Access the full text.
Sign up today, get DeepDyve free for 14 days.
J. Poterba, L. Summers (1984)
The Economic Effects of Dividend TaxationNBER Working Paper Series
R. Geary
The Frequency Distribution of the Quotient of Two Normal VariatesJournal of the Royal Statistical Society, 93
J. Long (1978)
The market valuation of cash dividends: A case to considerJournal of Financial Economics, 6
J. Poterba (1986)
The market valuation of cash dividends: The citizens utilities case reconsideredJournal of Financial Economics, 15
G. Marsaglia (1965)
Ratios of Normal Variables and Ratios of Sums of Uniform VariablesJournal of the American Statistical Association, 60
Merton Miller, Myron Scholes (1978)
Dividends and taxesJournal of Financial Economics, 6
Hammer (1975)
The taxation of income from corporate shareholders: Review of present systems in Canada, France, Germany, Japan, and the U.K.National Tax Journal, 28
W. Bailey (1988)
Canada's Dual Class Shares: Further Evidence on the Market Value of Cash DividendsJournal of Finance, 43
M. King (1977)
Public Policy and the Corporation
D. Sheppard, J. Revell (1974)
The British Financial System.Economica, 44
Poterba Poterba, Lawrence Lawrence (1984)
New Evidence that taxes affect the valuation of dividendsJournal of Finance, 39
J. Poterba, L. Summers (1984)
New Evidence that Taxes Affect the Valuation of DividendsNBER Working Paper Series
Ronald Lease, John Mcconnell, W. Mikkelson (1983)
The market value of control in publicly-traded corporationsJournal of Financial Economics, 11
M. Feldstein (1970)
Corporate Taxation and Dividend BehaviourThe Review of Economic Studies, 37
ABSTRACT We provide evidence that taxes affect equity valuation by studying British investment trusts having otherwise identical classes of cash‐ and stock‐dividend‐paying shares outstanding. We study 1969–1982, a period in which there were two dramatic changes in tax policy. We find that stock‐dividend shares, which are convertible into cash‐dividend shares, sell at premiums when the tax system favors capital gains and at discounts when the tax advantage of capital gains is reduced. After the 1975 elimination of the tax advantage to stock‐dividend shares, we observe that investors convert virtually all stock‐dividend shares into cash‐dividend shares.
The Journal of Finance – Wiley
Published: Mar 1, 1991
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.