The value of dividend imputation tax credits in Australia

被引：55

作者：

Cannavan, D ^{[1
]}

Finn, F ^{[1
]}

Gray, S ^{[1
]}

机构：

[1] Univ Queensland, UQ Business Sch, Brisbane, Qld 4072, Australia

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2004年 / 73卷 / 01期

关键词：

dividend imputation; cost of capital;

D O I：

10.1016/j.jfineco.2003.09.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

A dividend imputation tax system provides shareholders with a credit (for corporate tax paid) that can be used to offset personal tax on dividend income. This paper shows how to infer the value of imputation tax credits from the prices of derivative securities that are unique to Australian retail markets. We also test whether a tax law amendment that was designed to prevent the trading of imputation credits affected their economic value. Before the amendment, tax credits were worth up to 50% of face value in large, high-yielding companies, but Subsequently it is difficult to detect any value at all. (C) 2003 Elsevier B.V. All rights reserved.

引用

页码：167 / 197

页数：31