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Intangibles, valuation and dividend imputation

Funding: 2000: $79,930
2001: $83,126
2002: $83,977

Project Member(s): Taylor, S., Wells, P., Walker, S.

Funding or Partner Organisation: PricewaterhouseCoopers Australia (Price Waterhouse Coopers Australia Patner Funds)
Australian Research Council (ARC SPIRT (Strategic Partnerships with Industry Re)

Start year: 2000

Summary: How do Australian companies develop, maintain, manage and account for investments in ideas and technology (intangible assets) in an increasingly knowledge-based society? How do equity investors value these accounting disclosures? How do corporate and personal taxation affect these valuations and financing decisions particularly following the introduction of dividend imputation? This project attempts to answer these questions, and in doing so contribute to formulation of taxation, industry and competition policy and accounting regulation in Australia and internationally, contribute to better company financing and investment decisions, better training of PhD students, and enhance Australia's position at the forefront of financial advice and thought leadership.

Publications:

Lee, PJ, Stokes, D, Taylor, SL & Walter, TS 2003, 'The association between audit quality, accounting disclosures and firm-specific risk: evidence from initial public offerings', Journal of Accounting and Public Policy, vol. 22, no. 5, pp. 377-400.
View/Download from: UTS OPUS or Publisher's site

Chu, H & Partington, G 2001, 'Dangers in Data Adjustment: The Case of Rights Issues & Returns', Accounting & Finance, vol. 41, no. 3, pp. 143-168.
View/Download from: UTS OPUS

Partington, G & Walker, S 2001, 'A Note on Transaction Costs & the Interpretation of Dividend Drop-off Ratios', Accounting & Finance, vol. 41, no. 3, pp. 229-241.
View/Download from: UTS OPUS or Publisher's site

Wyatt, A, Matolcsy, ZP & Stokes, D 2001, 'Capitalisation and Intangibles: a Review of Current Practice and the Regulatory Framework', Australian Accounting Review, vol. 11, no. 2, pp. 22-38.
View/Download from: UTS OPUS

Lonergan, W, Stokes, D & Wells, P 2000, 'Giving substance to intangibles: How can we do better than IAS38?', JASSA, no. 4, pp. 2-5.

Keywords: Accounting for Intangible Assets; Value-relevance of Intangibles; Dividend Imputation and cost of capital; Capital Structure

FOR Codes: Finance, Financial Accounting, Finance and investment services, Property and business services