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Australian Tax Changes and Dividend Reinvestment Announcement Effects: A Pre- and Post-Imputation Study

This paper used an event study approach to examine the impact of dividend reinvestment plans on shareholders returns in the pre- and post-imputation environment. The daily share return behaviour indicated that the announcement to introduce DRP was received indifferntly by the market prior to the imputation, but was valued positively afterwards. The results support the suggestion that under imputation the optimal dividend policy is to distribute the maximum franked dividend and implement a DRP to retain cashflows.

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File URL: http://www.finance.uts.edu.au/research/wpapers/wp16.pdf
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Paper provided by Finance Discipline Group, UTS Business School, University of Technology, Sydney in its series Working Paper Series with number 16.

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Length: 20 pages
Date of creation: 01 Apr 1992
Date of revision:
Publication status: Published as: Chan, K. K.W.,McColough, D. M. and Skully, M. T. 1993, "Australian Tax Changes and Dividend Reinvestment Announcement Effects: A Pre- and Post-Imputation Study", Australian Journal of Management, 18(1), 41-62.
Handle: RePEc:uts:wpaper:16
Contact details of provider: Postal: PO Box 123, Broadway, NSW 2007, Australia
Phone: +61 2 9514 7777
Fax: +61 2 9514 7711
Web page: http://www.uts.edu.au/about/uts-business-school/finance

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  1. Terrence J. Shevlin, 1981. "Measuring Abnormal Performance on the Australian Securities Market," Australian Journal of Management, Australian School of Business, vol. 6(1), pages 67-108, June.
  2. Brown, Stephen J. & Warner, Jerold B., 1980. "Measuring security price performance," Journal of Financial Economics, Elsevier, vol. 8(3), pages 205-258, September.
  3. N. A. Sinclair, 1981. "An Empirical Examination of the Required Number of Leading and Lagged Variables for ACM Beta Estimation," Australian Journal of Management, Australian School of Business, vol. 6(2), pages 119-126, December.
  4. Miller, Merton H & Rock, Kevin, 1985. " Dividend Policy under Asymmetric Information," Journal of Finance, American Finance Association, vol. 40(4), pages 1031-51, September.
  5. Brickley, James A., 1986. "Interpreting Common Stock Returns around Proxy Statement Disclosures and Annual Shareholder Meetings," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 21(03), pages 343-349, September.
  6. Brown, Stephen J. & Warner, Jerold B., 1985. "Using daily stock returns : The case of event studies," Journal of Financial Economics, Elsevier, vol. 14(1), pages 3-31, March.
  7. Dimson, Elroy, 1979. "Risk measurement when shares are subject to infrequent trading," Journal of Financial Economics, Elsevier, vol. 7(2), pages 197-226, June.
  8. Dodd, Peter & Warner, Jerold B., 1983. "On corporate governance : A study of proxy contests," Journal of Financial Economics, Elsevier, vol. 11(1-4), pages 401-438, April.
  9. Merton H. Miller & Franco Modigliani, 1961. "Dividend Policy, Growth, and the Valuation of Shares," The Journal of Business, University of Chicago Press, vol. 34, pages 411.
  10. Peterson, Pamela P & Peterson, David R & Moore, Norman H, 1987. "The Adoption of New-Issue Dividend Reinvestment Plans and Shareholder Wealth," The Financial Review, Eastern Finance Association, vol. 22(2), pages 221-32, May.
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