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| Author: | Salandro, D. Peterson, S. |
| Title: | An examination of the issues of form versus substance in an experimental asset market: a pilot study |
| Journal: | International Review of Financial Analysis
1996 : VOL. 5:1, p. 1-18 |
| Index terms: | FINANCIAL ANALYSIS REVIEW INTERNATIONAL |
| Language: | eng |
| Abstract: | A series of experiments are conducted in a security asset market that comprises two long-lived securities with identical pre-tax fundamental values but different payout structures. One security pays taxable dividends every period while the other security accumulates earnings to be distributed at random intervals. The results of the experiments indicate that traders ignore tax considerations and pay a premium for the security distributing dividends every period. But this premium is negatively correlated with the size of the accumulated earnings of the other firm. |
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