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| Tekijä: | Guenther, D.A. Sansing, R. |
| Otsikko: | Fundamentals of shareholder tax capitalization |
| Lehti: | Journal of Accounting & Economics
2006 : DEC, VOL. 42:3, p. 371-383 |
| Asiasana: | shareholders taxation share prices dividends models |
| Vapaa asiasana: | capitalization |
| Kieli: | eng |
| Tiivistelmä: | This paper examines how shareholder-level taxes (here as: s-h-txs.) are capitalized into stock prices (as: st-prcs.), using a model incorporating the investment (as: inv.) and payout decisions of a firm and the inv. alternatives. S-h-txs. affect st-prcs. both indirectly, through the effect of taxes on corporate inv. decisions, and directly, by reducing both the mean and variance of after-tax returns. In this paper's model, tax capitalization is not eliminated by the presence of tax-exempt investors, does not depend on whether equity is composed of contributed capital or retained earnings, and does not depend on the tax rate faced by a hypothetical marginal investor. |
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