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The Relative Valuation of Dividends and Capital Gains in Finland

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Release : 1987
Genre : Capital gains
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Book Synopsis The Relative Valuation of Dividends and Capital Gains in Finland by : Pasi Sorjonen

Download or read book The Relative Valuation of Dividends and Capital Gains in Finland written by Pasi Sorjonen. This book was released on 1987. Available in PDF, EPUB and Kindle. Book excerpt:

Taxation and the Stock Market Valuation of Capital Gains and Dividends

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Author :
Release : 1981
Genre :
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Book Synopsis Taxation and the Stock Market Valuation of Capital Gains and Dividends by :

Download or read book Taxation and the Stock Market Valuation of Capital Gains and Dividends written by . This book was released on 1981. Available in PDF, EPUB and Kindle. Book excerpt: Dividends seem to be more heavily taxed than capital gains. Why then do corporations pay dividends rather than repurchasing shares or retaining earnings? Either corporations are not acting in the interests of shareholders, or else shareholders desire dividends sufficiently for nontax reasons to offset the tax effect. In this paper, we measure the relative valuation of dividends and capital gains in the stock market, using a variant of the capital asset pricing model. We find that dividends are not valued differently systematically from capital gains. This finding is consistent with share price maximization by firms but inconsistent with the fact that most shareholders pay a heavier tax on dividends. We also show that the relative value of dividends provides an indirect measure of a marginal Tobin's q. The measured value of dividends relative to capital gains tends to be higher during prosperous periods, as is consistent with this interpretation. We hope that this time series on a marginal Tobin's q will prove to be useful in forecasting the rate of investment.

Taxation and the Stock Market Valuation of Capital Gains and Dividends

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Author :
Release : 1979
Genre : Capital gains tax
Kind : eBook
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Book Synopsis Taxation and the Stock Market Valuation of Capital Gains and Dividends by : Roger Hall Gordon

Download or read book Taxation and the Stock Market Valuation of Capital Gains and Dividends written by Roger Hall Gordon. This book was released on 1979. Available in PDF, EPUB and Kindle. Book excerpt: Dividends seem to be more heavily taxed than capital gains. Why then do corporations pay dividends rather than repurchasing shares or retaining earnings? Either corporations are not acting in the interests of shareholders, or else shareholders desire dividends sufficiently for nontax reasons to offset the tax effect. In this paper, we measure the relative valuation of dividends and capital gains in the stock market, using a variant of the capital asset pricing model. We find that dividends are not valued differently systematically from capital gains. This finding is consistent with share price maximization by firms but inconsistent with the fact that most shareholders pay a heavier tax on dividends. We also show that the relative value of dividends provides an indirect measure of a marginal Tobin's q. The measured value of dividends relative to capital gains tends to be higher during prosperous periods, as is consistent with this interpretation. We hope that this time series on a marginal Tobin's q will prove to be useful in forecasting the rate of investment.

The Effect of the Relative Tax Treatment of Dividends and Capital Gains on Corporate Valuation and Behavior

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Author :
Release : 1988
Genre :
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Book Synopsis The Effect of the Relative Tax Treatment of Dividends and Capital Gains on Corporate Valuation and Behavior by : John Karl Scholz

Download or read book The Effect of the Relative Tax Treatment of Dividends and Capital Gains on Corporate Valuation and Behavior written by John Karl Scholz. This book was released on 1988. Available in PDF, EPUB and Kindle. Book excerpt:

Taxation and the Stock Market Valuation of Capital Gains and Dividends

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Author :
Release : 2010
Genre :
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Book Synopsis Taxation and the Stock Market Valuation of Capital Gains and Dividends by : Roger H. Gordon

Download or read book Taxation and the Stock Market Valuation of Capital Gains and Dividends written by Roger H. Gordon. This book was released on 2010. Available in PDF, EPUB and Kindle. Book excerpt: Dividends seem to be more heavily taxed than capital gains. Why then do corporations pay dividends rather than repurchasing shares or retaining earnings? Either corporations are not acting in the interests of shareholders, or else shareholders desire dividends sufficiently for nontax reasons to offset the tax effect. In this paper, we measure the relative valuation of dividends and capital gains in the stock market, using a variant of the capital asset pricing model. We find that dividends are not valued differently systematically from capital gains. This finding is consistent with share price maximization by firms but inconsistent with the fact that most shareholders pay a heavier tax on dividends. We also show that the relative value of dividends provides an indirect measure of a marginal Tobin's q. The measured value of dividends relative to capital gains tends to be higher during prosperous periods, as is consistent with this interpretation. We hope that this time series on a marginal Tobin's q will prove to be useful in forecasting the rate of investment.

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