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Trading Clienteles, Tax Attributes, and Ex-Dividend Returns

Trading Clienteles, Tax Attributes, and Ex-Dividend Returns
Author: Oliver Zhen Li
Publisher:
Total Pages: 42
Release: 2005
Genre:
ISBN:

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I examine whether institutions and individuals react to ex-dividend events and how their reactions impact ex-day excess return. I infer trader identities from trade size, based on the assumption that institutions initiate large trades while individuals initiate small trades. I find that while both increase their trading activities around the ex-days, institutions initiate more trades than individuals. Ex-day institutional and individual trading also impacts ex-day excess return, which decreases when excess trading volume by tax-favored institutions increases and increases when excess trading volume by tax-disfavored individuals increases. This result is consistent with differential taxation of dividends and capital gains influencing the ex-day pricing of dividends.


Further Evidence on Dividend Yields and the Ex-Dividend Day Stock Price Effect

Further Evidence on Dividend Yields and the Ex-Dividend Day Stock Price Effect
Author: Ravinder K. Bhardwaj
Publisher:
Total Pages:
Release: 2001
Genre:
ISBN:

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Ex-dividend day stock price behavior supports discreteness and tax clientele effects. The effects are still found after the Tax Reform Act of 1986. Results reflect an effective tax advantage for capital gains taxes payable at realization, versus dividend taxes due quarterly. Evidence also supports short-term trader participation in the ex-day phenomenon when the difference between dividend income and the ex-dividend day price decrease exceeds transaction costs to trade. Results contradict prior research where a tax clientele effect is not found, but align with the same prior research when including a small number of contaminated observations.


Program and Proceedings

Program and Proceedings
Author: American Accounting Association
Publisher:
Total Pages: 280
Release: 2005
Genre: Accounting
ISBN:

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Investors' Heterogeneity, Prices, and Volume Around the Ex-dividend Day

Investors' Heterogeneity, Prices, and Volume Around the Ex-dividend Day
Author: Roni Michaely
Publisher: Palala Press
Total Pages: 50
Release: 2018-03-02
Genre:
ISBN: 9781379009573

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This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.


A Review of Taxes and Corporate Finance

A Review of Taxes and Corporate Finance
Author: John R. Graham
Publisher: Now Publishers Inc
Total Pages: 136
Release: 2006
Genre: Business & Economics
ISBN: 1933019417

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A Review of Taxes and Corporate Finance investigates the consequences of taxation on corporate finance focusing on how taxes affect corporate policies and firm value. A common theme is that tax rules affect corporate incentives and decisions. A second emphasis is on research that describes how taxes affect costs and benefits. A Review of Taxes and Corporate Finance explores the multiple avenues for taxes to affect corporate decisions including capital structure decisions, organizational form and restructurings, payout policy, compensation policy, risk management, and the use of tax shelters. The author provides a theoretical framework, empirical predictions, and empirical evidence for each of these areas. Each section concludes with a discussion of unanswered questions and possible avenues for future research. A Review of Taxes and Corporate Finance is valuable reading for researchers and professionals in corporate finance, corporate governance, public finance and tax policy.


Model Rules of Professional Conduct

Model Rules of Professional Conduct
Author: American Bar Association. House of Delegates
Publisher: American Bar Association
Total Pages: 216
Release: 2007
Genre: Law
ISBN: 9781590318737

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The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.