This paper compares dividend policies of US and Japanese firms, partitioning Japanese data into keiretsu, independent, and hybrid firms. Patterns in the data are consistent with the hypothesis that Japanese dividends are less informative. Specifically, Japanese firms experience smaller stock...

This paper studies the problems that a mutual fund faces when its objective is to minimize the capital gains taxes of its investors, and it offers solutions to those problems. A tax-minimization fund will build up a large overhang of unrealized capital gains over time, and the overhang will...

We investigate the bias in CRSP's Nasdaq data due to missing returns for delisted stocks. We find that the missing returns are large and negative on average, and that delisted stocks experience a substantial decrease in liquidity. We estimate that using a corrected return of - 55 percent for...

We compare dividend policies of U.S. and Japanese firms, partitioning the Japanese data into keiretsu, independent, and hybrid firms. We examine the correlation between dividend changes and stock returns, and the reluctance to change dividends. Results are consistent with the joint hypotheses...