signi cant reduction in the valuation of net dividends - in particular for high dividend yield stocks - and weakening payout … policy tax clienteles. Ex-dividend day returns are likely to be driven by short-term traders. Though the reform removed … incentives for cross-border dividend stripping and reduced tax heterogeneity among investors, we show that the high trading …

We show analytically under quite general conditions that implied rates of return based on analysts' earnings forecasts … bootstrap environment and empirically for real capital market data. -- analysts' earnings forecasts ; discount rate effect …