The Ex-Dividend Pricing of REITs
Past studies have shown that ex-dividend stock prices are not fully reflective of dividend payments. A tax-induced clientele effect and micromarket limitations in stock pricing have been used to explain this pricing anomaly. This study focuses on the ex-dividend behavior of real estate investment trusts (REITs). Due to a low correlation between dividend size and dividend yield, REITs permit a cleaner examination of a tax-induced clientele effect. The results indicate that tick constraints in pricing ex-dividend stocks create the appearance of a tax-induced clientele effect in REITs when none should exist. Copyright 2002 American Real Estate and Urban Economics Association.
Year of publication: |
2002
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Authors: | III, William G. Hardin ; Liano, Kartono ; Huang, Gow-cheng |
Published in: |
Real Estate Economics. - American Real Estate and Urban Economics Association - AREUEA. - Vol. 30.2002, 4, p. 533-549
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Publisher: |
American Real Estate and Urban Economics Association - AREUEA |
Saved in:
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