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http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/24848完整後設資料紀錄
| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 何憲章(Hsien-Chan Ho) | |
| dc.contributor.author | Shih-Hua Chen | en |
| dc.contributor.author | 陳世樺 | zh_TW |
| dc.date.accessioned | 2021-06-08T05:57:15Z | - |
| dc.date.copyright | 2008-01-10 | |
| dc.date.issued | 2007 | |
| dc.date.submitted | 2007-12-26 | |
| dc.identifier.citation | 1. Bali, R. and Hite. G.L. (1998), ‘Ex-Dividend Day Stock Price Behavior: Discreteness or Tax-Induced Clienteles?’, Journal of Financial Economics, 47, 127-159.
2. Booth, L.D. and Johnston, D.J. (1984), ‘The Ex-Dividend Day Bahavior of Canadian Stock Prices: Tax Changes and Clientele Effects’, The Journal of Finance, 39, 457-476. 3. Brown, P. and Clarke, A. (1993), ‘The Ex-Dividend Day Behaviour of Australian Share Prices Before and After Dividend Imputation’, Australian Journal of Management, 18, 1-22. 4. Cannavan, D., Finn, F. and Gray, S. (2004), ‘The Value of Dividend Imputation Tax Credits in Australia,’ Journal of Financial Economics, 73, 167-197. 5. Eades, K.M., Hess, P.J. and Kim, E.H. (1984), ‘On Interpreting Security Returns During the Ex-Dividend Period’, Journal of Financial Economics, 13, 3-34. 6. Elton, E.J. and Gruber, M.J. (1970), ‘Marginal Stock Holder Tax Rates and the Clientele Effect’, Review of Economics and Statistics, 52, 68-74. 7. Elton, E.J., Gruber, M.J. and Blake, C.R. (2005), ‘Marginal Stockholder Tax Effects and Ex-Dividend Day Behavior Thirty-Two Years Later’, Review of Economics and Statistics, 87, 579-586. 9. Frank, M. and Jagannathan, R. (1998), ‘Why do Stock Prices Drop by Less than the Value of the Dividend? 10. Hathaway, N.J. and Officer, R.R. (1992), ‘The Value of Imputation Credits’, Graduate of School of Management, The University of Melbourne, VIC. 11. Heath, D.C. and Jarrow, R.A. (1988), ‘Ex-Dividend Stock Price Behavior and Arbitrage Opportunities’, Journal of Business, 61, 95-108. 12. Lakonishok, J. and Vermaelen, T. (1983), ‘Tax Reform and Ex-Dividend Day Behavior’, Journal of Finance, 38, 1157-1179. 13. Milonas, N.T., Travlos, N.G., Xiao, J.Z. and Tan. C. (2006), ‘The Ex-Dividend Day Stock Price Behavior in the Chinese Stock Market’, Pacific-Basin Finance Journal, 14, 155-174. 14. Partington, G.H. and Walker, S. (1999), ‘The Value of Dividends: Evidence from Cum-Dividend Trading in the Ex-Dividend Period’, Accounting and Finance, 39, 275-296. 15. Poterba, J.M. and Summers, L.H. (1984), ‘New Evidence that Taxes Affect the Value of Dividends’, The Journal of Finance, 39, 1397-1415. 16. Sun, M.J. 孫梅瑞 and Chen, H.M. 陳憲民 (2005), ‘The Trend of Dividend Policies and Corporate Characteristics of the Listed Firms in Taiwan’, Journal of Business Administration (企業管理學報), 66, 77-100. 17. Taiwan Economic Journal (TEJ) http://www.tej.com.tw 18. Taiwan Stock Exchange http://www.tse.com.tw 19. Taiwan Taxation and Tariff Committee (2007), ‘Guide to ROC Taxes 2007’, Ministry of Finance, Taiwan 20. Tseng, Y.L. 曾雲蘭 and Hu, H.Y. 胡星陽 (2005), ‘Stock Prices around the Ex-dates – Evidence from the Taiwan Stock Exchange’ 21. Wang, J.H. 汪瑞芝 and Chen, M.C. 陳明進 (2004), ‘An Empirical Investigation of Impacts of the Imputation Tax System on Corporate Dividend Payouts’, Journal of Management (管理學報), Vol 22, Week 2, 257-277. | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/24848 | - |
