-
作者：Dhaliwal, D; Li, OZ; Trezevant, R
作者单位：University of Southern California; University of Southern California; University of Arizona
摘要：We find that a firm's dividend yield has a positive impact on its common stock return that is decreasing in the level of institutional and corporate ownership, our indicator of whether the marginal investor in a firm's common stock is more likely to be a low-tax or a high-tax investor. These results suggest that (1) a dividend tax penalty is incorporated into the return on a firm's common stock and (2) both a firm's dividend policy and its ownership structure impact the size of the dividend ta...
-
作者：Hanlon, M; Myers, JN; Shevlin, T
作者单位：University of Washington; University of Washington Seattle; University of Illinois System; University of Illinois Urbana-Champaign; University of Michigan System; University of Michigan
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...
-
作者：Plesko, GA
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This paper examines the ability of financial statement measures of average and marginal tax rates (MTR) to capture tax attributes utilizing firm-level tax and financial data. The results suggest commonly used average tax rate measures provide little insight about statutory tax burdens, and may introduce substantial bias into analyses of tax incidence. Financial statement-based proxies for MTR, particularly those based on simulation methods, are found to perform well in estimating current year ...
