Tax Reform and Ex‐Dividend Day Behavior
Tax Reform and Ex‐Dividend Day Behavior
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税收改革和除息日行为
DOI：
10.1111/j.1540-6261.1983.tb02289.x
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发表时间：
1983
影响因子：
8
通讯作者：
Theo Vermaelen
中科院分区：
文献类型：
--
作者：
Josef Lakonishok;Theo Vermaelen
本文研究了加拿大重大税收改革对多伦多证券交易所公司除息日行为的影响。结果与除息日的价格变化反映“代表性”投资者的股息和资本利得的相对税收的假设不一致，但与除息日价格行为反映短期交易活动的假设一致。
This paper investigates the effect of a major Canadian tax reform on the ex-dividend day behavior of companies on the Toronto Stock Exchange. The results are inconsistent with the hypothesis that price changes on ex-dividend days reflect the relative taxation of dividends and capital gains for the “representative” investor, but are consistent with the hypothesis that ex-dividend day price behavior reflects short-term trading activities.