Taxation And The Stock Market Valuation Of Capital Gains And Dividends PDF Download
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Author | : Roger Hall Gordon |
Publisher | : |
Total Pages | : 43 |
Release | : 1979 |
Genre | : Capital gains tax |
ISBN | : |
Download Taxation and the Stock Market Valuation of Capital Gains and Dividends Book in PDF, ePub and Kindle
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 offset the tax effect. In this paper, we measure the relative valuation of dividends and capital gains in the stock market, using a variant of the capital asset pricing model. We find that dividends are not valued differently systematically from capital gains. This finding is consistent with share price maximization by firms but inconsistent with the fact that most shareholders pay a heavier tax on dividends. We also show that the relative value of dividends provides an indirect measure of a marginal Tobin's q. The measured value of dividends relative to capital gains tends to be higher during prosperous periods, as is consistent with this interpretation. We hope that this time series on a marginal Tobin's q will prove to be useful in forecasting the rate of investment
Author | : Roger Hall Gordon |
Publisher | : |
Total Pages | : 0 |
Release | : 1979 |
Genre | : Capital gains tax |
ISBN | : |
Download Taxation and the Stock Market Valuation of Capital Gains and Dividends Book in PDF, ePub and Kindle
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 offset the tax effect. In this paper, we measure the relative valuation of dividends and capital gains in the stock market, using a variant of the capital asset pricing model. We find that dividends are not valued differently systematically from capital gains. This finding is consistent with share price maximization by firms but inconsistent with the fact that most shareholders pay a heavier tax on dividends. We also show that the relative value of dividends provides an indirect measure of a marginal Tobin's q. The measured value of dividends relative to capital gains tends to be higher during prosperous periods, as is consistent with this interpretation. We hope that this time series on a marginal Tobin's q will prove to be useful in forecasting the rate of investment.
Author | : Roger H. Gordon |
Publisher | : |
Total Pages | : 47 |
Release | : 2010 |
Genre | : |
ISBN | : |
Download Taxation and the Stock Market Valuation of Capital Gains and Dividends Book in PDF, ePub and Kindle
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 offset the tax effect. In this paper, we measure the relative valuation of dividends and capital gains in the stock market, using a variant of the capital asset pricing model. We find that dividends are not valued differently systematically from capital gains. This finding is consistent with share price maximization by firms but inconsistent with the fact that most shareholders pay a heavier tax on dividends. We also show that the relative value of dividends provides an indirect measure of a marginal Tobin's q. The measured value of dividends relative to capital gains tends to be higher during prosperous periods, as is consistent with this interpretation. We hope that this time series on a marginal Tobin's q will prove to be useful in forecasting the rate of investment.
Author | : Kaye A. Thomas |
Publisher | : Fairmark Press Inc. |
Total Pages | : 322 |
Release | : 2004 |
Genre | : Business & Economics |
ISBN | : 0967498112 |
Download Capital Gains, Minimal Taxes Book in PDF, ePub and Kindle
A complete, authoritative guide to taxation of stocks, mutual funds and market-traded stock options.
Author | : Pasi Sorjonen |
Publisher | : |
Total Pages | : 102 |
Release | : 1987 |
Genre | : Capital gains |
ISBN | : |
Download The Relative Valuation of Dividends and Capital Gains in Finland Book in PDF, ePub and Kindle
Author | : Trevor S. Harris |
Publisher | : |
Total Pages | : 50 |
Release | : 1997 |
Genre | : Capital gains tax |
ISBN | : |
Download Dividend and Capital Gains Taxation in Firm Valuation : New Evidence Book in PDF, ePub and Kindle
Author | : Edward A. Dyl |
Publisher | : |
Total Pages | : 330 |
Release | : 1973 |
Genre | : Capital gains tax |
ISBN | : |
Download The Effect of Capital Gains Taxation on the Stock Market Book in PDF, ePub and Kindle
Author | : David Laro |
Publisher | : John Wiley & Sons |
Total Pages | : 482 |
Release | : 2005-04-22 |
Genre | : Business & Economics |
ISBN | : 0471709956 |
Download Business Valuation and Taxes Book in PDF, ePub and Kindle
Disputes over valuation issues fill the court's dockets and for good reason, fair market valuations are required frequently by the law. The authors believe that approximately 243 sections of the Code and several thousand references in the Regulations explicitly require fair market value determination. Consequently, taxpayers file an estimated 15 million tax returns each year reporting an event involving a valuation related issue. It is no mystery, therefore, why valuation cases are ubiquitous. Today, valuation is an important and highly sophisticated process. Valuators need legitimate guidance to perform their work. The objective of this book is to provide knowledge, and guidance to those who do the valuations as well as those who are affected by them. This unprecedented text provides: Clear guidance and perspective on business valuation from two of the nation’s top authorities, Hon. David Laro and Dr Shannon Pratt. Insightful perspective and discussion on critical issues, procedures and law pertaining to business valuation. An overview of business valuation procedures Law and techniques of Fair Market Value Opinion from the Hon. David Laro and Dr. Shannon Pratt who express their unique and critical views. The business valuer with everything from the basics to the sophisticated. From definitions to valuing complex business interests, what you need to know about business valuation. Everything from empirical market evidence to credible expert business valuation testimony discussed and analyzed by the Hon. David Laro and Dr. Shannon Pratt.
Author | : United States. Internal Revenue Service |
Publisher | : |
Total Pages | : 28 |
Release | : 1977 |
Genre | : Dividends |
ISBN | : |
Download Tax Information on Investment Income and Expenses Book in PDF, ePub and Kindle
Author | : Alan J. Auerbach |
Publisher | : Harvard University Press |
Total Pages | : 142 |
Release | : 1983 |
Genre | : Business & Economics |
ISBN | : 9780674868458 |
Download The Taxation of Capital Income Book in PDF, ePub and Kindle
This important contribution to tax analysis presents seven related theoretical essays that examine the effects of capital income taxation on the behavior of firms. It is divided into three sections, focusing on optimal tax design, firm financial policy, and inflation. Taken together, the essays demonstrate the powerful role taxes play in shaping the behavior of American corporations, and also provide insights into the difficult task of tax reform. Auerbach's results suggest policies the government might adopt to promote the optimal accumulation of capital. He examines the implications for capital taxation of discrepancies between nominal depreciation rates and real economic depreciation, and suggests appropriate rules of thumb for determining when capital taxation is neutral among alternative investment projects. He also makes important contributions to the debate over the integration of corporate and personal taxes on capital income and to the behavioral puzzle of why corporations pay dividends to their shareholders.