Information Content of Tax Credit Rate under Imputation Tax Credit System

• Main Authors: TSAI YU-LING, 蔡玉玲
• Other Authors: 吳清在
• Format: Others
• Language: zh-TW
• Published: 2000
• Online Access: http://ndltd.ncl.edu.tw/handle/65956425761389908693

碩士 === 國立成功大學 === 會計學系 === 88 === Under the imputation tax credit system, tax credit rate has become one of the important factors that investors may take into consideration in their investment decision. The main idea is to investigate market reactions of 149 corporations’ information of tax credit rate before and after ex-dividend days in 1999. We found that in no matter ex-cash-dividend event or ex-stock-dividend event, the explanatory variance ICA has no strong reaction to the cumulated abnormal returns. It shows statistically that the unexpected information of tax credit rate to investors has no reaction to stock prices. The explanatory variance D2 in ex-cash-dividend event and the explanatory variance D3 in ex-stock-dividend event both have strong reaction to cumulated abnormal returns. It shows that 「first ex-cash-dividend and then ex-stock-dividend」is really one of the factors that will affect tax credit rate and investment decisions. the explanatory variance D1、D4 both have no strong reaction to cumulated abnormal returns.