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Dividend taxes and firm valuation:: a re-examination

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  • Hanlon, Michelle
  • Myers, James N.
  • Shevlin, Terry

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  • Hanlon, Michelle & Myers, James N. & Shevlin, Terry, 2003. "Dividend taxes and firm valuation:: a re-examination," Journal of Accounting and Economics, Elsevier, vol. 35(2), pages 119-153, June.
  • Handle: RePEc:eee:jaecon:v:35:y:2003:i:2:p:119-153
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    References listed on IDEAS

    as
    1. Maydew, Edward L., 2001. "Empirical tax research in accounting: A discussion," Journal of Accounting and Economics, Elsevier, vol. 31(1-3), pages 389-403, September.
    2. Lakonishok, Josef & Shleifer, Andrei & Vishny, Robert W, 1994. " Contrarian Investment, Extrapolation, and Risk," Journal of Finance, American Finance Association, vol. 49(5), pages 1541-1578, December.
    3. Eugene F. Fama & Kenneth R. French, 2001. "Disappearing Dividends: Changing Firm Characteristics Or Lower Propensity To Pay?," Journal of Applied Corporate Finance, Morgan Stanley, vol. 14(1), pages 67-79.
    4. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    5. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
    6. Chen, Nai-Fu & Grundy, Bruce & Stambaugh, Robert F, 1990. "Changing Risk, Changing Risk Premiums, and Dividend Yield Effects," The Journal of Business, University of Chicago Press, vol. 63(1), pages 51-70, January.
    7. Elton, Edwin J & Gruber, Martin J, 1970. "Marginal Stockholder Tax Rates and the Clientele Effect," The Review of Economics and Statistics, MIT Press, vol. 52(1), pages 68-74, February.
    8. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
    9. Holthausen, Robert W. & Watts, Ross L., 2001. "The relevance of the value-relevance literature for financial accounting standard setting," Journal of Accounting and Economics, Elsevier, vol. 31(1-3), pages 3-75, September.
    10. Trevor S. Harris & R. Glenn Hubbard & Deen Kemsley, 1999. "The Share Price Effects of Dividend Taxes and Tax Imputation Credits," NBER Working Papers 7445, National Bureau of Economic Research, Inc.
    11. Black, Fischer & Scholes, Myron, 1974. "The effects of dividend yield and dividend policy on common stock prices and returns," Journal of Financial Economics, Elsevier, vol. 1(1), pages 1-22, May.
    12. Fama, Eugene F. & French, Kenneth R., 1993. "Common risk factors in the returns on stocks and bonds," Journal of Financial Economics, Elsevier, vol. 33(1), pages 3-56, February.
    13. Frank, Murray & Jagannathan, Ravi, 1998. "Why do stock prices drop by less than the value of the dividend? Evidence from a country without taxes," Journal of Financial Economics, Elsevier, vol. 47(2), pages 161-188, February.
    14. repec:bla:joares:v:34:y:1996:i:2:p:209-234 is not listed on IDEAS
    15. Dhaliwal, Dan S. & Erickson, Merle & Trezevant, Robert, 1999. "A Test of the Theory of Tax Clienteles for Dividend Policies," National Tax Journal, National Tax Association, vol. 52(n. 2), pages 179-94, June.
    16. Bagwell, Laurie Simon & Shoven, John B, 1989. "Cash Distributions to Shareholders," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 129-140, Summer.
    17. Blume, Marshall E, 1980. "Stock Returns and Dividend Yields: Some More Evidence," The Review of Economics and Statistics, MIT Press, vol. 62(4), pages 567-577, November.
    18. Shackelford, Douglas A. & Shevlin, Terry, 2001. "Empirical tax research in accounting," Journal of Accounting and Economics, Elsevier, vol. 31(1-3), pages 321-387, September.
    19. Dechow, Patricia M. & Hutton, Amy P. & Sloan, Richard G., 1999. "An empirical assessment of the residual income valuation model1," Journal of Accounting and Economics, Elsevier, vol. 26(1-3), pages 1-34, January.
