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Taux implicite d’impôt et détachement du dividende

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  • Suret, Jean-Marc

    (Université Laval)

  • Gagnon, Jean-Marie

    (Université Laval)

Abstract

In 1970, E. Elton and M. Gruber suggested that the price drop on ex-dividend days may be used as an estimator of the tax rate on dividends for the marginal investor. Their statistic is still being used to assess clientele effects for dividends and financial structures as well as the consequences of tax reforms. En 1970, E. Elton et M. Gruber ont suggéré qu’il est possible d’estimer le taux d’impôt sur les dividendes de l’investisseur marginal à l’aide de la chute des cours des actions attribuable au détachement du dividende. Leur statistique est toujours en usage pour détecter les effets de clientèle à l’égard des dividendes et des structures financières ainsi que les conséquences des réformes fiscales.

Suggested Citation

  • Suret, Jean-Marc & Gagnon, Jean-Marie, 1991. "Taux implicite d’impôt et détachement du dividende," L'Actualité Economique, Société Canadienne de Science Economique, vol. 67(4), pages 482-498, décembre.
    • Handle: RePEc:ris:actuec:v:67:y:1991:i:4:p:482-498
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    References listed on IDEAS

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    1. Gagnon, Jean-Marie & Suret, Jean-Marc, 1991. "Ex-dividend Day Price Changes and Implied Tax Rates: An Evaluation," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 14(3), pages 255-262, Fall.
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    11. Jean-Marie Gagnon & Jean-Marc Suret, 1991. "Ex-Dividend Day Price Changes And Implied Tax Rates: An Evaluation," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 14(3), pages 255-262, September.
    12. Miller, Merton H, 1977. "Debt and Taxes," Journal of Finance, American Finance Association, vol. 32(2), pages 261-275, May.
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