To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to .
To save content items to your Kindle, first ensure firstname.lastname@example.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.
Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.
Find out more about the Kindle Personal Document Service.
The first demonstration of laser action in ruby was made in 1960 by T. H. Maiman of Hughes Research Laboratories, USA. Many laboratories worldwide began the search for lasers using different materials, operating at different wavelengths. In the UK, academia, industry and the central laboratories took up the challenge from the earliest days to develop these systems for a broad range of applications. This historical review looks at the contribution the UK has made to the advancement of the technology, the development of systems and components and their exploitation over the last 60 years.
Recent changes to the taxation of company dividends in the UK provide an opportunity to investigate empirically how dividend taxes affect firms' dividend policies, cost of capital, and investment. Prior to July 1997, the UK tax system was unusual in that a major class of shareholders – UK pension funds and insurance companies managing pension-related assets – had a more favorable tax treatment of dividend income than capital gains. Tax credits, which reduced personal income tax on dividends for tax-paying shareholders, were repaid to these tax-exempt funds. This position changed sharply in July 1997. Although dividend tax credits remained for taxpayers, they were no longer refundable to UK pension funds and insurance companies. After July 1997, these institutional investors had an equal tax treatment of dividend income and capital gains. This chapter studies the effects of this tax reform on the dividend payments and investment spending of quoted nonfinancial UK companies.
In a companion paper, we argue that domestic dividend taxation has little or no effect on the stock market valuation of UK companies. This reconciles the fact that pension funds and insurance companies owned around half the equity in quoted UK firms before July 1997, with the fact that there was no sharp fall in the UK stock market around the time when these repayable tax credits were abolished. The theoretical argument is straightforward and consistent with standard asset pricing models when investors have heterogeneous tax rates.
Email your librarian or administrator to recommend adding this to your organisation's collection.