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- Title
Sampling error and the joint estimation of imputation credit value and cash dividend value.
- Authors
Cannavan, Damien; Gray, Stephen; Hall, Jason
- Abstract
The value of imputation credits can only be estimated jointly with the value of cash dividends. We show that random variation across samples leads to estimates of credit value that move in the opposite direction to estimates of cash value. Derivative prices suggest a value for credits of 0.01 to 0.20 (0.01 to 0.07 if cash is worth 0.94, and 0.13 to 0.20 if cash is worth 0.87). Ex‐dividend prices suggest a value for credits of 0.23 to 0.46 (0.23 to 0.36 if cash is worth 0.85, and 0.33 to 0.46 if cash is worth 0.75).
- Subjects
VALUE (Economics); SAMPLING errors; PRICES; DIVIDENDS
- Publication
Accounting & Finance, 2023, Vol 63, p1029
- ISSN
0810-5391
- Publication type
Article
- DOI
10.1111/acfi.12922