haku: @indexterm MONEY MARKETS / yhteensä: 577
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| Tekijä: | Bernheim, B. D. Redding, L. S. |
| Otsikko: | Optimal money burning: theory and application to corporate dividends |
| Lehti: | Journal of Economics & Management Strategy
2001 : WINTER, VOL. 10:4, p. 463-507 |
| Asiasana: | Strategic management Money markets Pareto law |
| Kieli: | eng |
| Tiivistelmä: | The authors explore signaling behaviour in settings with a discriminating activity and several costly nondiscriminating activities. Existing theory provides no basis for selecting one method of burning money over another. When senders have better information about activity costs than receivers, each sender's indiference is resolved, the taxation of a money-burning signal is potentially Pareto-improving, and the use of the taxed activity becomes more widespread as the tax rate rises. The authors apply this theory to dividend signaling. |
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