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AN NBER PUBLICATION ISSUE: No. 8, August 2004

The Digest

A free monthly publication featuring non-technical summaries of research on topics of broad public interest
After a continuous decline in dividend payments over more than two decades, total regular dividends have grown by nearly 20 percent since the beginning of 2003 -- precisely the point at which the lower tax rate was proposed and subsequently applied retroactively. In May 2003, President George W. Bush signed into law the Jobs and Growth Tax Relief Reconciliation Act. Among its main provisions, the Act cut the individual tax on dividend income to 15 percent; previously...

Research Summaries

Article
During periods in 2000 when the prospects of a Bush victory were increasing, Bush-favored firms outperformed Gore-favored firms. Likewise, during periods in which prospects of a Gore victory were increasing, Gore-favored firms outperformed Bush-favored firms. Financial analysts have long argued that certain industries, such as defense and tobacco, fare better under Republican Administrations, while other industries, such as alternative energy, fare better under...
Article
During periods in 2000 when the prospects of a Bush victory were increasing, Bush-favored firms outperformed Gore-favored firms. Likewise, during periods in which prospects of a Gore victory were increasing, Gore-favored firms outperformed Bush-favored firms. In The Long Road to the Fast Track: Career and Family (NBER Working Paper No. 10331), author Claudia Goldin examines the "long and winding road" that female college graduates took during the 20th century to reach...
Article
As long as the odds of default are as high as 65 percent for some low-income countries, credit risk seems like a far more convincing reason for the paucity of rich-to-poor capital flows. For some years now economists have been puzzled by the question of why, given the potential mutual benefits, rich countries do not invest more capital in poor countries. A number of explanations have been offered for the phenomenon of limited capital flow from rich to poor nations....

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