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Dividend Tax Capitalization: Clarifications and Responses to Recent Challenges

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Author Info
Deen Kemsley () (Columbia Business School)
Abstract

Recent studies by Dhaliwal et al. (2001) and Hanlon, Myers, and Shevlin (2001) raise questions regarding the dividend tax capitalization results in several of my prior studies. In this paper, I clarify the basic concepts underlying dividend tax capitalization and I provide point-by-point responses to the key concerns raised. I demonstrate that there are simple, unambiguous answers to each of the expressed concerns. I also demonstrate that the new evidence provided by Dhaliwal et al. (2001) and Hanlon, Myers, and Shevlin (2001) actually provides addtional support for dividend tax capitalization.

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Paper provided by Yale School of Management in its series Yale School of Management Working Papers with number ysm216.

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Date of creation: 13 Aug 2001
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Handle: RePEc:ysm:somwrk:ysm216

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Find related papers by JEL classification:
G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy
H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies
G12 - Financial Economics - - General Financial Markets - - - Asset Pricing

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