Dividend taxes and firm valuation: a re-examination

• 成果类型: Article
• 署名作者: Hanlon, M; Myers, JN; Shevlin, T
• 署名单位: University of Washington; University of Washington Seattle; University of Illinois System; University of Illinois Urbana-Champaign; University of Michigan System; University of Michigan
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/S0165-4101(03)00016-8
• 发表日期: 2003
• 关键词: value-relevance literature; STOCK-PRICE BEHAVIOR; Capital gains; market valuation; INFORMATION; earnings; returns; INVESTMENT; decisions; arbitrage

摘要

Harris and Kemsley (J. Account. Res. (1999) 275) suggest that shareholder-level dividend taxes on retained earnings are fully impounded into stock prices at the top statutory rate. Harris and Kemsley base their empirical tests on Ohlson (Contemp. Account. Res. (1995) 661) with the addition of dividend taxes. We analyze Harris and Kemsley's extended Ohlson model and evidence. We show that the model, tests, and results in Harris and Kemsley are nondiagnostic regarding dividend tax capitalization. (C) 2003 Elsevier Science B.V. All rights reserved.