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dc.contributor.authorDay, C. L.
dc.date.accessioned2016-11-21T01:11:38Z
dc.date.available2016-11-21T01:11:38Z
dc.date.issued1996
dc.identifier.urihttps://hdl.handle.net/10182/7601
dc.description.abstractThis thesis examines ex-dividend day share price behaviour to determine empirically the estimated value of imputation tax credits in the New Zealand sharemarket. The use of ex-dividend day share price behaviour is due to the underlying premise of the tax-effect hypothesis that share price behaviour on ex-dividend day reflects marginal investors' after-tax value of receiving dividends as opposed to capital gains. Hence a dividend drop-off ratio model is used to determine whether investors have recognised and are receiving the value of imputation tax credits. Some results are inconsistent with the tax-effect hypothesis. However, it is estimated that shareholders do, on average, value tax credits at approximately 60 percent of face value. The value of tax credits should be taken into account when firms are making decisions on investment, capital structure and dividend policy. Establishing the market value of imputation tax credits enables this value to be incorporated into a firm's decision-making process.en
dc.language.isoenen
dc.publisherLincoln Universityen
dc.rights.urihttps://researcharchive.lincoln.ac.nz/page/rights
dc.subjectdividend imputationen
dc.subjectimputation tax creditsen
dc.subjectex-dividend day behaviouren
dc.subjecttax effect hypothesisen
dc.subjectdrop-off ratioen
dc.subjectsharesen
dc.subjectNew Zealand Stock Exchange (NZSE)en
dc.subjectshareholdersen
dc.titleThe market value of imputation tax credits in the New Zealand sharemarket: an empirical analysisen
dc.typeThesisen
thesis.degree.grantorLincoln Universityen
thesis.degree.levelMastersen
thesis.degree.nameMaster of Commerce and Managementen
lu.thesis.supervisorWard, Bert D.
lu.contributor.unitDepartment of Financial and Business Systemsen
dc.rights.accessRightsDigital thesis can be viewed by current staff and students of Lincoln University only. Print copy available for reading in Lincoln University Library. May be available through inter-library loan.en
dc.subject.anzsrc150202 Financial Econometricsen
dc.subject.anzsrc150107 Taxation Accountingen


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