Dividend taxes and firm valuation:: a re-examination

• Autores: Michelle Hanlon, James N. Myers, Terry Shevlin
• Localización: Journal of accounting and economics, ISSN 0165-4101, Vol. 35, Nº. 2, 2003, págs. 119-153
• Idioma: inglés
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• Resumen

  • 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 non-diagnostic regarding dividend tax capitalization.