-free dividend. Tax-free dividends are temporarily tax-exempt, as they reduce the initial purchasing price of a stock. With our …We examine stock prices and the number of stocks traded around ex-dividend dates of German stocks with tax … empirical results indicate that ex-date prices decline, on average, by the amount of the dividend. We do not find a significant …

Dividends seem to be more heavily taxed than capital gains. Why then do corporations pay dividends rather than … shareholders desire dividends sufficiently for nontax reasons to offset the tax effect. In this paper, we measure the relative … valuation of dividends and capital gains in the stock market, using a variant of the capital asset pricing model. We find that …