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

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 …

To date, a vast body of research has been established on dividend policy. However, little research has been done on the … impact of dividend payments on shareholders' wealth while considering the short- and long-run effects. This study is based on …-intergrated variables toward their equilibrium values. Results indicate that in the long run, dividend yield is positively related to market …

The taxation of capital gains for Managed Investment Funds in New Zealand was dramatically changed in October 2007 …

of the classical log dividend–price ratio, we allow the data to reveal the cointegration vector between d and p. We … define the modified dividend–price ratio (mdp), as the long run trend deviation between d and p. Using S&P 500 data for the … correlation with the risk free return component, and can discern if a low dividend state coincides with a low yield state …