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 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 …