This paper investigates the impact of the 2001 tax reform in Germany on dividend announcement returns. With this major … valuation implications of dividends in Germany. Controlling for signaling and agency cost effects of dividends we find that the … market response to positive dividend surprises is more pronounced under the full imputation system, where dividends are …

We examine stock prices and the number of stocks traded around ex-dividend dates of German stocks with tax …-free dividend. Tax-free dividends are temporarily tax-exempt, as they reduce the initial purchasing price of a stock. With our … empirical results indicate that ex-date prices decline, on average, by the amount of the dividend. We do not find a significant …

This paper investigates the impact of the 2001 tax reform in Germany on dividend announcement returns. With this major … valuation implications of dividends in Germany. Controlling for signaling and agency cost effects of dividends we find that the … market response to positive dividend surprises is more pronounced under the full imputation system, where dividends are …

For more than 50 years, researchers around the world have been searching for a solution to Blacks famous "dividend … "traditional view" of dividend taxation, German decision-makers cut back their dividend payments in response to the reduced …

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 …