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New Evidence that Taxes Affect the Valuation of Dividends

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Cited by:

  1. Fidrmuc, Jana P. & Jacob, Marcus, 2010. "Culture, agency costs, and dividends," Journal of Comparative Economics, Elsevier, vol. 38(3), pages 321-339, September.
  2. Frankfurter, George M. & Wood, Bob Jr., 2002. "Dividend policy theories and their empirical tests," International Review of Financial Analysis, Elsevier, vol. 11(2), pages 111-138.
  3. Sue-Tzeng Chuang & Ying-Hsiang Chen & Ching-Chieh Lin & Wen-Chih Lee, 2018. "The Impact of Tax Deduction Ratio Reduction on Dividend Payouts Under the Integrated Tax System: Evidence From Taiwan," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 9(3), pages 26-35, July.
  4. Lynn Hodgkinson & Kevin Holland & Richard Jackson, 2006. "Dividend valuation, trading and transactions costs: the 1997 partial abolition of dividend tax credit repayments," Accounting and Business Research, Taylor & Francis Journals, vol. 36(4), pages 253-270.
  5. Nicolas Aubert, 2016. "Does the Catering Theory of Dividend Apply to the French Listed Firms?," Bankers, Markets & Investors, ESKA Publishing, issue 145, pages 27-38, November-.
  6. Liljeblom, Eva & Loflund, Anders & Hedvall, Kaj, 2001. "Foreign and domestic investors and tax induced ex-dividend day trading," Journal of Banking & Finance, Elsevier, vol. 25(9), pages 1687-1716, September.
  7. Sven-Olov Daunfeldt & Carina Selander & Magnus Wikstrom, 2009. "Taxation, Dividend Payments and Ex-Day Price-Changes," Multinational Finance Journal, Multinational Finance Journal, vol. 13(1-2), pages 135-154, March-Jun.
  8. Thomas McCluskey & Aoife Broderick & Amanda Boyle & Bruce Burton & David Power, 2010. "Evidence on Irish financial analysts' and fund managers' views about dividends," Qualitative Research in Financial Markets, Emerald Group Publishing Limited, vol. 2(2), pages 80-99, June.
  9. Lasfer, M. Ameziane, 1996. "Taxes and dividends: The UK evidence," Journal of Banking & Finance, Elsevier, vol. 20(3), pages 455-472, April.
  10. Mihir A. Desai & C. Fritz Foley & James R. Hines Jr., 2002. "Dividend Policy inside the Firm," NBER Working Papers 8698, National Bureau of Economic Research, Inc.
  11. Becker, Bo & Jacob, Marcus & Jacob, Martin, 2013. "Payout taxes and the allocation of investment," Journal of Financial Economics, Elsevier, vol. 107(1), pages 1-24.
  12. Aelee Jun & V. T. Alaganar & Graham Partington & Max Stevenson, 2008. "Price and Volume Behavior around the Ex‐dividend Day: Evidence on the Value of Dividends from American Depositary Receipts and their Underlying Australian Stocks," International Review of Finance, International Review of Finance Ltd., vol. 8(1‐2), pages 21-55, March.
  13. Goulder, Lawrence H. & Thalmann, Philippe, 1993. "Approaches to efficient capital taxation : Leveling the playing field vs. living by the golden rule," Journal of Public Economics, Elsevier, vol. 50(2), pages 169-196, February.
  14. Clemens Sialm, 2009. "Tax Changes and Asset Pricing," American Economic Review, American Economic Association, vol. 99(4), pages 1356-1383, September.
  15. Sven-Olov Daunfeldt, 2007. "Tax-Induced Trading and the Identity of the Marginal Investor: Evidence from Sweden," The European Journal of Finance, Taylor & Francis Journals, vol. 13(7), pages 657-667.
  16. Josef García Blandón & M?nica Martínez Blasco & Josef Argiles Bosch, 2011. "Ex-Dividend Day Returns when Dividend and Capital Gains are Taxed at the Same Rate," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 61(2), pages 140-152, June.
  17. Conor M. O'Toole & Finn Tarp, 2014. "Corruption And The Efficiency Of Capital Investment In Developing Countries," Journal of International Development, John Wiley & Sons, Ltd., vol. 26(5), pages 567-597, July.
