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Dividend taxation in firm valuation: New evidence

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  • Harris, TS
  • Kemsley, D

Abstract

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Suggested Citation

  • Harris, TS & Kemsley, D, 1999. "Dividend taxation in firm valuation: New evidence," Journal of Accounting Research, Wiley Blackwell, vol. 37(2), pages 275-291.
    • Handle: RePEc:bla:joares:v:37:y:1999:i:2:p:275-291
    DOI: http://hdl.handle.net/10.2307/2491410
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    Cited by:

    1. Purwa Srivastava & Sakshi Varshney, 2019. "The effect created by the instigation of LTCG on ELSS Schemes:A Case of India," Indian Journal of Commerce and Management Studies, Educational Research Multimedia & Publications,India, vol. 10(3), pages 43-52, September.
    2. Guenther, David A. & Sansing, Richard, 2006. "Fundamentals of shareholder tax capitalization," Journal of Accounting and Economics, Elsevier, vol. 42(3), pages 371-383, December.
    3. Joy Begley & Gerald A. Feltham, 2002. "The Relation between Market Values, Earnings Forecasts, and Reported Earnings," Contemporary Accounting Research, John Wiley & Sons, vol. 19(1), pages 1-48, March.
    4. Patrick Bolton & Hui Chen & Neng Wang, 2014. "Debt, Taxes, and Liquidity," NBER Working Papers 20009, National Bureau of Economic Research, Inc.
    5. Gogineni, Sridhar & Jain, Pawan & Upadhyay, Arun, 2024. "Global REIT regulations and valuation," International Review of Economics & Finance, Elsevier, vol. 93(PB), pages 152-166.
    6. Trevor S. Harris & R. Glenn Hubbard & Deen Kemsley, 1999. "The Share Price Effects of Dividend Taxes and Tax Imputation Credits," NBER Working Papers 7445, National Bureau of Economic Research, Inc.
    7. Lang, Mark H. & Shackelford, Douglas A., 2000. "Capitalization of capital gains taxes: evidence from stock price reactions to the 1997 rate reduction," Journal of Public Economics, Elsevier, vol. 76(1), pages 69-85, April.
    8. Sinai, Todd & Gyourko, Joseph, 2004. "The asset price incidence of capital gains taxes: evidence from the Taxpayer Relief Act of 1997 and publicly-traded real estate firms," Journal of Public Economics, Elsevier, vol. 88(7-8), pages 1543-1565, July.
    9. Josphat Nyoni & Tendai Vanesssa Jaravaza & Matthew Mare & Martin Dandira & Elias Kandjinga, 2021. "Policy Contradictions and Policy Dilemma: A Case of Intermediary Money Transfer Tax (IMTT) on Business Performance in the Engineering Sector in Zimbabwe," Business and Economic Research, Macrothink Institute, vol. 11(2), pages 76-89, June.
    10. Roger C. Graham & Craig E. Lefanowicz & Kathy R. Petroni, 2003. "The Value Relevance of Equity Method Fair Value Disclosures," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 30(7‐8), pages 1065-1088, September.
    11. Randall Morck, 2003. "Why Some Double Taxation Might Make Sense: The Special Case of Inter-corporate Dividends," NBER Working Papers 9651, National Bureau of Economic Research, Inc.
    12. Antonella Silvestri & Stefania Veltri, 2012. "A Test Of The Ohlson Model On The Italian Stock Exchange," Accounting & Taxation, The Institute for Business and Finance Research, vol. 4(1), pages 83-94.
    13. Jacob, Martin & Schütt, Harm, 2013. "Firm valuation and the uncertainty of future tax avoidance," arqus Discussion Papers in Quantitative Tax Research 149, arqus - Arbeitskreis Quantitative Steuerlehre.
    14. Akinloye Akindayomi & Hussein A. Warsame, 2007. "Effects of Capital Gains Taxation Changes on Stock Prices: Evidence from the February 2000 Canadian Budget/RÉPERCUSSIONS SUR LE COURS DES TITRES DES MODIFICATIONS APPORTÉES À L'IMPÔT SUR LES GAINS EN ," Accounting Perspectives, John Wiley & Sons, vol. 6(4), pages 369-387, November.
    15. Bhavish Jugurnath & Mark Stewart & Robert Brooks, 2008. "Dividend taxation and corporate investment: a comparative study between the classical system and imputation system of dividend taxation in the United States and Australia," Review of Quantitative Finance and Accounting, Springer, vol. 31(2), pages 209-224, August.
    16. Lee, Yi-Tsung & Liu, Yu-Jane & Roll, Richard & Subrahmanyam, Avanidhar, 2006. "Taxes and dividend clientele: Evidence from trading and ownership structure," Journal of Banking & Finance, Elsevier, vol. 30(1), pages 229-246, January.
    17. Jennifer L. Blouin & Jana Smith Raedy & Douglas A. Shackelford, 2003. "Capital Gains Taxes and Equity Trading: Empirical Evidence," Journal of Accounting Research, Wiley Blackwell, vol. 41(4), pages 611-651, September.
    18. Hanlon, Michelle & Heitzman, Shane, 2010. "A review of tax research," Journal of Accounting and Economics, Elsevier, vol. 50(2-3), pages 127-178, December.
    19. William M. Getry & Deen Kemsley & Christopher J. Mayer, 2003. "Dividend Taxes and Share Prices: Evidence from Real Estate Investment Trusts," Journal of Finance, American Finance Association, vol. 58(1), pages 261-282, February.
    20. Harris, Trevor S. & Hubbard, R. Glenn & Kemsley, Deen, 2001. "The share price effects of dividend taxes and tax imputation credits," Journal of Public Economics, Elsevier, vol. 79(3), pages 569-596, March.
    21. Gary, Robert F. & Moore, Jared A. & Sisneros, Craig A. & Terando, William D., 2016. "The impact of tax rate changes on intercorporate investment," Advances in accounting, Elsevier, vol. 34(C), pages 55-63.

    More about this item

    Keywords

    Valuation; Taxation; Dividends; Residual income model;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies
    • K34 - Law and Economics - - Other Substantive Areas of Law - - - Tax Law

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