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Dividend Tax Capitalization: Clarifications and Responses to Recent Challenges

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  • 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.

Suggested Citation

  • Deen Kemsley, 2001. "Dividend Tax Capitalization: Clarifications and Responses to Recent Challenges," Yale School of Management Working Papers ysm216, Yale School of Management.
  • Handle: RePEc:ysm:somwrk:ysm216
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    Cited by:

    1. 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.
    2. repec:eee:advacc:v:34:y:2016:i:c:p:55-63 is not listed on IDEAS

    More about this item

    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; Trading Volume; Bond Interest Rates

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