深大金融科技学院举办系列学术讲座

Benjamin Yost助理教授作“The ETF Tax Advantage and Firm Payout Policy”主题报告


为加强学院科研交流氛围，金融科技学院持续开展一系列学术讲座。2023年11月9日上午，学院邀请美国波士顿学院Benjamin Yost助理教授作专题学术讲座。本次讲座由金融科技学院葛锐副院长主持。

   

本次报告中，Benjamin Yost助理教授介绍了自己近期的研究成果，主要内容为：This study investigates the impact of ETF ownership on firm payout policy. Compared to traditional mutual funds, ETFs have a unique ability to shield their investors from paying taxes on capital gains distributions, but this advantage does not extend to dividend payouts. Consequently, we hypothesize that ETFs discourage portfolio firms from paying dividends to provide higher after-tax returns for their investors and thereby gain market share. Consistent with our prediction, we find a robust negative relation between ETF ownership and dividend payouts. Crosssectionally, we find the effect is stronger for ETFs with a greater capacity to mitigate investors’ capital gains taxes via “heartbeat” trades. Evidence from tests using plausibly exogenous variation in ETF ownership indicates the relation is causal. Moreover, we find that firms with high ETF ownership substitute repurchases for dividends as an alternative payout method that preserves’ ETFs’ tax advantage. Overall, our findings suggest that the unique tax structure of ETFs, combined with their increasing prevalence, meaningfully influences corporate policy。

讲座结束后，Benjamin Yost助理教授还与学院师生进行了深入交流，现场学术交流气氛踊跃。


主讲嘉宾介绍：

Benjamin Yost博士毕业于MIT, 目前在美国Boston College担任助理教授。他的研究主要关注税收对于公司于个人决策的影响。他的研究发表于Journal of Accounting and Economics, Journal of Accounting Research, and The Accounting Review等国际顶级学术期刊. 他还获得了American Accounting Association Competitive Manuscript Award, ATA/PwC Outstanding Tax Dissertation Award 等奖项。