Task: Australia operates an imputation tax system in which dividends paid out of profits that have been taxed at the Australian corporate tax rate carry tax credits known as franking credits (also known as imputation tax credits). Franking credits allow Australian resident shareholders to reduce their personal tax paid on dividends while these credits do not benefit non-resident investors in the same way. The fact that franking credits are valued differently by different groups of investors makes it difficult for academics and practitioners to determine their market values. A consensus estimate of the market value of franking credits is yet to be obtained in the academic literature. Requirements a. You are required to search for academic journal articles which have examined the market value of dividends and franking credits in Australia and conduct a literature review. b. Your aim is to write a review of literature which attempt to obtain a reliable estimate of the market value of dividends and franking credits with a particular focus on a method employed. c. You are required to find and evaluate at least 8 journal articles on this topic. d. This is a group assignment and one group (of 2 people) is expected to produce one essay.
Subject Name: Finance
Level: Undergraduate
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