We compile a comprehensive international dividend and capital gains tax data set to study tax-based explanations of …

This paper investigates the relationship between dividend payout and institutional ownership for all Australian listed … dividend-paying firms more than non-paying firms, and for the dividend-paying firms in our sample, institutional investors hold … more shares in the firms who pay higher dividends. We further explore the causality between dividend payout and …

Vergleich zu einer Dividende vorteilhaft auf die Vermögensposition der Aktionäre auswirkt. Die Abschätzung der quantitativen … period. Prior to that point of time stock owners preferred profit distributions by share repurchase instead of a dividend due … examines the wealth of stock owners when a firm distributes earnings by dividend or share repurchase instead. The results …

This study examines whether, under a full dividend imputation system, companies defer income until tax changes … also examine whether such earnings management is a function of a company's ownership structure and dividend payout policy … more likely for dividend-paying firms, consistent with the deferral of dividends and the deferral of income being …

Taxes create distortions in financial markets. A tax credit attached to dividend payments in Australia creates a wedge …, buy aggressively cum-dividend and sell aggressively ex-dividend, demanding liquidity from institutional investors. Stocks … with higher net purchases by individual investors operating through discount brokers in the cum-dividend period have exday …

This study examines the effects of dividend taxation on the primary parties involved in a short sale: the lender of the … stock and the short seller. For stock lenders, dividend taxation is associated with a decrease in the supply of shortable … shares and an increase in equity lending fees around the dividend record date. For short sellers, potential reimbursement …

fully-franked dividend. This is a problem because a sample of security prices, unfranked dividends and franked dividends … necessarily leads to the simultaneous estimation of the value of a cash dividend and an imputation credit. We measure the value of …

I investigate the link between dividend taxes and stock prices in a global setting. Based on findings from an open …-economy after-tax capital asset pricing model, I predict that when the U.S. cut its dividend tax rate in 2003, stock prices will … increase for high-dividend yield foreign firms that are eligible for a U.S. income tax treaty. I examine returns for firms …

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 …

, we use a dividend discount model and values from a hypothetical company. The equity value under DPT is also higher when …