Borges, Maria Rosa - In: Journal of Economic Studies 36 (2009) October, pp. 508-521
for different types of investors and market imperfections, including taxes and transaction costs. Design …/methodology/approach – An arbitrage model is developed to determine the possible equilibria for the stock price adjustment, after a dividend … imperfections, such as taxes and transactions costs, implies that there is not a unique equilibrium for the level of stock price …