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Dividend taxes and share prices : evidence from real estate investment trusts

Author: William M Gentry; Deen Kemsley; Christopher J Mayer; National Bureau of Economic Research.
Publisher: Cambridge, MA. : National Bureau of Economic Research, ©2001.
Series: Working paper series (National Bureau of Economic Research), no. 8486.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
Abstract: Financial economists have debated the impact of dividend taxes on firm valuation for decades, but existing empirical evidence is mixed. In this study, we avoid certain complications inherent in previous empirical work by exploiting institutional characteristics of Real Estate Investment Trusts (REITs). For REITs, dividend policy is largely non-discretionary, share repurchases are not tax advantaged  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: William M Gentry; Deen Kemsley; Christopher J Mayer; National Bureau of Economic Research.
OCLC Number: 48528314
Notes: "September 2001."
Description: 1 online resource.
Series Title: Working paper series (National Bureau of Economic Research), no. 8486.
Responsibility: William M. Gentry, Deen Kemsley, Christopher J. Mayer.

Abstract:

Abstract: Financial economists have debated the impact of dividend taxes on firm valuation for decades, but existing empirical evidence is mixed. In this study, we avoid certain complications inherent in previous empirical work by exploiting institutional characteristics of Real Estate Investment Trusts (REITs). For REITs, dividend policy is largely non-discretionary, share repurchases are not tax advantaged relative to dividends, and the market value of a firm's assets is relatively transparent to investors. In addition, REITs are exempt from corporate taxes, so their tax deductions flow directly to shareholders as reductions in dividend taxes. Within this environment, we regress the market value of a REIT's equity on the market value of its assets and its tax basis in assets, which creates tax deductions that lower future dividend taxes. We find that tax basis has a positive effect on firm value, which suggests that investors capitalize future dividend taxes into share prices.

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