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The information content of investment tax credits

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  • Dimosthenis Hevas
  • Aphroditi Papadaki

Abstract

This study examines the association between stock prices and tax credits for new investment, which appear in the balance sheet as a tax-free reserve. A number of valuation models were developed for companies listed on the Athens Stock Exchange during the period 1990-4. The empirical findings reveal that retained earnings committed to new investment, i.e. investment tax credits for future investments, are valued differently from both the remaining equity and the remaining earnings. Moreover, the empirical evidence suggests that the investment tax credits in Greece are not always viewed in a positive fashion by the stock market.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/09638180122598
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal European Accounting Review.

Volume (Year): 10 (2001)
Issue (Month): 1 ()
Pages: 173-186

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Handle: RePEc:taf:euract:v:10:y:2001:i:1:p:173-186

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  1. Myron J. Gordon & Eli Shapiro, 1956. "Capital Equipment Analysis: The Required Rate of Profit," Management Science, INFORMS, vol. 3(1), pages 102-110, October.
  2. Bower, Richard S & Bower, Dorothy H, 1969. "Risk and the Valuation of Common Stock," Journal of Political Economy, University of Chicago Press, vol. 77(3), pages 349-62, May/June.
  3. Beaver, William & Lambert, Richard & Morse, Dale, 1980. "The information content of security prices," Journal of Accounting and Economics, Elsevier, vol. 2(1), pages 3-28, March.
  4. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-38, May.
  5. Collins, Daniel W. & Kothari, S. P., 1989. "An analysis of intertemporal and cross-sectional determinants of earnings response coefficients," Journal of Accounting and Economics, Elsevier, vol. 11(2-3), pages 143-181, July.
  6. Dimitrios Ghicas & Dimosthenis Hevas & Aphroditi Papadaki, 1996. "Fixed assets revaluations and their association with stock returns," European Accounting Review, Taylor & Francis Journals, vol. 5(4), pages 651-670.
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