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http://hdl.handle.net/11375/5507
Title: | The market valuation of deferred taxes |
Authors: | Tihanyi, Eva McMaster University, Faculty of Business |
Publication Date: | Mar-1980 |
Series/Report no.: | Research and working paper series (McMaster University. Faculty of Business) no. 162 |
Abstract: | <p>Three variants of a finite-horizon growth model are developed into regresĀsion equations to infer the stock market valuation of tax deferral gains, using approximately 2000 Compustat records from the 1970-75 period. It is concluded that deferred tax credits were recognized as sources of shareholder wealth, but subjected to a discount in comparison to reported earnings and reported equity funds. The expectation of deceleration, depreciation-correction, and price regulation are discussed as potential causes for the discount, and related to the industry-by-industry and year-by-year structure of the regression estimates.</p> |
Description: | <p>15, 4 p. ; Includes bibliographical references. ;</p> |
URI: | http://hdl.handle.net/11375/5507 |
Identifier: | dsb/164 1163 4944188 |
Appears in Collections: | DeGroote School of Business Working Paper Series |
Files in This Item:
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fulltext.pdf | 719.48 kB | Adobe PDF | View/Open |
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