  18. Randall Morck, 2005. "How to Eliminate Pyramidal Business Groups: The Double Taxation of Intercorporate Dividends and Other Incisive Uses of Tax Policy," NBER Chapters, in: Tax Policy and the Economy, Volume 19, pages 135-179, National Bureau of Economic Research, Inc.
  19. Andre C Vianna, 2017. "Effects of Bush Tax Cut and Obama Tax Increase on corporate payout policy and stock returns," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 41(3), pages 441-462, July.
  20. Kontoghiorghes, Alex, 2022. "Do personal taxes affect investment decisions and stock returns?," Bank of England working papers 988, Bank of England.
  21. Juhász, Péter & Fazakas, Gergely, 2009. "Alacsonyabb kockázat - nagyobb osztalék?. A részvénykockázat és az osztalékfizetési hányad kapcsolatának vizsgálata a Budapesti Értéktőzsdén (1997-2007) [Lower risks - higher dividends?. Examining ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(4), pages 322-342.
  22. Clemens Sialm, 2005. "Tax Changes and Asset Pricing: Time-Series Evidence," NBER Working Papers 11756, National Bureau of Economic Research, Inc.
  23. Thi Thai Ha Le & Xuan Hung Nguyen & Manh Dung Tran, 2019. "Determinants of Dividend Payout Policy in Emerging Markets: Evidence from the ASEAN Region," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 9(4), pages 531-546, April.
  24. Trevor S. Harris & R. Glenn Hubbard & Deen Kemsley, 1999. "The Share Price Effects of Dividend Taxes and Tax Imputation Credits," NBER Working Papers 7445, National Bureau of Economic Research, Inc.
  25. Boulton, Thomas J. & Braga-Alves, Marcus V. & Shastri, Kuldeep, 2012. "Payout policy in Brazil: Dividends versus interest on equity," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 968-979.
  26. Henry, Darren, 2011. "Ownership structure and tax-friendly dividends," Journal of Banking & Finance, Elsevier, vol. 35(10), pages 2747-2760, October.
  27. Hayashi, Fumio & Jagannathan, Ravi, 1990. "Ex-day behavior of japanese stock prices: New insights from new methodology," Journal of the Japanese and International Economies, Elsevier, vol. 4(4), pages 401-427, December.
  28. Ellen R. McGrattan & Edward C. Prescott, 2005. "Taxes, Regulations, and the Value of U.S. and U.K. Corporations," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 72(3), pages 767-796.
  29. Ji, Philip Inyeob, 2016. "Is corporate payout taxation a long run phenomenon? Evidence from international data," The North American Journal of Economics and Finance, Elsevier, vol. 36(C), pages 84-100.
  30. Lynn Hodgkinson & Jo Wells, 2009. "The ex-interest behaviour of UK gilt prices," Applied Financial Economics, Taylor & Francis Journals, vol. 19(21), pages 1753-1760.
  31. Philip Brown & Terry Walter, 1986. "Ex-Dividend Day Behaviour of Australian Share Prices," Australian Journal of Management, Australian School of Business, vol. 11(2), pages 139-152, December.
  32. Sorjonen, Pasi, 2002. "Ex-Dividend Day Stock Returns and Tick Rules," Discussion Papers 675, The Research Institute of the Finnish Economy.
  33. Kamal Anouar, 2012. "The impact of the catering theory and financial firms' characteristics on dividend decisions: the case of the French market," Working Papers halshs-00765931, HAL.
  34. Amoako-Adu, Ben & Baulkaran, Vishaal & Smith, Brian F., 2014. "Analysis of dividend policy of dual and single class U.S corporations," Journal of Economics and Business, Elsevier, vol. 72(C), pages 1-29.
  35. Leonie Bell & Tim Jenkinson, 2002. "New Evidence of the Impact of Dividend Taxation and on the Identity of the Marginal Investor," Journal of Finance, American Finance Association, vol. 57(3), pages 1321-1346, June.
  36. Seth Armitage, 2004. "Returns after personal tax on UK equity and gilts, 1919-1998," The European Journal of Finance, Taylor & Francis Journals, vol. 10(1), pages 23-43.
  37. Jack Francis & Tsing Wu & Nan-Ting Kuo, 2012. "Effects of tax reform on drop-off ratios and on the ex-dividend and ex-right prices," Review of Quantitative Finance and Accounting, Springer, vol. 39(2), pages 147-164, August.
