Calendrier du 23 avril 2019
PSI-PSE (Petit Séminaire Informel de la Paris School of Economics) Seminar
Du 23/04/2019 de 17:00 à 18:00
STERN Lennart (PSE)
A comparative game-theoretic analysis of three proposed mechanisms to finance multiple global public good institutions via taxes on emissions from international aviation or shipping
Applied Economics Lunch Seminar
Du 23/04/2019 de 12:30 à 13:30
Salle R2-01, Campus Jourdan, 48 boulevard Jourdan, 75014 Paris
MATRAY Adrien (Princeton University)
Higher Dividend Taxes, No Problem? Evidence From France
écrit avec Charles Boissel
We exploit one of the largest reform of dividend taxation in France in 2012 to estimate the effect of an increase in dividend tax rate on corporate policies, using administrative data covering the universe of firms and employees. In a difference-in-difference setting, we find that exposed firms swiftly cut dividend payments, both at the extensive and intensive margin, with an implied elasticity of -0.6. We find that treated firms build up considerable amount of cash reserves after reducing their dividend payment but do not change their investment policies. We report a precisely estimated null effect of dividend taxes on investment rate, with an implied elasticity around 0.04.