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Taxation And The Stock Market Valuation Of Capital Gains And Dividends
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Book Synopsis Taxation and the Stock Market Valuation of Capital Gains and Dividends by : Roger Hall Gordon
Download or read book Taxation and the Stock Market Valuation of Capital Gains and Dividends written by Roger Hall Gordon and published by . This book was released on 1979 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dividends seem to be more heavily taxed than capital gains. Why then do corporations pay dividends rather than repurchasing shares or retaining earnings? Either corporations are not acting in the interests of shareholders, or else shareholders desire dividends sufficiently for nontax reasons to offset the tax effect. In this paper, we measure the relative valuation of dividends and capital gains in the stock market, using a variant of the capital asset pricing model. We find that dividends are not valued differently systematically from capital gains. This finding is consistent with share price maximization by firms but inconsistent with the fact that most shareholders pay a heavier tax on dividends. We also show that the relative value of dividends provides an indirect measure of a marginal Tobin's q. The measured value of dividends relative to capital gains tends to be higher during prosperous periods, as is consistent with this interpretation. We hope that this time series on a marginal Tobin's q will prove to be useful in forecasting the rate of investment
Book Synopsis Taxation and the Stock Market Valuation of Capital Gains and Dividends by : Roger Hall Gordon
Download or read book Taxation and the Stock Market Valuation of Capital Gains and Dividends written by Roger Hall Gordon and published by . This book was released on 1979 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dividends seem to be more heavily taxed than capital gains. Why then do corporations pay dividends rather than repurchasing shares or retaining earnings? Either corporations are not acting in the interests of shareholders, or else shareholders desire dividends sufficiently for nontax reasons to offset the tax effect. In this paper, we measure the relative valuation of dividends and capital gains in the stock market, using a variant of the capital asset pricing model. We find that dividends are not valued differently systematically from capital gains. This finding is consistent with share price maximization by firms but inconsistent with the fact that most shareholders pay a heavier tax on dividends. We also show that the relative value of dividends provides an indirect measure of a marginal Tobin's q. The measured value of dividends relative to capital gains tends to be higher during prosperous periods, as is consistent with this interpretation. We hope that this time series on a marginal Tobin's q will prove to be useful in forecasting the rate of investment.
Book Synopsis Taxation and the Stock Market Valuation of Capital Gains and Dividends by : Roger H. Gordon
Download or read book Taxation and the Stock Market Valuation of Capital Gains and Dividends written by Roger H. Gordon and published by . This book was released on 2010 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dividends seem to be more heavily taxed than capital gains. Why then do corporations pay dividends rather than repurchasing shares or retaining earnings? Either corporations are not acting in the interests of shareholders, or else shareholders desire dividends sufficiently for nontax reasons to offset the tax effect. In this paper, we measure the relative valuation of dividends and capital gains in the stock market, using a variant of the capital asset pricing model. We find that dividends are not valued differently systematically from capital gains. This finding is consistent with share price maximization by firms but inconsistent with the fact that most shareholders pay a heavier tax on dividends. We also show that the relative value of dividends provides an indirect measure of a marginal Tobin's q. The measured value of dividends relative to capital gains tends to be higher during prosperous periods, as is consistent with this interpretation. We hope that this time series on a marginal Tobin's q will prove to be useful in forecasting the rate of investment.
Book Synopsis Capital Gains, Minimal Taxes by : Kaye A. Thomas
Download or read book Capital Gains, Minimal Taxes written by Kaye A. Thomas and published by Fairmark Press Inc.. This book was released on 2004 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: A complete, authoritative guide to taxation of stocks, mutual funds and market-traded stock options.
Book Synopsis The Relative Valuation of Dividends and Capital Gains in Finland by : Pasi Sorjonen
Download or read book The Relative Valuation of Dividends and Capital Gains in Finland written by Pasi Sorjonen and published by . This book was released on 1987 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Dividend and Capital Gains Taxation in Firm Valuation : New Evidence by : Trevor S. Harris
Download or read book Dividend and Capital Gains Taxation in Firm Valuation : New Evidence written by Trevor S. Harris and published by . This book was released on 1997 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effect of Capital Gains Taxation on the Stock Market by : Edward A. Dyl
Download or read book The Effect of Capital Gains Taxation on the Stock Market written by Edward A. Dyl and published by . This book was released on 1973 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Business Valuation and Taxes by : David Laro
Download or read book Business Valuation and Taxes written by David Laro and published by John Wiley & Sons. This book was released on 2005-04-22 with total page 482 pages. Available in PDF, EPUB and Kindle. Book excerpt: Disputes over valuation issues fill the court's dockets and for good reason, fair market valuations are required frequently by the law. The authors believe that approximately 243 sections of the Code and several thousand references in the Regulations explicitly require fair market value determination. Consequently, taxpayers file an estimated 15 million tax returns each year reporting an event involving a valuation related issue. It is no mystery, therefore, why valuation cases are ubiquitous. Today, valuation is an important and highly sophisticated process. Valuators need legitimate guidance to perform their work. The objective of this book is to provide knowledge, and guidance to those who do the valuations as well as those who are affected by them. This unprecedented text provides: Clear guidance and perspective on business valuation from two of the nation’s top authorities, Hon. David Laro and Dr Shannon Pratt. Insightful perspective and discussion on critical issues, procedures and law pertaining to business valuation. An overview of business valuation procedures Law and techniques of Fair Market Value Opinion from the Hon. David Laro and Dr. Shannon Pratt who express their unique and critical views. The business valuer with everything from the basics to the sophisticated. From definitions to valuing complex business interests, what you need to know about business valuation. Everything from empirical market evidence to credible expert business valuation testimony discussed and analyzed by the Hon. David Laro and Dr. Shannon Pratt.
