This paper examines changes in corporate dividend policy around the introduction of a dividend imputation tax system. This represented a significant change to the Australian tax framework and allows us to test the effect of differential taxation on corporate dividend policy. Consistent with the...

The paper investigates determinants of capital structure, focusing on tax incentives for debt. The paper makes use of a panel of Australian firms in two tax regimes: a classical regime, and a dividend imputation regime. An important feature is the identification of the economic model using...

Unconditional foreign exchange rate variance is generally assumed to be constant in analysis of foreign exchange rates. It is noted that there is evidence of a change in unconditional foreign exchange rate variance during the two-year period surrounding the Iraq war, January 2002 to December...

Graham (1996b) tested proxies for the marginal tax rate and derived a number of important results. This paper re-examines two factors raised by Graham's work: the impact of tax regulations on proxy performance, and the presence of bias in proxy construction. Simulation methods create a simple...