The Effect Of The Relative Tax Treatment Of Dividends And Capital Gains On Corporate Valuation And Behavior PDF Download
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Author | : John Karl Scholz |
Publisher | : |
Total Pages | : 276 |
Release | : 1988 |
Genre | : |
ISBN | : |
Download The Effect of the Relative Tax Treatment of Dividends and Capital Gains on Corporate Valuation and Behavior 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 | : 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 | : 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 | : J. Andrew Hoerner |
Publisher | : |
Total Pages | : 518 |
Release | : 1992 |
Genre | : Business & Economics |
ISBN | : |
Download The Capital Gains Controversy Book in PDF, ePub and Kindle
A collection of documentation regarding the treatment of capital gains in the United States. Articles by economists, lawyers, Treasury Department officials, and congressional testimony. Chapters include general assessment of capital gains taxation, capital gains revenue estimates, capital gains and economic growth, fairness and distributional equity, inflation and indexing, designing a capital gains tax preference.
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 | : 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 | : Kenneth James McKenzie |
Publisher | : |
Total Pages | : 40 |
Release | : 1996 |
Genre | : Corporations |
ISBN | : |
Download The Economic Effects of Dividend Taxation Book in PDF, ePub and Kindle
Author | : Oliver Zhen Li |
Publisher | : |
Total Pages | : |
Release | : 2007 |
Genre | : |
ISBN | : |
Download Taxes and Valuation Book in PDF, ePub and Kindle
Under the US tax system, dividends are historically taxed at a higher rate than capital gains and thus incur a tax-related penalty. I provide evidence that the dividend tax penalty partially offsets the positive signaling and agency cost effects of dividends for fully taxable individual investors. The level of institutional ownership and the frequency of institutional trading, which proxy for the likelihood that the marginal investor is not a fully taxable individual, mitigate the negative dividend tax effect. My results support the notion that taxes impact equity valuation. I contribute to the literature by isolating dividends' negative tax effect from their positive signaling and agency cost effects.
Author | : Charles E. McLure |
Publisher | : |
Total Pages | : 50 |
Release | : 1977 |
Genre | : Business & Economics |
ISBN | : |
Download Once is Enough Book in PDF, ePub and Kindle