Payout Policy Tax Clienteles, Ex-dividend Day Stock Prices and Trading Behavior in Germany: The Case...
Payout Policy Tax Clienteles, Ex-dividend Day Stock Prices and Trading Behavior in Germany: The Case of the 2001 Tax Reform
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Oxford: Blackwell Publishing Ltd
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Language
English
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Publisher
Oxford: Blackwell Publishing Ltd
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This paper examines the impact of the German 2001 tax reform, where Germany switched from a full imputation system to a classical system. Theory suggests that both price drop ratios and trading volume decrease following the reform. We document a significant reduction in the valuation of net dividends–in particular for high dividend yield stocks–and...
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Full title
Payout Policy Tax Clienteles, Ex-dividend Day Stock Prices and Trading Behavior in Germany: The Case of the 2001 Tax Reform
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TN_cdi_proquest_miscellaneous_1350889227
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https://devfeature-collection.sl.nsw.gov.au/record/TN_cdi_proquest_miscellaneous_1350889227
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ISSN
0306-686X
E-ISSN
1468-5957
DOI
10.1111/jbfa.12018
