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• Did the 2003 Tax Act reduce the cost of equity capital? AI翻译
  作者：Dhaliwal, Dan; Krull, Linda; Li, Oliver Zhen
  作者单位：University of Arizona; University of Auckland; University of Texas System; University of Texas Austin; University of Notre Dame
  摘要：The Jobs and Growth Tax Relief Reconciliation Act of 2003 reduced shareholder-level taxes on equity income. If shareholder-level taxation is a component of cost of equity capital, then the cost of equity capital should decrease after the Tax Act. We find that the cost of equity capital decreases by 1.02% and that the decline is smaller for firms largely held by institutional investors to whom the tax rate reduction does not apply. These results suggest that the Tax Act lowered the cost of equi...
• The effect of equity compensation on voluntary executive turnover AI翻译
  作者：Balsam, Steven; Miharjo, Setlyono
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Gadjah Mada University
  摘要：Equity compensation provides incentives for executives to remain with the firm to avoid forfeiture of restricted shares and some or all of the value of stock options held. Empirically we show that the intrinsic value of unexercisable in-the-money options, the time value of unexercised options, and the value of restricted shares are inversely related to voluntary executive turnover. These findings which are most pronounced for strong performers, hold for CEOs and non-CEOs alike. While paying ex...