The effect of dividend imputation on portfolio management : theory and evidence

McLennan, Matthew B. (1991). The effect of dividend imputation on portfolio management : theory and evidence Honours Thesis, School of Business, The University of Queensland.

       
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Author McLennan, Matthew B.
Thesis Title The effect of dividend imputation on portfolio management : theory and evidence
School, Centre or Institute School of Business
Institution The University of Queensland
Publication date 1991-01-01
Thesis type Honours Thesis
Total pages 100
Language eng
Subjects 14 Economics
Formatted abstract
This thesis considers the effect of dividend imputation on portfolio management. A full equilibrium model is developed to create propositions about the expected changes in portfolio composition and efficiency that will occur as a result of post-tax mean-variance optimisation. Empirical evidence is sought to confirm propositions which flow from the full equilibrium model. The evidence indicates that significant gains in portfolio efficiency are possible by optimising post-tax rather than pre-tax stock returns. The observed changes in portfolio composition are largely consistent with predictions that stem from the full equilibrium model. However, data limitations mean that further research is required before results can be generalised beyond the ambit of this study.

 
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Created: Thu, 28 Oct 2010, 20:29:56 EST by Ning Jing on behalf of The University of Queensland Library