    20. Christine Jolls, 1998. "Stock Repurchases and Incentive Compensation," NBER Working Papers 6467, National Bureau of Economic Research, Inc.
    21. Barth, Mary E. & Beaver, William H. & Landsman, Wayne R., 2001. "The relevance of the value relevance literature for financial accounting standard setting: another view," Journal of Accounting and Economics, Elsevier, vol. 31(1-3), pages 77-104, September.
    22. Deen Kemsley, 2001. "Dividend Tax Capitalization: Clarifications and Responses to Recent Challenges," Yale School of Management Working Papers ysm216, Yale School of Management.
    23. Eugene F. Fama & Kenneth R. French, 1998. "Taxes, Financing Decisions, and Firm Value," Journal of Finance, American Finance Association, vol. 53(3), pages 819-843, June.
    24. Lang, Mark H. & Shackelford, Douglas A., 2000. "Capitalization of capital gains taxes: evidence from stock price reactions to the 1997 rate reduction," Journal of Public Economics, Elsevier, vol. 76(1), pages 69-85, April.
    25. Andy Naranjo & M. Nimalendran & Mike Ryngaert, 1998. "Stock Returns, Dividend Yields, and Taxes," Journal of Finance, American Finance Association, vol. 53(6), pages 2029-2057, December.
    26. Christie, Andrew A., 1987. "On cross-sectional analysis in accounting research," Journal of Accounting and Economics, Elsevier, vol. 9(3), pages 231-258, December.
    27. repec:hrv:faseco:30721347 is not listed on IDEAS
    28. Deen Kemsley, 2001. "Dividend Tax Capitalization: Further Thoughts, Comments, and Response to Michelle Hanlon, James Myers, and Terry Shevlin," Yale School of Management Working Papers ysm225, Yale School of Management.
    29. repec:bla:joares:v:18:y:1980:i:2:p:420-440 is not listed on IDEAS
    30. Miller, Merton H & Scholes, Myron S, 1982. "Dividends and Taxes: Some Empirical Evidence," Journal of Political Economy, University of Chicago Press, vol. 90(6), pages 1118-1141, December.
    31. Callen, Jeffrey L & Morel, Mindy, 2001. "Linear Accounting Valuation When Abnormal Earnings Are AR(2)," Review of Quantitative Finance and Accounting, Springer, vol. 16(3), pages 191-203, May.
    32. Poterba, James M & Summers, Lawrence H, 1984. " New Evidence that Taxes Affect the Valuation of Dividends," Journal of Finance, American Finance Association, vol. 39(5), pages 1397-1415, December.
    33. Dhaliwal, Dan S. & Erickson, Merle & Trezevant, Robert, 1999. "A Test of the Theory of Tax Clienteles for Dividend Policies," National Tax Journal, National Tax Association;National Tax Journal, vol. 52(2), pages 179-194, June.
    34. Kothari, S. P. & Zimmerman, Jerold L., 1995. "Price and return models," Journal of Accounting and Economics, Elsevier, vol. 20(2), pages 155-192, September.
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    Citations

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    Cited by:

    1. Guenther, David A. & Sansing, Richard, 2006. "Fundamentals of shareholder tax capitalization," Journal of Accounting and Economics, Elsevier, vol. 42(3), pages 371-383, December.
    2. Hanlon, Michelle & Heitzman, Shane, 2010. "A review of tax research," Journal of Accounting and Economics, Elsevier, vol. 50(2-3), pages 127-178, December.
    3. Dhaliwal, Dan & Erickson, Merle & Frank, Mary Margaret & Banyi, Monica, 2003. "Are shareholder dividend taxes on corporate retained earnings impounded in equity prices? Additional evidence and analysis," Journal of Accounting and Economics, Elsevier, vol. 35(2), pages 179-200, June.
    4. Mihaela Alina ROBU, 2014. "The Level Of Knowledge In The Value Relevance Literature," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 6(4), pages 122-135, December.
    5. repec:eee:advacc:v:34:y:2016:i:c:p:55-63 is not listed on IDEAS
    6. Dhaliwal, Dan & Zhen Li, Oliver & Trezevant, Robert, 2003. "Is a dividend tax penalty incorporated into the return on a firm's common stock?," Journal of Accounting and Economics, Elsevier, vol. 35(2), pages 155-178, June.

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