Detail An Examination of The Issue of Form Versus Substance in An Experimental Asset Market : A Pilot Study   Oleh:  Salandro, Daniel ; Peterson, Steven Jenis: Article from Bulletin/Magazine Dalam koleksi: INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS vol. 5 no. 1 (1996), page 1-18. Topik: ASSET MARKETS; experimental asset market Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: II7 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel A series of experiments are conducted in a security asset market that comprises two long - lived securities with identical pre - tax fundamental values but different payout structures. One security pays taxable dividends every period while the other security accumulates earnings to be distributed at random intervals. The results of the experiments indicate that traders ignore tax considerations and pay a premium for the security distributing dividends every period. But this premium is negatively correlated with the size of the accumulated earnings of the other firm. Thus, it appears that the market confuses the issues of form and substance, and that form appears to matter. Investors segregate the small steady dividends with either a capital gain or capital loss associated with the sale of the security. As the accumulated earnings of the other firm grow, investor's preferences shift ; they now integrate the relatively large accumulated earnings with the potential capital loss associated with this security. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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