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The Effect of Deferred Taxes on Firm Market Value:
Evidence from Hong Kong
BY

GAO Fan
09050353
Accounting Concentration

JIANG Wei
09050337
Accounting Concentration

An Honors Degree Project Submitted to the
School of Business in Partial Fulfillment of the
Graduation Requirement for the Degree of
Bachelor of Business Administration (Honors)

Hong Kong Baptist University
Hong Kong

April 2012

Supervisor: Dr. H. K. Daniel Ho

Acknowledgement
We would like to use this opportunity to express our deepest gratitude to our honors degree project supervisor, Dr. H. K. Daniel Ho for his valuable and insightful advice and guidance on our project. We are grateful to him for his time and patience and his care and kindness has encouraged and inspired us through our learning process.
We would also like to thank our friends for their support and encouragement throughout our research process. We sincerely appreciate their kindness and care. We are faithfully gratitude to everyone who has helped and supported us with our project.
Last but not least, we would like to thank our beloved School of Business for providing us with this opportunity to conduct an honors degree project. We not only obtained valuable experience of academic research, but also learned how to cooperate, coordinate and balance through the process of our project.

GAO Fan 09050353
JIANG Wei 09050337

1

Abstract
This study examines empirically the effect of deferred taxes recognized under Hong Kong
Accounting Standards (HKAS) 12 on firm market value in Hong Kong stock market. Our empirical model is based on Feltham and Ohlson (1995) Model. Our sample is based on 120 selected companies listed in the Hong Kong Stock Exchange over 2005 to 2010. We document a negative association between deferred tax liabilities (DTL) and firm market value, and a positive association between deferred tax assets (DTA) and firm market value. There is no significant relation between

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