Dividend taxes and firm valuation: a re-examination

被引：25

作者：

Hanlon, M

Myers, JN

Shevlin, T

机构：

[1] Univ Washington, Sch Business, Dept Accounting, Seattle, WA 98195 USA

[2] Univ Illinois, Coll Business, Champaign, IL 61820 USA

[3] Univ Michigan, Sch Business, Ann Arbor, MI 48109 USA

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 2003年 / 35卷 / 02期

关键词：

valuation; dividend tax; tax capitalization;

D O I：

10.1016/S0165-4101(03)00016-8

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

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.

引用

页码：119 / 153

页数：35

共 60 条

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