Stock Dividend Announcement Effects in an Imputation Tax Environment
利用新西兰同时存在应税和免税股票股利的独特制度，研究税收效应如何通过市场价格传递或资本化，发现投资者重视与归集抵免税收抵免相关的未来税收利益。
A key question in asset pricing is the extent to which tax effects are passed through market prices or are capitalised in them. New Zealand stock dividends provide a useful window into this debate because of (1) the existence of both taxable and non‐taxable stock dividends, and (2) the particular form of imputation tax system which allows the full pass through of corporate taxes to the investor on the proportion of profits which are distributed either as cash or taxable stock dividends. We present evidence that investors value future tax benefits associated with imputation tax credits.