Abstract
The purpose of this study was to test the effects of taxable income and accounting income on stock returns, and to prove whether the information content in the high tax planning firms, lower than low tax planning firms. From the sample of 23 firms with high tax planning categories and 23 firms with low tax planning categories, we find the results that: (1) high tax planning firms which contain less information than the low tax planning firms; (2) taxable income have significant negative effect on stock return, and (3) pre-tax book income have significant positive effect on stock returns.
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