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Article: Dividends and taxes: A re-examination
Title | Dividends and taxes: A re-examination |
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Authors | |
Issue Date | 2000 |
Citation | Financial Management, 2000, v. 29, n. 2, p. 55-75 How to Cite? |
Abstract | This study re-examines the impact of the differential taxation of dividends and capital gains on assets' prices. Our analysis shows that the time horizon used to define and measure the dividend period is a key issue when interpreting the empirical results. Our results indicate that most of the return variation previously attributed to dividends is not because of a cross-sectional variation in returns, but due to the time-series variation in returns around the dividend payment. In light of the lack of cross-sectional return variation, interpreting the higher return around the dividend distribution as a tax effect is problematic. |
Persistent Identifier | http://hdl.handle.net/10722/326338 |
ISSN | 2023 Impact Factor: 2.9 2023 SCImago Journal Rankings: 2.131 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Kalay, Avner | - |
dc.contributor.author | Michaely, Roni | - |
dc.date.accessioned | 2023-03-09T09:59:54Z | - |
dc.date.available | 2023-03-09T09:59:54Z | - |
dc.date.issued | 2000 | - |
dc.identifier.citation | Financial Management, 2000, v. 29, n. 2, p. 55-75 | - |
dc.identifier.issn | 0046-3892 | - |
dc.identifier.uri | http://hdl.handle.net/10722/326338 | - |
dc.description.abstract | This study re-examines the impact of the differential taxation of dividends and capital gains on assets' prices. Our analysis shows that the time horizon used to define and measure the dividend period is a key issue when interpreting the empirical results. Our results indicate that most of the return variation previously attributed to dividends is not because of a cross-sectional variation in returns, but due to the time-series variation in returns around the dividend payment. In light of the lack of cross-sectional return variation, interpreting the higher return around the dividend distribution as a tax effect is problematic. | - |
dc.language | eng | - |
dc.relation.ispartof | Financial Management | - |
dc.title | Dividends and taxes: A re-examination | - |
dc.type | Article | - |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.2307/3666285 | - |
dc.identifier.scopus | eid_2-s2.0-0040790516 | - |
dc.identifier.volume | 29 | - |
dc.identifier.issue | 2 | - |
dc.identifier.spage | 55 | - |
dc.identifier.epage | 75 | - |
dc.identifier.isi | WOS:000170189100004 | - |