| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7445 |
| 来源ID | Working Paper 7445 |
| The Share Price Effects of Dividend Taxes and Tax Imputation Credits | |
| Trevor S. Harris; R. Glenn Hubbard; Deen Kemsley | |
| 发表日期 | 1999-12-01 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | We examine the hypothesis that dividend taxes are capitalized into share prices by focusing on investors' implicit valuations of retained earnings versus paid-in equity. Retained earnings are distributable as taxable dividends, whereas paid-in equity is distributable as a tax-free return of capital. Consistent with dividend tax capitalization, firm-level results for the United States indicate that accumulated retained earnings are valued less per unit than contributed capital. In addition, differences in dividend tax rates across U.S. tax regimes are associated with predictable differences in the magnitude of the implied tax discount for retained earnings, as are differences in dividend tax rates across Australia, Japan, France, Germany, and the United Kingdom. |
| 主题 | Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w7445 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/564984 |
| 推荐引用方式 GB/T 7714 | Trevor S. Harris,R. Glenn Hubbard,Deen Kemsley. The Share Price Effects of Dividend Taxes and Tax Imputation Credits. 1999. |
| 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 | ||
| w7445.pdf（514KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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