Dividend and Capital Gains Taxation in Firm Valuation: New Evidence

T-S Harris and D Kemsley

Working Papers from Columbia - Graduate School of Business

Abstract: This paper considers how personal taxation of dividends and capital gains influences the valuation of a firm. Although this basic issue has been debated for more than twenty years in the corporate finance, public finance, and accounting literatures, the impact of personal taxation upon firm valuation and the cost of equity capital remains controversial.

Keywords: TAXATION; BUSINESS ORGANIZATION (search for similar items in EconPapers)
JEL-codes: H2 L20 (search for similar items in EconPapers)
Pages: 31 pages
Date: 1996
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Persistent link: https://EconPapers.repec.org/RePEc:fth:colubu:96-24

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