We investigate the ex-dividend behaviour of TSX listed Canadian firms during a period when both U.S and Canadian governments cut taxes on dividend income. We test whether the tax differential between dividends and capital gains affects the stock price drop ratio on ex-dividend date. Using...

Citing fear of legal liability as a partial explanation, prior research documents (1) managers' reluctance to voluntarily disclose management earnings forecasts, and (2) higher forecast disclosure frequencies in periods of bad news. We provide evidence on how management earnings forecast...