  38. Agnieszka Duraj, 2001. "The Theory and Practice of the Policy of Dividend Payments in Public Companies," Ekonomia journal, Faculty of Economic Sciences, University of Warsaw, vol. 4.
  39. James M. Poterba & Lawrence H. Summers, 1984. "The Economic Effects of Dividend Taxation," Working papers 343, Massachusetts Institute of Technology (MIT), Department of Economics.
  40. repec:unu:wpaper:wp2012-027 is not listed on IDEAS
  41. Jeff Whitworth & Ramesh P. Rao, 2010. "Do Tax Law Changes Influence Ex‐Dividend Stock Price Behavior? Evidence from 1926 to 2005," Financial Management, Financial Management Association International, vol. 39(1), pages 419-445, March.
  42. Pattenden, Kerry & Twite, Garry, 2008. "Taxes and dividend policy under alternative tax regimes," Journal of Corporate Finance, Elsevier, vol. 14(1), pages 1-16, February.
  43. Goyal, Abhinav & Jategaonkar, Shrikant P. & Muckley, Cal B., 2020. "Why do privatized firms pay higher dividends?," Journal of Corporate Finance, Elsevier, vol. 60(C).
  44. Ravinder K. Bhardwaj & LeRoy D. Brooks, 1999. "Further Evidence On Dividend Yields And The Ex-Dividend Day Stock Price Effect," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 22(4), pages 503-514, December.
  45. repec:vuw:vuwscr:19016 is not listed on IDEAS
  46. Vassilis A. Efthymiou & George N. Leledakis, 2014. "The price impact of the disposition effect on the ex-dividend day of NYSE and AMEX common stocks," Quantitative Finance, Taylor & Francis Journals, vol. 14(4), pages 711-724, April.
  47. Cannavan, Damien & Finn, Frank & Gray, Stephen, 2004. "The value of dividend imputation tax credits in Australia," Journal of Financial Economics, Elsevier, vol. 73(1), pages 167-197, July.
  48. Dialdin Osman & Elsaudi Mohammed, 2010. "Dividend Policy In Saudi Arabia," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 4(1), pages 99-113.
  49. Balachandran, Balasingham & Khan, Arifur & Mather, Paul & Theobald, Michael, 2019. "Insider ownership and dividend policy in an imputation tax environment," Journal of Corporate Finance, Elsevier, vol. 54(C), pages 153-167.
  50. Harris, Trevor S. & Hubbard, R. Glenn & Kemsley, Deen, 2001. "The share price effects of dividend taxes and tax imputation credits," Journal of Public Economics, Elsevier, vol. 79(3), pages 569-596, March.
  51. Mr. Shaun K. Roache & Alexander P. Attie, 2009. "Inflation Hedging for Long-Term Investors," IMF Working Papers 2009/090, International Monetary Fund.
  52. Dhaliwal, Dan & Zhen Li, Oliver & Trezevant, Robert, 2003. "Is a dividend tax penalty incorporated into the return on a firm's common stock?," Journal of Accounting and Economics, Elsevier, vol. 35(2), pages 155-178, June.
  53. Hanlon, Michelle & Myers, James N. & Shevlin, Terry, 2003. "Dividend taxes and firm valuation:: a re-examination," Journal of Accounting and Economics, Elsevier, vol. 35(2), pages 119-153, June.
  54. Darakhshan Younis & Attiya Yasmin Javid, 2014. "Market Imperfections and Dividend Policy Decisions of Manufacturing Sector of Pakistan," PIDE-Working Papers 2014:99, Pakistan Institute of Development Economics.
  55. Huizinga, Harry & Laeven, Luc & Nicodeme, Gaetan, 2008. "Capital structure and international debt shifting," Journal of Financial Economics, Elsevier, vol. 88(1), pages 80-118, April.
  56. Clemens Sialm, 2006. "Investment Taxes and Equity Returns," NBER Working Papers 12146, National Bureau of Economic Research, Inc.
  57. Faccio, Mara & Lang, Larry H.P. & Leung, Joanne, 2000. "Dividends and Exploration," Working Paper Series 19016, Victoria University of Wellington, The New Zealand Institute for the Study of Competition and Regulation.
  58. Larry H. P. Lang & Mara Faccio & Leslie Young, 2001. "Dividends and Expropriation," American Economic Review, American Economic Association, vol. 91(1), pages 54-78, March.
  59. Justyna Franc-Dabrowska, 2009. "Does Dividend Policy Follow the Capital Structure Theory?," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 7(4), pages 367-382.
