This paper examines the impact of a major change in dividend taxation introduced in the UK in July1997. The reform was structured in such a way that the immediate impact fell almost entirely on thelargest investor class in the UK, namely pension funds. We analyse the behaviour of share...

Securitisations usually involve creating multiple tranches of a single issue with different characteristics, placed on the market as separate securities. Various theoretical explanations have been advanced to explain such tranching. This paper provides the first systematic testing of such...