The Ex‐Dividend Day Behavior of Canadian Stock Prices: Tax Changes and Clientele Effects
The Ex‐Dividend Day Behavior of Canadian Stock Prices: Tax Changes and Clientele Effects
复制标题
加拿大股票价格的除息日表现：税收变化和客户效应
DOI：
10.1111/j.1540-6261.1984.tb02320.x
复制
发表时间：
1984
影响因子：
8
通讯作者：
D. Johnston
中科院分区：
文献类型：
--
作者：
L. Booth;D. Johnston
通过一些简单的假设，除息日的价格下跌和相关的股息可以用来衡量市场的边际税率。以前的研究估计隐含税率为美国本文扩展到加拿大的分析，在那里的股息和资本利得的税收待遇是完全不同的，在美国本文还提出了估计从1970年至1980年，包括四个不同的时期时，税收待遇不同。因此，我们包括一个隐含的测试市场效率，以及那些“相关性”的税收和税收为基础的股息客户的存在。
With some simple assumptions the ex-dividend day price drop and the associated dividend can be used to measure the market's marginal tax rate. Previous research has estimated the implied tax rate for the U.S. This paper extends the analysis to Canada, where the tax treatment of dividends and capital gains is completely different from that in the U.S. The paper also presents estimates from 1970–80 to include four distinct periods when the tax treatment was different. Hence, we include an implied test of market efficiency as well as those for the “relevance” of taxes and the existence of tax based dividend clienteles.