  60. Poterba, James M., 2002. "Taxation, risk-taking, and household portfolio behavior," Handbook of Public Economics, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 3, chapter 17, pages 1109-1171, Elsevier.
  61. Milonas, Nikolaos T. & Travlos, Nickolaos G. & Xiao, Jason Zezhong & Tan, Cunkai, 2006. "The ex-dividend day stock price behavior in the Chinese stock market," Pacific-Basin Finance Journal, Elsevier, vol. 14(2), pages 155-174, April.
  62. Kartal Demirg ne, 2015. "Determinants of Target Dividend Payout Ratio: A Panel Autoregressive Distributed Lag Analysis," International Journal of Economics and Financial Issues, Econjournals, vol. 5(2), pages 418-426.
  63. Fazakas, Gergely & Kosárka, Judit, 2008. "Osztalékpolitikai elméletek [Dividend policy theories]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 782-806.
  64. Wu, Chunchi & Hsu, Junming, 1996. "The Impact of the 1986 Tax Reform on Ex-Dividend Day Volume and Price Behavior," National Tax Journal, National Tax Association, vol. 49(2), pages 177-92, June.
  65. Hodgkinson, Lynn & Partington, Graham, 2013. "Capital gains tax, managed funds and the value of dividends: The case of New Zealand," The British Accounting Review, Elsevier, vol. 45(4), pages 271-283.
  66. Vedit Ä°nal, 2024. "On the Relationship between the Money Rate of Interest and Aggregate Investment Spending," Review of Radical Political Economics, Union for Radical Political Economics, vol. 56(2), pages 300-318, June.
  67. Barros, Victor & Verga Matos, Pedro & Miranda Sarmento, Joaquim, 2020. "What firm’s characteristics drive the dividend policy? A mixed-method study on the Euronext stock exchange," Journal of Business Research, Elsevier, vol. 115(C), pages 365-377.
  68. Ricky W. Scott, 2014. "Institutional Investors, Stock Repurchases and Information Asymmetry," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 5(4), pages 39-51, October.
  69. Guenther, David A. & Sansing, Richard, 2006. "Fundamentals of shareholder tax capitalization," Journal of Accounting and Economics, Elsevier, vol. 42(3), pages 371-383, December.
  70. Ignacio Fonseca, 1997. "¿Actúan los dividendos como señal?: un contraste basado en los cambios de la fiscalidad en España (1985-1995)," Investigaciones Economicas, Fundación SEPI, vol. 21(1), pages 93-109, January.
  71. Conor M. O'Toole & Finn Tarp, 2014. "Corruption And The Efficiency Of Capital Investment In Developing Countries," Journal of International Development, John Wiley & Sons, Ltd., vol. 26(5), pages 567-597, July.
  72. Florian Schulz, 2016. "On the Timing and Pricing of Dividends: Comment," American Economic Review, American Economic Association, vol. 106(10), pages 3185-3223, October.
  73. Dino Falaschetti & Michael Orlando, 2003. "Cutting the Dividends Tax…and Corporate Governance Too?," Finance 0311008, University Library of Munich, Germany.
  74. Wu, Chunchi & Hsu, Junming, 1996. "The Impact of the 1986 Tax Reform on Ex-Dividend Day Volume and Price Behavior," National Tax Journal, National Tax Association;National Tax Journal, vol. 49(2), pages 177-192, June.
  75. Chen, Hung-Ling & Chow, Edward H. & Shiu, Cheng-Yi, 2013. "Ex-dividend prices and investor trades: Evidence from Taiwan," Pacific-Basin Finance Journal, Elsevier, vol. 24(C), pages 39-65.
  76. Lee, Sang-Yeob & Hong, Woo-Hyung, 2020. "Does tax really matter for corporate payout policy: Evidence from a policy experiment in South Korea," Pacific-Basin Finance Journal, Elsevier, vol. 62(C).
  77. Sorjonen, Pasi, 2002. "Ex-Dividend Day Behavior of Stock Prices in Finland in 1989-90 and 1993-97," Discussion Papers 674, The Research Institute of the Finnish Economy.
  78. Dan W. French & S. McKay Price, 2018. "Depreciation-Related Capital Gains, Differential Tax Rates, and the Market Value of Real Estate Investment Trusts," The Journal of Real Estate Finance and Economics, Springer, vol. 57(1), pages 43-63, July.
