and (ii) non‐taxable distributions. We find that taxable distributions lead to discount reductions, and the reduction is greater during high tax periods than during low tax periods. By contrast, non‐taxable distributions have no discernible impact on the discount, consistent with a tax‐based explanation. Importantly, we are able to rule out a competing short‐term trading hypothesis. Taken together, our results highlight the importance of personal taxes in explaining closed‐end fund discounts.

AbstractWe test various explanations of the ex‐dividend day price anomaly using Nasdaq‐listed firms. Similar to NYSE‐listed firms, on average the prices of Nasdaq‐listed firms drop by less than the dividend amount. However, the average Nasdaq price‐drop is substantially smaller than what existing theories would predict and translates to an imputed dividend tax rate that is double the maximum tax rate. We thus find little support for the tax hypothesis. We also find little support for the short‐term trading hypothesis and various other explanations. The significant disconnect we document between Nasdaq dividends and price changes seems to support the "free dividends fallacy."

This volume discusses the law of the World Trade Organization (WTO), the global forum for trade liberalization. It discusses in exhaustive manner the legal framework governing international trade that evolves out of the treaty regime and elaborates upon the major case law issued by the WTO. It further includes references to academic scholarship critiquing the caselaw, as well as discussions of the economic and political science theories of how WTO law is shaped. ; https://scholarship.law.columbia.edu/books/1183/thumbnail.jpg