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The Market Value of Dividend Imputation Credits Implied by Futures Prices
Cannavan, Damien - 2019
fully-franked dividend. This is a problem because a sample of security prices, unfranked dividends and franked dividends … necessarily leads to the simultaneous estimation of the value of a cash dividend and an imputation credit. We measure the value of …
Persistent link: https://www.econbiz.de/10012901471
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Net Share Issues and the Cross-Section of Equity Returns under a Dividend Imputation Tax System
Melia, Adrian - 2019
Despite considerable empirical evidence reporting a negative relationship between net share issuance and subsequent returns, it remains unresolved whether this anomaly is explained by risk or investor irrationality. This paper examines the net share issuance anomaly using seasoned equity...
Persistent link: https://www.econbiz.de/10012865741
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Dividend Taxes and Stock Volatility
Syron Ferris, Erin - 2015
How do dividend taxes affect stock volatility? In this paper, I use a decrease in dividend taxes as a natural … contract, changes in stock volatility due to dividend taxes may increase agency costs and therefore decrease overall welfare …-neutral shareholders, dividend taxes may exacerbate agency costs. The increase in agency costs will decrease shareholder welfare, which can …
Persistent link: https://www.econbiz.de/10013021979
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Capitalization of Capital Gains Taxes : Evidence from Stock Price Reactions to the 1997 Rate Reduction
Lang, Mark H. - 2012
We empirically document that stock prices moved inversely with dividend yields during the May, 1997 week, when the … share prices of other firms. Among firms paying dividends, the change in share prices was decreasing in dividend yields. The …
Persistent link: https://www.econbiz.de/10012756027
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Taxation and the Stock Market Valuation of Capital Gains and Dividends : Theory and Empirical Results (Rev)
Gordon, Roger H. - 1979
Dividends seem to be more heavily taxed than capital gains. Why then do corporations pay dividends rather than repurchasing shares or retaining earnings? Either corporations are not acting in the interests of shareholders, or else shareholders desire dividends sufficiently for nontax reasons to...
Persistent link: https://www.econbiz.de/10012478738
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Ex day effects of the 2003 dividend tax cut
Bali, Rakesh; Francis, Jack Clark - In: International review of economics & finance : IREF 41 (2016), pp. 11-22
Persistent link: https://www.econbiz.de/10011624635
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A lesson in valuation from Estonia : the difference between the fundamental value of equity under distributed and traditional profit taxation systems
Kantšukov, Mark; Sander, Priit - In: Verslas : teorija ir praktika : Vilniaus Gedimino … 19 (2018), pp. 146-156
, we use a dividend discount model and values from a hypothetical company. The equity value under DPT is also higher when …
Persistent link: https://www.econbiz.de/10012019162
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Dividend taxes and stock volatility
Syron Ferris, Erin E. - In: International tax and public finance 25 (2018) 2, pp. 377-403
Persistent link: https://www.econbiz.de/10012033065
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Capitalization of Capital Gains Taxes : Evidence from Stock Price Reactions to the 1997 Rate Reduction
Lang, Mark H. - 1999
We empirically document that stock prices moved inversely with dividend yields during the May, 1997 week, when the … share prices of other firms. Among firms paying dividends, the change in share prices was decreasing in dividend yields. The …
Persistent link: https://www.econbiz.de/10012471926
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Net share issues and the cross-section of equity returns under a dividend imputation tax system
Melia, Adrian; Docherty, Paul; Easton, Steve - In: Accounting and finance : journal of the Accounting … 56 (2016) 4, pp. 1097-1117
Persistent link: https://www.econbiz.de/10011660371