The Effect of Shareholder‐Level Dividend Taxes on Stock Prices: Evidence from the Revenue Reconciliation Act of 1993
The Effect of Shareholder‐Level Dividend Taxes on Stock Prices: Evidence from the Revenue Reconciliation Act of 1993
复制标题
股东层面的股息税对股票价格的影响：来自 1993 年《收入调节法》的证据
DOI：
10.2308/accr.2002.77.4.933
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发表时间：
2002
期刊：
影响因子：
--
通讯作者：
John R. Robinson
中科院分区：
文献类型：
--
作者：
Benjamin C. Ayers;C. Cloyd;John R. Robinson
我们研究了个人（股东层面）所得税税率提高对股票价值的影响。我们回归累计每日异常股票收益率周围的通过1993年的收入调节法对公司股息收益率，税务状况的投资者所代表的机构所有权的水平，这两个变量的相互作用，和控制变量。与我们的预期一致，我们发现（1）公司的股息收益率越高，公司的股票价格对个人所得税税率增加的反应越消极（即，股息税率）颁布的1993年收入调节法，和（2）机构持股减轻这种负面反应。我们的研究结果表明，公司的股息政策和边际投资者的税收状况影响股息税反映在股票价值的程度。我们的证据与传统观点一致，即公司的股利政策影响到的程度...
We investigate the effect of an increase in the individual (shareholder‐level) income tax rate on share values. We regress cumulative daily abnormal stock returns surrounding the passage of the Revenue Reconciliation Act of 1993 on firm dividend yield, tax status of the investor as represented by level of institutional ownership, the interaction of these two variables, and control variables. Consistent with our expectations, we find that (1) the higher the firm's dividend yield, the more negative the firm's stock price reaction to the increase in the individual income tax rate (i.e., the dividend tax rate) enacted in the Revenue Reconciliation Act of 1993, and (2) institutional holdings mitigate this negative reaction. Our results suggest that both the dividend policy of the firm and the tax status of the marginal investor influence the extent to which dividend taxes are reflected in share values. Our evidence is consistent with the traditional view that firm dividend policy influences the extent to which...