Kadapakkam, Palani-Rajan; Meisami, Alex; Shi, Yilun - In: Journal of Banking & Finance 34 (2010) 3, pp. 647-655
Previous research documents that Hong Kong stocks have a full ex-dividend price adjustment consistent with dividends and capital gains being tax free. We examine ex-dividend price behavior of Hong Kong ADRs to assess the impact of differing tax environments in US and Hong Kong. These ADRs...