  79. Hung Ngoc Dang & Van Thi Thuy Vu & Xuan Thanh Ngo & Ha Thi Viet Hoang, 2021. "Impact of dividend policy on corporate value: Experiment in Vietnam," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(4), pages 5815-5825, October.
  80. Booth, Laurence & Zhou, Jun, 2017. "Dividend policy: A selective review of results from around the world," Global Finance Journal, Elsevier, vol. 34(C), pages 1-15.
  81. Bell, L. & Jenkinson, T., 2000. "New Evidence of the Impact of Dividend Taxation and on the Identity of the Marginal Investor," Economics Series Working Papers 9924, University of Oxford, Department of Economics.
  82. David J. Beggs & Christopher L. Skeels, 2006. "Market Arbitrage of Cash Dividends and Franking Credits," The Economic Record, The Economic Society of Australia, vol. 82(258), pages 239-252, September.
  83. Kerry Pattenden, 2002. "Estimating and Evaluating Proxies for the Marginal Tax Rate," Australian Journal of Management, Australian School of Business, vol. 27(2), pages 187-202, December.
  84. Randall Morck, 2003. "Why Some Double Taxation Might Make Sense: The Special Case of Inter-corporate Dividends," NBER Working Papers 9651, National Bureau of Economic Research, Inc.
  85. Jacob, Martin, 2010. "Taxation, Dividends, and Share Repurchases: Taking Evidence Global," Working Paper Series, Center for Fiscal Studies 2010:10, Uppsala University, Department of Economics.
  86. Sorjonen, Pasi, . "Essays on Dividends and Taxes," ETLA A, The Research Institute of the Finnish Economy, number 30, June.
  87. Carlos Martins, 2007. "Consistency of Dividend Signalling and Future Maturity Level:Evidence from UK Data," Working Papers de Economia (Economics Working Papers) 40, Departamento de Economia, Gestão e Engenharia Industrial, Universidade de Aveiro.
  88. Faccio, Mara & Lang, Larry H.P. & Leung, Joanne, 2000. "Dividends and Exploration," Working Paper Series 3917, Victoria University of Wellington, The New Zealand Institute for the Study of Competition and Regulation.
  89. Sorjonen, Pasi, 2002. "Ex-Dividend Day Stock Price Behavior, Taxes and Discrete Prices; A Simulation Experiment," Discussion Papers 676, The Research Institute of the Finnish Economy.
  90. William M. Getry & Deen Kemsley & Christopher J. Mayer, 2003. "Dividend Taxes and Share Prices: Evidence from Real Estate Investment Trusts," Journal of Finance, American Finance Association, vol. 58(1), pages 261-282, February.
  91. Murphy, A. & Schlag, C., 1999. "An empirical examination of the effect of dividend taxation on asset pricing and returns in Germany," Global Finance Journal, Elsevier, vol. 10(1), pages 35-52.
  92. Yishuang Xu & Chung Yim Yiu, 2017. "The Impacts of Tax Reforms on REITs. An International Empirical Study," Academic Journal of Economic Studies, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 3(1), pages 11-22, March.
  93. Chanchal Chatterjee & Paromita Dutta, 2017. "Price Behaviour Around Dividend Announcements in the Indian Equity Market in the Existence of Corporate Dividend Tax," Global Business Review, International Management Institute, vol. 18(2), pages 402-415, April.
  94. Kamal Anouar & Nicolas Aubert, 2016. "Does the catering theory of dividend apply to the French listed firms?," Working Papers halshs-01401867, HAL.
  95. Ms. Li Liu, 2018. "Where Does Multinational Investment Go with Territorial Taxation? Evidence from the UK," IMF Working Papers 2018/007, International Monetary Fund.
  96. Morgan, Gareth & Thomas, Stephen, 1998. "Taxes, dividend yields and returns in the UK equity market," Journal of Banking & Finance, Elsevier, vol. 22(4), pages 405-423, May.
  97. Tseng, Yun-lan & Hu, Shing-yang, 2013. "Tax reform and the identity of marginal traders around ex-dividend days," Pacific-Basin Finance Journal, Elsevier, vol. 25(C), pages 181-199.
  98. Randall Morck & Bernard Yeung, 2005. "Dividend Taxation and Corporate Governance," Journal of Economic Perspectives, American Economic Association, vol. 19(3), pages 163-180, Summer.
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