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Implicit Taxes in High Dividend Yield Stocks
9 references·16 citing·48 second hop
Implicit Taxes in High Dividend Yield Stocks (1998)Implicit Taxes in High Dividend Yield Sto…A Test of the Theory of Tax Clienteles for Dividend Policies (1999)A Test of the Theory of Tax C…Taxes, Financing Decisions, and Firm Value (1998)Taxes, Financing Decisions, a…Taxes and Business Strategy. (1992)Taxes and Business Strategy.Foreign Tax Credit Limitations and Preferred Stock Issuances (1992)Foreign Tax Credit Limitation…ON THE "TRADITIONAL" and "NEW" VIEWS OF DIVIDEND TAXATION (1991)ON THE "TRADITIONAL" and "NEW…Cross-Sectional Dependence and Problems in Inference in Market-Based Accounting Research (1987)Cross-Sectional Dependence an…The effect of personal taxes and dividends on capital asset prices (1979)The effect of personal taxes …Taxes, transactions costs and the clientele effect of dividends (1977)Taxes, transactions costs and…The effects of dividend yield and dividend policy on common stock prices and returns (1974)The effects of dividend yield…Capital gains taxation and funding for start-ups (2020)Capital gains taxation and fu…Implicit Corporate Taxes and Income Shifting (2019)Implicit Corporate Taxes and …The effect of capital gains taxes on the initial pricing and underpricing of IPOs (2015)The effect of capital gains t…What Influences Accounting Research? A Citations-Based Analysis (2013)What Influences Accounting Re…Do Taxes Affect Corporate Decisions? A Review (2013)Do Taxes Affect Corporate Dec…The Extent of Implicit Taxes at the Corporate Level and the Effect of TRA86* (2012)The Extent of Implicit Taxes …The Effect of Tax-Exempt Investors and Risk on Stock Ownership and Expected Returns (2010)The Effect of Tax-Exempt Inve…Tax-Induced Trading around the Taxpayer Relief Act of 1997 (2008)Tax-Induced Trading around th…The Future of Tax Research: From an Accounting Professor's Perspective (2007)The Future of Tax Research: F…Tax Benefits as a Source of Merger Premiums In Acquisitions of Private Corporations (2007)Tax Benefits as a Source of M…Dividend taxes and firm valuation: (2003)Dividend taxes and firm valua…Are shareholder dividend taxes on corporate retained earnings impounded in equity prices? Additional evidence and analysis (2003)Are shareholder dividend taxe…Evidence of Tax-Clientele-Related Trading following Dividend Increases (2001)Evidence of Tax-Clientele-Rel…The effect of transaction structure on price: Evidence from subsidiary sales (2000)The effect of transaction str…Do capital gain tax rate increases affect individual investors’ trading decisions? (2000)Do capital gain tax rate incr…Capital gains tax rates and the cost of capital for small business: evidence from the IPO market (1999)Capital gains tax rates and t…CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)Risk, Return, and Equilibrium: Empirical Tests (1973)Fundamentals and Stock Returns in Japan (1991)Alternative factor specifications, security characteristics, and the cross-section of expected stock returns1We are especially grateful to Eugene Fama (a referee), an anonymous referee and Bill Schwert (the editor) for insightful and constructive suggestions. We also thank Wayne Ferson, Ken French, Will Goetzmann, Craig Holden, Ravi Jagannathan, Bob Jennings, Bruce Lehmann, Josef Lakonishok, Richard Roll, participants at the 1997 Meetings of the Western Finance Association, the 1997 UCLA/USC/UC Irvine conference, the November 1997 Asset Pricing Meeting of the National Bureau of Economic Research, the Atlanta Forum, and seminars at Columbia, Indiana, Florida, New York, Tulane, and Yale Universities; Eugene Fama and Ken French for providing part of the data used in this study; and Christoph Schenzler for excellent programming assistance. The second author acknowledges support from the Dean's Fund for Research and the Financial Markets Research Center at Vanderbilt University. We are responsible for remaining errors. This paper was formerly titled `A Re-Examination of Security Return Anomalies'.1 (1998)Liquidity and stock returns: An alternative test (1998)Tax Planning, Regulatory Capital Planning, and Financial Reporting Strategy for Commercial Banks (1990)Taxes and Business Strategy: A Planning Approach (1991)Global organizations and taxes: An analysis of the dividend, interest, royalty, and management fee payments between U.S. multinationals' foreign affiliates (1997)How Well Do Compustat NOL Data Identify Firms with U.S. Tax Return Loss Carryovers? (2003)Taxes and Corporate Finance (2008)Dividend Policy, Growth, and the Valuation of Shares (1961)The relationship between return and market value of common stocks (1981)Asset pricing and the bid-ask spread (1986)Investor Sentiment and the Cross‐Section of Stock Returns (2006)INFORMATIONAL ASYMMETRIES, FINANCIAL STRUCTURE, AND FINANCIAL INTERMEDIATION (1977)Informational Asymmetries, Financial Structure, and Financial Intermediation (1977)The Benefits of Lending Relationships: Evidence from Small Business Data (1994)IPO Underpricing: A Meta-Analysis and Research Synthesis (2003)Capital Gains Taxes and Asset Prices: Capitalization or Lock-In? (2006)The Behavior of Stock-Market Prices (1965)Special Information and Insider Trading (1974)The theory and practice of econometrics (1986)Consistent Covariance Matrix Estimation with Cross-Sectional Dependence and Heteroskedasticity in Financial Data (1989)Abnormal returns to a fundamental analysis strategy. (1998)Managerial Decisions and Long-Term Stock Price Performance (1998)A Theory of the Consumption Function (1960)A test of dividend irrelevance using volume reactions to a change in dividend policy (1986)USING DIVIDEND POLICY AND MANAGERIAL OWNERSHIP TO REDUCE AGENCY COSTS (1994)The Impact of Dividend Policy on Share Price Volatility in the Malaysian Stock Market (2012)Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data (2013)Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift? (1995)Corporate Share Repurchases in the 1990s: What Role Do Stock Options Play? (2000)Dividends, Share Repurchases, and Tax Clienteles: Evidence from the 2003 Reductions in Shareholder Taxes (2010)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Dividend Policy under Asymmetric Information (1985)Financing Constraints and Corporate Investment (1987)The Effect of Shareholder-Level Dividend Taxes on Stock Prices: Evidence from the Revenue Reconciliation Act of 1993 (2002)How to Eliminate Pyramidal Business Groups - The Double Taxation of Inter-Corporate Dividends and Other Incisive Uses of Tax Policy (2004)The Effect of Leverage on Firm Value and How The Firm Financial Quality Influence on This Effect (2011)Corporate financing and investment decisions when firms have information that investors do not have (1984)Common risk factors in the returns on stocks and bonds (1993)Auditor choice and the cost of debt capital for newly public firms (2004)Does the Contribution of Corporate Cash Holdings and Dividends to Firm Value Depend on Governance? A Cross‐country Analysis (2006)Corporate Tax Avoidance and Firm Value (2009)The Economic Effects of the Tax Reform Act of 1986 (1997)What Happens When You Tax the Rich? Evidence from Executive Compensation (2000)Inside Debt and the Design of Corporate Debt Contracts (2013)
this work references cited by second hop

