https://www.tarundpatel.com/home daily 1.0 2025-04-29 https://images.squarespace-cdn.com/content/v1/5dc44834b210ec193284c32c/496d228f-4ed2-4f87-b085-adb77c716012/Tarun-21_websize.jpg Home https://www.tarundpatel.com/charts daily 0.75 2025-04-21 https://images.squarespace-cdn.com/content/v1/5dc44834b210ec193284c32c/63f55317-e9fe-4f14-affc-45dce3b5b88e/HiLoDivState_YearsAll.png Research in Pictures - Make it stand out The figure shows the difference in Dividend Payer% between low tax states and high tax states over the period 1978-2021. The variable Dividend Payer% is the percentage of sample firms that pay dividends to common shareholders in that year. I consider firms as subject to higher taxes if their headquarter state’s tax rate is above the median in that year; otherwise they are subject to lower taxes. I use the state wage income tax rate because, for most states, the wage income tax rate is also the tax rate on household dividend income. The vertical lines are for the years 2003 and 2017, corresponding to the “Jobs and Growth Tax Relief Reconciliation Act” and the “Tax Cuts and Jobs Act”, respectively. The JGTRRA changes taxation such that qualified dividends and long-term capital gains have the same rate. The TCJA places caps on the deductibility of state and local taxes from federal taxable income, thereby increasing households’ sensitivity to state taxation. The dashed lines represent the 95% confidence interval in each year. https://images.squarespace-cdn.com/content/v1/5dc44834b210ec193284c32c/2cb03919-7458-49f2-a5d4-5ff6192802ea/Combined_PIMA.png Research in Pictures - Make it stand out The top figure plots the percentage of announced vs. hypothetical mergers across different ranges of Political Divergence. The bottom figure plots the four-year moving average of Political Divergence for all announced deals vs all hypothetical deals. To create the hypothetical distribution of deals, we create all possible firm pairs, and calculate the average Political Divergence. Political Divergence is defined as the absolute value of the difference between acquirers’ and targets’ Democratic Affiliation. https://www.tarundpatel.com/teaching daily 0.75 2025-01-05 https://images.squarespace-cdn.com/content/v1/5dc44834b210ec193284c32c/dd44e294-caa7-443f-a9aa-22af2d57c613/globe_fina.jpg Teaching - Make it stand out Whatever it is, the way you tell your story online can make all the difference.