Book Synopsis Tax Information on Investment Income and Expenses by : United States. Internal Revenue Service
Download or read book Tax Information on Investment Income and Expenses written by United States. Internal Revenue Service and published by . This book was released on 1977 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Warrants, Tax, Dividends, and Signaling Theory by : Dongsik Kim
Download or read book Warrants, Tax, Dividends, and Signaling Theory written by Dongsik Kim and published by . This book was released on 1994 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Investment Income and Expenses by : United States. Internal Revenue Service
Download or read book Investment Income and Expenses written by United States. Internal Revenue Service and published by . This book was released on 1979 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Market Valuation of Tax-Timing Options by : J.B. Chay
Download or read book Market Valuation of Tax-Timing Options written by J.B. Chay and published by . This book was released on 2003 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine a type of distribution that is taxed as a capital gain rather than as a dividend. Since the distribution induces a realized capital gain while the price change on the ex-distribution day is an unrealized gain, ex-day return behavior provides evidence of the value of tax-timing capital gains. We show that investors are compensated 7 cents in unrealized gains for each dollar of realized capital gains, i.e., $1 of realized capital gains is equivalent to 93 cents of unrealized gains. This implies that an investor with a tax rate on realized gains of 15% has an effective tax rate on unrealized capital gains of 8.6%.
Book Synopsis Increasing Shareholder Value by : Harold Bierman Jr.
Download or read book Increasing Shareholder Value written by Harold Bierman Jr. and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 149 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporations earn incomes and amass wealth. There are many books offering advice how to increase the profitability of corporations by achieving excellence in operations and choosing the correct strategic path. Increasing Shareholder Value: Distribution Policy, A Corporate Finance Challenge is concerned with how the corporation should reward its shareholders after the incomes are earned. Investment decisions, capital structure, and dividend policy must be coordinated so that the well being of the firm's stockholders is considered in the planning process. The corporate planners should realize that the individual investors are also making plans, and the corporation can assist this planning process by making its own financial plans and strategies well known.
Book Synopsis Capital Gains Tax by : R. C. Williams
Download or read book Capital Gains Tax written by R. C. Williams and published by Juta and Company Ltd. This book was released on 2005 with total page 520 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work is designed to meet the needs of attorneys, accountants, tax consultants, investment advisers, and other professionals. The manual explains, in depth and in detail, the conceptual basis and the practical implications of capital gains tax.
Book Synopsis Dividend Taxes, Corporate Investment, and "Q" by : James M. Poterba
Download or read book Dividend Taxes, Corporate Investment, and "Q" written by James M. Poterba and published by . This book was released on 1981 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Taxes on corporate distributions have traditionally been regarded as a "double tax" on corporate income. This view implies that while the total effective tax rate on corporate source income affects real economic decisions, the distribution of this tax burden between the shareholders and the corporation is irrelevant. Recent research has suggested an alter- native to this traditional view. One explanation of why firms in the U.S. pay dividends in spite of the heavy tax liabilities associated with this form of distribution is that the stock market capitalizes the tax payments associated with corporate distributions. This capitalization leaves investors indifferent at the margin between corporations paying our dividends and retaining earnings. This alternative view holds that while changes in the dividend tax rate will affect shareholder wealth, they will have no impact on corporate investment decisions. This paper develops econometric tests which distinguish between these two views of dividend taxation. By extending Tobin's "q" theory of investment to incorporate taxes at both the corporate and personal levels, the implications of each view for corporate investment decisions can be derived. The competing views may be tested by comparing the performance of investment equations estimates under each theory's predict ions. British time series data are particularly appropriate for testing hypotheses about dividend taxes because of the substantial postwar variation in effective tax rates on corporate distributions. The econometric results suggest that dividend taxes have important effects on investment decisions
Book Synopsis New Evidence of the Impact of Dividend Taxation and on the Identity of the Marginal Investor by : Leonie Bell
Download or read book New Evidence of the Impact of Dividend Taxation and on the Identity of the Marginal Investor written by Leonie Bell and published by . This book was released on 2001 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International Evidence on the Effects of Having No Capital Gains Taxes by : Fraser Institute (Vancouver, B.C.)
Download or read book International Evidence on the Effects of Having No Capital Gains Taxes written by Fraser Institute (Vancouver, B.C.) and published by The Fraser Institute. This book was released on 2001 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