References

  • 1979The effect of personal taxes and dividends on capital asset prices1,212 cited
  • 1998Taxes, Financing Decisions, and Firm Value1,037 cited
  • 1974The effects of dividend yield and dividend policy on common stock prices and returns1,002 cited
  • 1987Cross-Sectional Dependence and Problems in Inference in Market-Based Accounting Research548 cited
  • 1992Taxes and Business Strategy.232 cited
  • 1977Taxes, transactions costs and the clientele effect of dividends207 cited
  • 1999A Test of the Theory of Tax Clienteles for Dividend Policies164 cited
  • 1991ON THE "TRADITIONAL" and "NEW" VIEWS OF DIVIDEND TAXATION150 cited
  • 1992Foreign Tax Credit Limitations and Preferred Stock Issuances95 cited

Cited by

  • 1999Capital gains tax rates and the cost of capital for small business: evidence from the IPO market99 cited
  • 2000The effect of transaction structure on price: Evidence from subsidiary sales75 cited
  • 2007Tax Benefits as a Source of Merger Premiums In Acquisitions of Private Corporations64 cited
  • 2003Dividend taxes and firm valuation:56 cited
  • 2020Capital gains taxation and funding for start-ups52 cited
  • 2013Do Taxes Affect Corporate Decisions? A Review

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52 cited
  • 2007The Future of Tax Research: From an Accounting Professor's Perspective50 cited
  • 2019Implicit Corporate Taxes and Income Shifting44 cited
  • 2000Do capital gain tax rate increases affect individual investors’ trading decisions?44 cited
  • 2010The Effect of Tax-Exempt Investors and Risk on Stock Ownership and Expected Returns41 cited
  • 2001Evidence of Tax-Clientele-Related Trading following Dividend Increases40 cited
  • 2008Tax-Induced Trading around the Taxpayer Relief Act of 199739 cited
  • 2012The Extent of Implicit Taxes at the Corporate Level and the Effect of TRA86*38 cited
  • 2015The effect of capital gains taxes on the initial pricing and underpricing of IPOs38 cited
  • 2013What Influences Accounting Research? A Citations-Based Analysis37 cited
  • 2003Are shareholder dividend taxes on corporate retained earnings impounded in equity prices? Additional evidence and analysis37 cited