| dc.description.abstract | 根據效率市場假說和套利理論，市場交易不受稅、無交易成本以及不可扣抵稅額的影響，除權除息當日股價下跌幅度應與股利價值相等。
有許多研究為此辯論，股價下跌幅度是否精準地反應現有的財金理論。有些研究相信市場的效率足以被那些假設解釋；其他則相信投資者的行為和偏好將會影響除權除息日的股價下跌幅度。 此篇研究分析台灣從1995年到2001年間，兩稅合一制影響投資者的行為所帶來的結果。我們發現在趨勢上的改變，愈來愈多企業選擇增加現金股利的發放，而因此股價下跌比例也增加。這個改變顯示，相對於資本利得，股東得到的股利價值增加。 | zh_TW |
| dc.description.abstract | According to the efficient market hypothesis and the arbitrage theory where there are no taxes, transaction costs and imputation credits, the ex-dividend price drop of the stock should be equal to the value of the dividend.
Whether this price drop accurately reflects the established financial theories has been debated by many researchers. Some believe that the market is sufficiently efficient to be explained by the hypotheses. Others believe that investor behavior and preferences will influence the price drop on the ex-dividend date. This paper analyzes the effects of the introduction of the imputation tax system on the behavior of dividend price drops in Taiwan from 1995 to 2001. We found that there is a shift in trend for more companies to distribute cash dividends, and that the ex-dividend price drop ratio increased which suggests that shareholders increased their value of dividends relative to capital gains. | en |
| dc.description.provenance | Made available in DSpace on 2021-06-08T05:57:15Z (GMT). No. of bitstreams: 1 ntu-96-R94723073-1.pdf: 839752 bytes, checksum: 5fb87f9c63cc8bf93c5c7797b1624b82 (MD5) Previous issue date: 2007 | en |
| dc.description.tableofcontents | Table of Contents
Chapter 1 Introduction 1 1.1 Purpose and Motivation 1 1.2 Thesis Structure 3 Chapter 2 Tax Systems 5 2.1 Tax Systems: Overview 5 2.2 Imputation in Taiwan - A Detailed Description 7 Chapter 3 Literature Review 12 3.1 Classical Tax Literature 12 3.2 Imputation Tax System Literature 15 Chapter 4 Data and Methodology 17 4.1 Data Sources 17 4.2 Methodology 19 Chapter 5 Empirical Results 24 5.1 Results Analysis 24 Chapter 6 Conclusion and Comments 32 6.1 Conclusions 32 6.2 Comments 34 6.3 Future Research 35 References 36 | |
| dc.language.iso | en | |
| dc.subject | 除息 | zh_TW |
| dc.subject | 除權 | zh_TW |
| dc.subject | 兩稅合一 | zh_TW |
| dc.subject | Ex-Dividend | en |
| dc.subject | Price Drop Ratio | en |
| dc.subject | Imputation Credit | en |
| dc.subject | Imputation Tax | en |
| dc.subject | Integrated Tax | en |
| dc.title | 台灣兩稅合一對除權除息股價的影響 | zh_TW |
| dc.title | Effects of Imputation Tax on Ex-Dividend Price Drop in Taiwan | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 96-1 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 陳明賢(Mingshen Chen),陳業寧(Yehning Chen) | |
| dc.subject.keyword | 除權,除息,兩稅合一, | zh_TW |
| dc.subject.keyword | Ex-Dividend,Integrated Tax,Imputation Tax,Imputation Credit,Price Drop Ratio, | en |
| dc.relation.page | 37 | |
| dc.rights.note | 未授權 | |
| dc.date.accepted | 2007-12-27 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 財務金融學研究所 | zh_TW |
| 顯示於系所單位： | 財務金融學系 | |
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