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Australian Tax Changes and Dividend Reinvestment Announcement Effects: A Pre- and Post-Imputation Study

Keith Chan (), Damien W. McColough and Michael Skully
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Damien W. McColough: School of Banking and Finance, University of New South Wales, PO Box 1, Kensington NSW 2033.

Australian Journal of Management, 1993, vol. 18, issue 1, 41-62

Abstract: This paper used an event study approach to examine the impact of dividend reinvestment plans on shareholders' returns in the pre- and post-imputation environments. The daily share return behaviour indicated that the announcement to introduce a dividend reinvestment plan (DRP) was received indifferently by the market before 1 July 1988, but was valued positively after superannuation funds were able to benefit from the imputation credits. Moreover, the simple market-adjusted returns model and the market model had similar power in detecting abnormal returns in an Australian context.

Keywords: DIVIDEND REINVESTMENT PLAN; IMPUTATION; ANNOUNCEMENT EFFECTS (search for similar items in EconPapers)
Date: 1993
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Persistent link: https://EconPapers.repec.org/RePEc:sae:ausman:v:18:y:1993:i:1:p:41-62

DOI: 10.1177/031289629301800102

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