| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w0496 |
| 来源ID | Working Paper 0496 |
| Taxation and the Ex-Dividend Day Behavior of Common Stock Prices | |
| Jerry R. Green | |
| 发表日期 | 1980-07-01 |
| 出版年 | 1980 |
| 语种 | 英语 |
| 摘要 | The behavior of stock prices around ex-dividend days has been suggested as evidence for tax-induced clientele effects and as a means to estimate the average effective tax rate faced by investors. In this paper these possibilities are examined theoretically and empirically. Theoretically it is shown that the measured price drop per dollar of dividend may provide a biased estimate of the effective tax rate. Looking at the volume of trade around ex-dividend days we show that the conditions under which it would be unbiased are unlikely to hold. Strong evidence, based on a broader database than that used by previous investigators, is presented for the presence of the clientele effect. |
| 主题 | Financial Economics |
| URL | https://www.nber.org/papers/w0496 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/557683 |
| 推荐引用方式 GB/T 7714 | Jerry R. Green. Taxation and the Ex-Dividend Day Behavior of Common Stock Prices. 1980. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w0496.pdf（297KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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