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In fact, it is believed that imputation will reduce the tax benefits of share buy-backs vis-à-vis dividend payments (see Balachandran et al.(2002) and Rosa et al.(2000)).
"Effects of Differential Tax on Incentive Contracts", (with Kashi R. Balachandran), Journal of Accounting, Auditing, and Finance, Spring 1996.
(2001), "Analytical and Empirical Evidence of the Impact of Tax Rates on the ... Srinidhi, B. and K. Balachandran. (1997), "Identification and Examination of Factors in ...
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