Dividends, Capital Gains, and the Corporate Veil: Evidence from Britain, Canada, and the United States
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This paper investigates the effects of increased cash dividend payout, and of "forced realizations~ of capital gains in corporate control transactions, on the level of aggregate consumption. The results support the proposition that investors respond differently to cash receipts from firms and to
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美国国家经济研究局创建时间：
1989-05-01
