The information content of investment tax credits
Autor: | Dimosthenis L. Hevas, Aphroditi J. Papadaki |
---|---|
Rok vydání: | 2001 |
Předmět: |
Double taxation
Economics and Econometrics Economics Econometrics and Finance (miscellaneous) Financial system Restricted stock Tax reform Value-added tax Ad valorem tax Tax credit Stock exchange Accounting Business Management and Accounting (miscellaneous) Business Business and International Management Indirect tax Finance |
Zdroj: | European Accounting Review. 10:173-186 |
ISSN: | 1468-4497 0963-8180 |
DOI: | 10.1080/09638180020024089 |
Popis: | This study examines the association between stock prices and tax credits for new investment, which appear in the balance sheet as a tax-free reserve. A number of valuation models were developed for companies listed on the Athens Stock Exchange during the period 1990–4. The empirical findings reveal that retained earnings committed to new investment, i.e. investment tax credits for future investments, are valued differently from both the remaining equity and the remaining earnings. Moreover, the empirical evidence suggests that the investment tax credits in Greece are not always viewed in a positive fashion by the stock market. |
Databáze: | OpenAIRE |
Externí odkaz: |