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- W2043286842 abstract "We analyze the valuation effects of the Canadian federal government's announcement on November 23, 2005 of a reduction in the taxation of corporate dividends and the announcement on October 31, 2006 of a plan to eliminate the tax-deductibility of income trust distributions. Though high dividend stocks and income trusts reacted positively to the 2005 announcement, the abnormal returns were greater for income trusts. Conversely, both securities reacted negatively to the 2006 announcement with the decline bigger for income trusts. The larger price reactions of income trusts and the lack of statistical significance in the cross-sectional tests of the abnormal returns suggest that the popularity of income trusts in Canada was mostly driven by their favourable income tax status. The implications of these findings for scholarship and for practice are discussed. Copyright © 2008 ASAC. Published by John Wiley & Sons, Ltd. Cette étude analyse les effets des annonces faites par le gouvernement fédéral le 23 novembre 2005 et le 31 octobre 2006 et portant respectivement sur la réduction de l'imposition des dividendes des sociétés et sur un plan d'élimination de la déductibilité fiscale des répartitions de fiducies de revenu. Les résultats indiquent que les actions bénéficiaires élevées et les fiducies de revenu ont réagi positivement à l'annonce de 2005, et négativement à l'annonce de 2006. Par ailleurs, en 2005, les rendements anormaux étaient plus élevés pour les fiducies de revenu, et plus bas en 2006. Les grandes ripostes par les prix des fiducies de revenu et le manque de signification statistique dans les tests transversaux des rendements anormaux suggèrent que le succès des fiducies de revenu au Canada était surtout dû à leur statut fiscal favorable. L'étude s'achève par un examen de ses implications théoriques et pratiques. Copyright © 2008 ASAC. Published by John Wiley & Sons, Ltd." @default.
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- W2043286842 date "2008-01-01" @default.
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- W2043286842 title "Valuation effects of recent corporate dividend and income trust distribution tax changes" @default.
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- W2043286842 doi "https://doi.org/10.1002/cjas.49" @default.
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