valuation of DAX futures contracts and test the resulting hypotheses empirically. We find that dividend taxation cannot explain … these deviations. Futures prices are lower in years with higher dividend yields, and prices of the June contract (which is …. Multivariate regressions confirm the finding that dividend taxation affects futures prices. …

Ex-dividend date stock prices have usually been found to be smaller than the amount of dividends, and this has … dividend relationship on the Istanbul Stock Exchange, which is basically tax-free. The findings provide weak evidence of less …