This paper adds to the literature on the behavior of stock prices around the ex-dividend date by providing evidence on … the behavior of stock returns and trading volumes around the ex-dividend date in the unique environment of the Jamaica … Stock Exchange. The Jamaica Stock Exchange is characterized by two major changes to the dividend tax rate in recent years …

How do dividend taxes affect stock volatility? In this paper, I use a decrease in dividend taxes as a natural … contract, changes in stock volatility due to dividend taxes may increase agency costs and therefore decrease overall welfare …-neutral shareholders, dividend taxes may exacerbate agency costs. The increase in agency costs will decrease shareholder welfare, which can …

the ex-dividend date on nine occasions, and twice after 8 days. However, it used to pay cash at least 18 days after the ex-dividend … date. When examining the whole market, firms tend to go ex-dividend on Wednesdays and pay the cash on Fridays. The …

We examine the interaction of dividends, agency costs and taxes on SEO valuations using the 2003 dividend tax cut as a … natural experiment. We find the difference in SEO announcement-day returns between dividend- and non-dividend-paying firms … disappears after the tax cut evidencing dividend status dependent revaluations. Incorporation of agency costs reveals the …

Due to the overwhelming international evidence that stock prices drop by less than the dividend paid on ex-dividend … days, the ex-dividend day anomaly is considered a stylized fact. Two main approaches have emerged to explain this empirical … explanation for this fact relies on taxes, the ex-dividend day anomaly has been reported even in countries where neither dividends …

We empirically document that stock prices moved inversely with dividend yields during the May, 1997 week, when the … share prices of other firms. Among firms paying dividends, the change in share prices was decreasing in dividend yields. The …

We propose a behavioral dividend clientele view to explain a unique “ex-dividend day” anomaly on the Chinese stock … market. In particular, we find that on the ex-dividend day, the average CAPM-adjusted stock return is significantly below … of dividend paying stocks prior to the ex-dividend day and switch to net sellers of on and after the ex-dividend day …

This paper uses British data to examine the effects of dividend taxes on investors' relative valuation of dividends and … radical changes and several minor reforms in British dividend tax policy during the last twenty-five years. Studying the … data on a much broader sample, we find clear evidence that taxes change equilibrium relationships between dividend yields …