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| Author: | Chui, A. Strong, N. Cadle, J. |
| Title: | The empirical significance of tax effects on the valuation of dividends: the UK evidence. |
| Journal: | Journal of Business Finance and Accounting
1992 : JUN, VOL. 19:4, p. 515-532 |
| Index terms: | TAXATION FINANCIAL MODELS DIVIDENDS UNITED KINGDOM |
| Language: | eng |
| Abstract: | This paper investigates the influence of personal taxes on the valuation of dividends in the UK. The empirical models tested by this study are derived from a version of the capital asset pricing model incorporating personal taxes. The research attempts to overcome some of the difficulties encountered in constructing a well-specified econometric model: finding a correct measure of expected dividend yield for individual securities and for the market; biases due to heteroscedasticity; measurement errors; and information effects. This study reports evidence that taxes significantly affect the equilibrium relationship between returns and dividend yields. |
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