Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/45180 
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dc.contributor.authorHaesner, Christianen
dc.contributor.authorSchanz, Deborahen
dc.date.accessioned2011-04-27T09:25:05Z-
dc.date.available2011-04-27T09:25:05Z-
dc.date.issued2011-
dc.identifier.urihttp://hdl.handle.net/10419/45180-
dc.description.abstractThis paper investigates the impact of the 2001 tax reform in Germany on dividend announcement returns. With this major tax reform, the full imputation system was replaced by the half-income system, which had a significant impact on the relative taxation of dividends and capital gains for most investor classes. In an event study framework, we separate the tax effect of dividends from their positive signaling and agency cost effects to offer a more comprehensive picture of the valuation implications of dividends in Germany. Controlling for signaling and agency cost effects of dividends we find that the market response to positive dividend surprises is more pronounced under the full imputation system, where dividends are generally more favorable to investors from a tax perspective, than under the half-income system. Our results suggest that the observed decline in the dividend response coefficient is synchronized with the 2001 tax reform and hence attributable to the 2001 tax reform.en
dc.language.isoengen
dc.publisher|aArbeitskreis Quantitative Steuerlehre (arqus) |cBerlin en
dc.relation.ispartofseries|aarqus Discussion Paper |x117en
dc.subject.jelG35en
dc.subject.jelG14en
dc.subject.jelH3en
dc.subject.jelG34en
dc.subject.ddc330en
dc.subject.keywordDividend Announcementsen
dc.subject.keywordTaxationen
dc.titleTaxes and the valuation of dividends: a study of dividend announcements in Germany-
dc.typeWorking Paperen
dc.identifier.ppn656846127en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:arqudp:117en

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