The information content of investment tax credits
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.
Volume (Year): 10 (2001)
Issue (Month): 1 ()
|Contact details of provider:|| Web page: http://www.tandfonline.com/REAR20|
|Order Information:||Web: http://www.tandfonline.com/pricing/journal/REAR20|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- repec:bla:joares:v:29:y:1991:i:1:p:19-36 is not listed on IDEAS
- 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.
- Myron J. Gordon & Eli Shapiro, 1956. "Capital Equipment Analysis: The Required Rate of Profit," Management Science, INFORMS, vol. 3(1), pages 102-110, October.
- 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.
- White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-838, May.
- 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.
- 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 349-362, May/June.
When requesting a correction, please mention this item's handle: RePEc:taf:euract:v:10:y:2001:i:1:p:173-186. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Michael McNulty)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.