Article1993

Australian Tax Changes and Dividend Reinvestment Announcement Effects: A Pre- and Post-Imputation Study

12 citations0/0 files storedAustralian Journal of Management

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Corporate Finance and Governance Financial Markets and Investment Strategies Financial Analysis and Corporate Governance

Abstract

This paper used an event study approach to examine the impact of dividend reinvestment plans on shareholders' returns in the pre- and post-imputation environments. The daily share return behaviour indicated that the announcement to introduce a dividend reinvestment plan (DRP) was received indifferently by the market before 1 July 1988, but was valued positively after superannuation funds were able to benefit from the imputation credits. Moreover, the simple market-adjusted returns model and the market model had similar power in detecting abnormal returns in an Australian context.

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References

1984Corporate financing and investment decisions when firms have information that investors do not have 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1984The Capital Structure Puzzle 1985Using daily stock returns 1961Dividend Policy, Growth, and the Valuation of Shares 1985Dividend Policy under Asymmetric Information 1980Measuring security price performance 1984The Capital Structure Puzzle

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2014Determinants of a firm's decision to utilize a dividend reinvestment plan and shareholder participation rates: Australian evidence

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