This study investigates whether the difference in individual shareholder tax rates between dividend income and capital gain (the dividend tax penalty) affects a firm's choice between distributing funds to shareholders through dividends or share repurchases. The results of this study suggest...

This study provides evidence that mandatory cash flow disclosure required by Approved Australian Accounting Standard "AASB 1026, Statement of Cash Flows"(June 1992) was associated with a decline in bid-ask spreads following the introduction of the regulation, even after controlling for changes...

The corporate distress literature to date has largely focused on the predictive power of accounting variables (Altman, 2001). Following previous literature, this study examines the relevance of abnormal stock returns in discriminating between failed and non-failed firms (e.g. Clark and...