Source: As specified in table. Table . Estimates of the utilisation rate from alternative market value studies Pre-2000 Post-2000 Authors Notes results results Dividend drop off study using hybrids N/A Combined drop off of 1.0. With dividends at Feuerherdt, Gray and Hall (2010) (1995–2002) full value, this is a utilisation rate of 0. Futures study (individual or index) 0.12 SFG (2013b) Uses individual firms. (2000–2013) 0–0.15 Cannavan et al (2004) Uses individual firms. (1994–1999) 0.52 Cummings and Frino (2008) Uses index. (2002–2005) Rate of return study -1.57 -1.90 Uses past returns. For the entire period, NERA (2013b) (1987–2000) (2000–2012) estimate is -1.50. -1.57 -1.68 Uses past returns. For the entire period, Lajbcygier and Wheatley (2012) (1987–2000) (2000–2009) estimate is -1.88 -0.29–0.30 Uses forecast returns. Note range is from Siau et al (2013) (1996–2011) negative 0.29 to positive 0.30. Simultaneous share trades N/A Combined drop off of 1.29. With dividends at Chu and Partington (2008) (1996) full value, this is a utilisation rate of 0.68. Walker and Partington (1999) 0.88–0.96
Source: As specified in table. Table . Estimates of the utilisation rate from alternative market value studies Authors Pre-2000 results Post-2000 results Notes Dividend drop off study using hybrids Feuerherdt, Gray and Hall (2010) N/A (1995–2002) Combined drop off of 1.0. With dividends at full value, this is a utilisation rate of 0. Futures study (individual or index) SFG (2013b) 0.12 (2000–2013) Uses individual firms. Cannavan et al (2004) 0–0.15 (1994–1999) Uses individual firms. Cummings and Frino (2008) 0.52 (2002–2005) Uses index. Rate of return study NERA (2013b) -1.57 (1987–2000) -1.90 (2000–2012) Uses past returns. For the entire period, estimate is -1.50. Lajbcygier and Wheatley (2012) -1.57 (1987–2000) -1.68 (2000–2009) Uses past returns. For the entire period, estimate is -1.88 Siau et al (2013) -0.29–0.30 (1996–2011) Uses forecast returns. Note range is from negative 0.29 to positive 0.30. Simultaneous share trades Chu and Partington (2008) N/A (1996) Combined drop off of 1.29. With dividends at full value, this is a utilisation rate of 0.68. Walker and Partington (1999) 0.88–0.96
AER%20-%20Draft%20decision%20TasNetworks%20transmission%20determination%20-%20Attachment%204%20-%20Value%20of%20imputation%20credits%20-%20November%202014.DOCX