Dividends and taxes: A re-examination

Financial Management

Volumn 29, Issue 2, 2000, Pages 55-75

  Kalay, Avner ^a   Michaely, Roni ^a  

^a NONE

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0040790516     PISSN: 00463892     EISSN: None     Source Type: Journal    
DOI: 10.2307/3666285     Document Type: Article

References (27)

1. Black, F. and M. Scholes, 1974, "The Effects of Dividend-Yield and Dividend Policy on Common Stock Prices and Returns," Journal of Financial Economics 1(1), 1-22.
2. Brealey, R. and S. Myers, 1999, Principles of Corporate Finance, 6th ed., New York, NY, Irwin McGraw-Hill.
3. Brennan, M.J., 1970, "Taxes, Market Valuation, and Financial Policy," National Tax Journal 3(3), 417-429.
4. Chen, N.F., B. Grundy, and R.F. Stambaugh, 1990, "Changing Risk, Changing Risk Premiums, and Dividend-Yield Effects," Journal of Business 63(1), S51-S70.
5. Eades, K., P. Hess, and H.E. Kim, 1984, "On Interpreting Security Returns During the Ex-Dividend Period," Journal of Financial Economics 13(1), 3-34.
6. Elton, E. and M. Gruber, 1970, "Marginal Stockholders' Tax Rates and the Clientele Effect," Review of Economics and Statistics 52(2), 68-74.
7. Fama, E.F. and K.R. French, 1992, "The Cross-Section of Expected Stock Returns," Journal of Finance 47(2), 427-465.
8. Fama, E.F. and K.R. French, 1993, "Common Risk Factors in the Returns on Stocks and Bonds," Journal of Financial Economics 33(1), 3-56.
9. Grundy, B., 1985, "Trading Volume and Stock Returns Around Ex-Dividends Dates," University of Chicago Working Paper.
10. Kalay, A., 1982, "The Ex-Dividend Day Behavior of Stock Prices: A Re-Examination of the Clientele Effect," Journal of Finance 37(4), 1059-1070.
11. Keim, D.B., 1983, "Size-Related Anomalies and Stock Return Seasonality: Further Empirical Evidence," Journal of Financial Economics 12(1), 13-32.
12. Keim, D.B., 1985, "Dividend Yields and Stock Returns: Implications of Abnormal January Returns," Journal of Financial Economics 14(3), 473-489.
13. Koski, J. and R. Michaely, 2000, "Prices, Liquidity, and the Information Content of Trades," Review of Financial Studies 13(3), 659-696.
14. Koski, J. and J. Scruggs, 1998, "Who Trades Around the Ex-Dividend Day? Evidence from NYSE Audit File Data," Financial Management 27(3), 58-72.
15. Lakonishok, J. and T. Vermaelen, 1986, "Tax Induced Trading Around Ex-Dividend Dates," Journal of Financial Economics 16(3), 287-319.
16. Lewellen, W.G., K.L. Stanely, R.C. Lease, and G.G. Schlarbaum, 1978, "Some Direct Evidence on the Dividend Clientele Phenomenon," Journal of Finance 33(5), 1385-1399.
17. Litzenberger, R. and K. Ramaswamy, 1979, "The Effects of Personal Taxes and Dividends on Capital Asset Prices: Theory and Empirical Evidence," Journal of Financial Economics 7(2), 163-195.
18. Litzenberger, R. and K. Ramaswamy, 1980, "Dividends, Short Selling Restrictions, Tax Induced Investor Clientele and Market Equilibrium," Journal of Finance 35(2), 469-482.
19. Litzenberger, R. and K. Ramaswamy, 1982, "The Effects of Dividends on Common Stock Prices: Tax Effects or Information Effects?" Journal of Finance 37(2), 429-443.
20. Michaely, R., 1991, "Ex-Dividend Day Stock Price Behavior: The Case of the 1986 Tax Reform Act," Journal of Finance 46(3), 845-860.
21. Michaely, R., R. Thaler, and K. Womack, 1995, "Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?" Journal of Finance 50(2), 471-510.
22. Michaely, R. and J. Vila, 1995, "Investors' Heterogeneity, Prices and Volume Around the Ex-Dividend Day," Journal of Financial and Quantitative Analysis 30(2), 171-198.
23. Michaely, R. and J. Vila, 1996, "Trading Volume With Private Valuation: Evidence From the Ex-Dividend Day," Review of Financial Studies 9(3), 471-509.
24. Miller, M. and M. Scholes, 1982, "Dividends and Taxes: Empirical Evidence," Journal of Political Economy 90(4), 1118-1141.
25. Morgan, I.G., 1982, "Dividends and Capital Asset Prices," Journal of Finance 37(4), 1071-1086.
26. Peterson, P.P., D. Peterson, and J. Ang, 1985, "Direct Evidence on the Marginal Rate of Taxation on Dividend Income," Journal of Financial Economics 14(2), 267-282.
27. Ross, S., R. Westerfield, and J. Jaffe, 1999, Corporate Finance, 5th ed., New York, NY, Irwin McGraw-Hill.