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Abstract ▼ AI-Helper

The purpose of this study is to investigate whether the valuation of stocks based on the Korean tax law is proper. Specifically, we compared the values of common stocks between the estimated values based on Korean tax law and their market price. We also investigated whether the valuation errors of c...

The purpose of this study is to investigate whether the valuation of stocks based on the Korean tax law is proper. Specifically, we compared the values of common stocks between the estimated values based on Korean tax law and their market price. We also investigated whether the valuation errors of common stocks were influenced by firm size. Finally, we investigated how much the effects of goodwill are in valuation based on Korean tax law. The results showed that the values based on Korean tax law were overestimated. Specifically, their market prices were 62% of their value measured by net earnings, and 74% of their value measured by net assets on average. And also their values based on Korean tax law are greater than their market price by 55% on average. These mean tax valuation method causes overstimation on average. But the level of overestimation were negatively associated with firm size. For large firms, their values estimated by Korean tax law were smaller than their market price. But for medium and small firms, it was opposite. Finally, the goodwill affect on valuation by 3.5%.

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