caa a22 4500 386309086 CHVBK 20180307111539.0 cr unu---uuuuu 161130e198812 xx s 000 0 eng 10.2307/2331077 doi S0022109000013211 pii (NATIONALLICENCE)cambridge-10.2307/2331077 Corporate Investment and Dividend Decisions under Differential Personal Taxation [Elektronische Daten] This paper explores implications of differential personal taxation for corporate investment and dividend decisions. The personal tax advantage of dividend deferral causes shareholders to generally prefer greater investment in real assets under internal as opposed to external financing. Furthermore, dividend deferral is shown to be costly at the corporate level, causing shareholders in different tax brackets at times to disagree over optimal investment and dividend policies under internal financing. The profitability of internally-financed security investment is shown to depend on a security's tax status and shareholders' tax brackets. However, externally-financed security purchases are unprofitable from a tax standpoint. Copyright © School of Business Administration, University of Washington 1988 Masulis Ronald W. Trueman Brett Journal of Financial and Quantitative Analysis Cambridge University Press 23/4(1988-12), 369-385 0022-1090 23:4<369 1988 23 JFQ https://doi.org/10.2307/2331077 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.2307/2331077 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Masulis Ronald W. NATIONALLICENCE 700 1- Trueman Brett NATIONALLICENCE 773 0- Journal of Financial and Quantitative Analysis Cambridge University Press 23/4(1988-12), 369-385 0022-1090 23:4<369 1988 23 JFQ CC0 http://creativecommons.org/publicdomain/zero/1.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-cambridge