{"id":8529,"date":"2024-02-20T10:37:58","date_gmt":"2024-02-20T09:37:58","guid":{"rendered":"https:\/\/www.uni.lu\/fdef-en\/?post_type=events&#038;p=8529"},"modified":"2024-02-22T09:03:04","modified_gmt":"2024-02-22T08:03:04","slug":"df-lunch-seminar-prof-laurent-bach-essec-business-school","status":"publish","type":"events","link":"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-prof-laurent-bach-essec-business-school\/","title":{"rendered":"DF Lunch Seminar &#8211; Prof. Laurent Bach, ESSEC Business School"},"content":{"rendered":"\n<section class=\"wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\">\n<ul class=\"wp-block-unilux-blocks-custom-buttons btn-list\"><li class=\"wp-block-unilux-blocks-custom-button\"    aria-disabled=\"false\"\n    >\n    <a\n        role=\"link\"\n        aria-disabled=\"false\"\n                    href=\"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-prof-laurent-bach-essec-business-school\/calendar\"\n                target=\"_self\"\n        class=\"btn btn--secondary\"\n            >Add to calendar<\/a>\n<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-unilux-blocks-spacer is-spacer-size-sm\"><\/div>\n\n\n<p><strong>Follow the money! Why dividends overreact to flat-tax reforms<\/strong><\/p>\n\n\n\n<p><strong>Abstract:<\/strong><\/p>\n\n\n\n<p>We estimate behavioral responses to dividend taxation using recent French reforms: a rate hike and, five years later, a cut. Exploiting tax data at household and firm-level as well as data linking firms and shareholders, we find very large dividend tax elasticities to both reforms. Individuals who control firms adjust dividend receipts instantaneously, accounting for most of the aggregate dividend reaction. Investment is insensitive to dividend taxation. Dividend adjustments are instead driven by corporate saving, as owner-managers treat firms as low-tax saving vehicles. Corporate profits decline following dividend tax increases, suggesting firms also serve as tax-free consumption vehicles. Our results fit the \u2018new view\u2019 of dividend taxation, provided an additional low-tax yet costly payout option is available that offers a tax arbitrage opportunity to entrepreneurs in control of their firms.<\/p>\n\n\n\n<p>The seminar will be held in person.<\/p>\n\n\n\n<p><strong>Language:<\/strong> English<\/p>\n\n\n<div class=\"wp-block-unilux-blocks-spacer is-spacer-size-sm\"><\/div>\n\n\n<div class=\"wp-block-columns is-layout-flex wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\"><figure class=\"wp-block-dev4-reusable-blocks-image  object-fit--contain\">\n    \n<img decoding=\"async\" class=\"wp-block-image unilux-custom-image-block\"\n                alt=\"\"\n            src=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/08\/FNR-logo.jpg.png\"\n                srcset=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/08\/FNR-logo.jpg-300x50.png 300w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/08\/FNR-logo.jpg-1024x172.png 1024w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/08\/FNR-logo.jpg-768x129.png 768w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/08\/FNR-logo.jpg-1536x258.png 1536w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/08\/FNR-logo.jpg.png 1920w\"\n                style=\"object-position: 0.00% 0.00%; font-family: &quot;object-fit: contain; object-position: 0.00% 0.00%;&quot;; aspect-ratio: 16\/9; object-fit: contain; width: 75%;\"\n        loading=\"lazy\"\n\/>    <\/figure><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\"><div class=\"wp-block-unilux-blocks-spacer is-spacer-size-sm\"><\/div>\n\n\n<p><em><strong>Supported by the Luxembourg National Research Fund (FNR) (<em>2022\/17573036<\/em><\/strong><\/em>)<\/p>\n<\/div>\n<\/div>\n<\/div><\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":47,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"event_start_date":"2024-02-01 12:15:00","event_end_date":"2024-02-01 13:15:00","event_speaker_name":"Prof. Laurent Bach","event_speaker_link":"","event_is_online":false,"event_location":"Campus Kirchberg","event_street":"6, rue Richard Coudenhove-Kalergi","event_location_link":"https:\/\/www.uni.lu\/en\/about\/campuses\/kirchberg-campus\/","event_zip_code":"1359","event_city":"Luxembourg","event_country":"Luxembourg"},"events-topic":[301],"events-type":[315],"organisation":[116,101],"authorship":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>DF Lunch Seminar - Prof. Laurent Bach, ESSEC Business School - FDEF events I Uni.lu<\/title>\n<meta name=\"description\" content=\"Follow the money! Why dividends overreact to flat-tax reforms Abstract: We estimate behavioral responses to dividend taxation using recent French reforms:\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-prof-laurent-bach-essec-business-school\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DF Lunch Seminar - Prof. Laurent Bach, ESSEC Business School\" \/>\n<meta property=\"og:description\" content=\"Follow the money! Why dividends overreact to flat-tax reforms Abstract: We estimate behavioral responses to dividend taxation using recent French reforms:\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-prof-laurent-bach-essec-business-school\/\" \/>\n<meta property=\"og:site_name\" content=\"FDEF EN\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/uni.FDEF.lu\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-22T08:03:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/09\/thumbnails-news-events-DF-Lunch-Seminar.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"665\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-prof-laurent-bach-essec-business-school\/\",\"url\":\"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-prof-laurent-bach-essec-business-school\/\",\"name\":\"DF Lunch Seminar - Prof. Laurent Bach, ESSEC Business School - FDEF events I Uni.lu\",\"isPartOf\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#website\"},\"datePublished\":\"2024-02-20T09:37:58+00:00\",\"dateModified\":\"2024-02-22T08:03:04+00:00\",\"description\":\"Follow the money! 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