We relate the informativeness of earnings and dividend announcements to their timing relative to the fiscal quarter end to which the earnings pertain. Evidence is provided that the information content of earnings decreases as the timing of its announcement relative to the fiscal quarter end...

We examine a type of distribution that is taxed as a capital gain rather than as a dividend. Since the distribution induces a realized capital gain while the price change on the ex-distribution day is an unrealized gain, ex-day return behavior provides evidence of the value of tax-timing capital...

Many cities in the Asia-Pacific region serve as financial centres in their respective national jurisdictions or local areas. Noting that most were engaged in efforts to become premier international financial centres (IFCs) in competition with one another, the Korea National Committee for Pacific...

We examine a distribution that is taxed as a capital gain rather than as a dividend. Since the distribution induces a realized capital gain while the price change is an unrealized gain, ex-day return behavior provides evidence of the value of tax-timing capital gains. We show that investors are...