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 …

This paper examines the impact of the German 2001 tax reform, where Germany switched from a full imputation system to a … signi cant reduction in the valuation of net dividends - in particular for high dividend yield stocks - and weakening payout … policy tax clienteles. Ex-dividend day returns are likely to be driven by short-term traders. Though the reform removed …

We examine the interaction of dividends, agency costs and taxes on SEO valuations using the 2003 dividend tax cut as a … natural experiment. We find the difference in SEO announcement-day returns between dividend- and non-dividend-paying firms … disappears after the tax cut evidencing dividend status dependent revaluations. Incorporation of agency costs reveals the …

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 …

analysis reveals that - in line with current literature - the firm-specific tax preferences indeed affect dividend payments …

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 …

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 …

surprise. Using data from Germany, we find significant share price reactions after dividend announcements. Once we control for …This paper reconsiders the issue of share price reactions to dividend announcements. Previous papers rely almost … exclusively on a naive dividend model in which the dividend change is used as a proxy for the dividend surprise. We use the …

surprise. Using data from Germany, we find significant share price reactions after dividend announcements. Once we control for …This paper reconsiders the issue of share price reactions to dividend announcements. Previous papers rely almost … exclusively on a naive dividend model in which the dividend change is used as a proxy for the dividend surprise. We use the …