| 来源类型 | FEEM working papers "Note di lavoro" series |
| 规范类型 | 论文 |
| Are Dividend Taxes and Tax Imputation Credits Capitalized in Share Values? | |
| R. Glenn Hubbard; Trevor S. Harris; Deen Kemsley | |
| 发表日期 | 1998 |
| 出处 | Economy and Society |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | The relation between personal taxes and firm value has fundamental implications for understanding why firms pay dividends and how taxes influence capital structure choices. Assessing personal tax valuation effects also influences tax policy debates regarding the integration of corporate and personal taxes. Despite its importance, however, several underlying problems have hampered existing research on the valuation consequences of personal taxes, leading to mixed and inconclusive results. Using a new approach, we obtain three findings. First, firm-level results for the United States indicate that accumulated retained earnings are valued less per unit than contributed capital. This finding is consistent with the capitalisation of future dividend taxes in retained earnings, and it is robust to inclusion of a variety of control variables and tests for possible alternative explanations. Second, we find that differences in dividend tax rates across U.S. tax regimes are associated with predictable differences in the implied tax discount for retained earnings. Third, cross-country variation in dividend tax rates is associated with predictable variation in the implied tax discount. Furthermore, the difference in dividend tax rates across two different tax regimes in the United Kingdom is associated with predictable differences in the value discount. |
| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/are-dividend-taxes-and-tax-imputation-credits-capitalized-in-share-values/ |
| 来源智库 | Fondazione Eni Enrico Mattei (Italy) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/116337 |
| 推荐引用方式 GB/T 7714 | R. Glenn Hubbard,Trevor S. Harris,Deen Kemsley. Are Dividend Taxes and Tax Imputation Credits Capitalized in Share Values?. 1998. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| NDL1998-042.pdf（689KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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