Tax costs and signalling benefits: The impact of surplus ACT

Journal of Business Finance and Accounting

Volumn 29, Issue 3-4, 2002, Pages 411-428

  Hodgkinson, Lynn ^a  

^a BANGOR UNIVERSITY   (United Kingdom)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 27844588771     PISSN: 0306686X     EISSN: 14685957     Source Type: Journal    
DOI: 10.1111/1468-5957.00436     Document Type: Article

References (21)

1. Aharony, J. and I. Swary (1980), 'Quarterly Dividends and Earnings Announcements and Stockholder' Returns: An Empirical Analysis', Journal of Finance, Vol. 35 (March), pp. 1-12.
2. Bond, S., L. Chennells and M. Devereaux (1995), 'Taxes and Company Dividends: a Microeconometric Investigation Exploiting Cross-section Variation in Taxes', Working Paper (Institute for Fiscal Studies).
3. Chang, S.J. and S. Chen (1991), 'Information Effects of Earnings and Dividend Announcements on Common Stock Returns: Are They Interactive?', Journal of Economics and Business, Vol. 43, pp. 179-92.
4. Chui, A., N. Strong and J. Cadle (1992), 'The Empirical Significance of Tax Effects on the Valuation of Dividends: The UK Evidence', Journal of Business Finance & Accounting, Vol. 19, No. 4 (June), pp. 515-32.
5. Corrado, C.J. (1989), 'A Non-parametric Test for Abnormal Security -price Performance in Event Studies', Journal of Financial Economics, Vol. 23, pp. 385-95.
6. Easton, S. (1991), 'Earnings and Dividends: Is there an Interaction Effect?', Journal of Business Finance & Accounting, Vol. 18, No. 2 (January), pp. 255- 66.
7. Edwards, J., C. Mayer and P. Pashardes (1986), 'The Effects of Taxation on Corporate Dividend Distributions', Working Paper (Institute for Fiscal Studies).
8. Eggington, D.A., J.J. Forker and M.J. Tippett (1989), 'Share Option Rewards and Managerial Performance: An Abnormal Performance Index Model', Accounting and Business Research (Summer) pp. 255-66.
9. Fama, E. and H. Babiak, (1968), 'Dividend Policy: An Empirical Analysis', Journal of the American Statistical Society (December), pp. 1132-61.
10. Freeman, H. and R. Griffith (1993), 'Surplus ACT - A Solution in Sight?', Fiscal Studies, Vol. 14, No. 4, pp. 58-73.
11. Higson, C. (1991), The Problem of Surplus ACT (Mimeo, London Business School).
12. Holland, K.M. and L. Hodgkinson (1994), 'The Pre-announcement Share Price Behaviour of UK Takeover Targets', Journal of Business Finance & Accounting, Vol. 21, No. 4, pp. 467-90.
13. Kane, A., Y.K. Lee and A. Marcus (1984), 'Earnings and Dividend Announcements: Is there a Corroboration Effect', Journal of Finance, Vol. XXXIX, No. 4 (September), pp. 1091-99.
14. Kwan, C.C.Y. (1981), 'Efficient Market Tests of the Informational Content of Dividend Announcements: Critique and Extension', Journal of Financial and Quantitative Analysis, Vol. XVI, No. 2 (June), pp. 193-206.
15. Lintner, J. (1956), 'Distribution of Incomes of Corporations among Dividends, Retained Earnings and Taxes', American Economic Review, Vol. 46 (May), pp. 97-113.
16. Pettitt, R.R. (1972), 'Dividend Announcements, Security Performance, and Capital Market Efficiency', Journal of Finance, Vol. 27 (December), pp. 993- 1007.
17. Scholes, M. and J. Williams (1977), 'Estimating Betas from Nonsynchronous Data', Journal of Financial Economics, Vol. 5, pp. 309-27.
18. Venkatesh, J.W. and R. Chiang (1989), 'Information Asymmetry and the Dealer's Bid-Ask Spread: A Case Study of Earnings and Dividend Announcements', Journal of Finance, Vol. XLI, No. 5 (December), pp. 1089-102.
19. Wansley, J.W., C.F. Sirmans, J.D. Shilling and Y. Lee (1991), 'Dividend Change Announcement Effects and Earnings Volatility and Timing', Journal of Financial Research, Vol. XIV, No.1 (Spring), pp. 37-49.
20. Watts, R. (1973), 'The Information Content of Dividends', Journal of Business, Vol. 46, pp. 191-211.
21. Woolridge, J.R. and C. Gosh (1985), 'Dividend Cuts: Do they Always Signal Bad News?' Midland Corporate Finance Journal, Vol. 3, No. 2, pp. 20-32.