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Dividends, Taxes, and Common Stock Prices: The Ex-Dividend Day Behavior of Common Stock Prices Before the Income Tax

Опубликовано на портале: 02-10-2003
Journal of Financial Economics. 1987.  Vol. 19. No. 1. P. 31-44. 
This study examines the ex-dividend day behavior of common stock prices before the enactment of the federal income tax. On ex-dividend days during the pre-tax period, stock prices fell, on average, by the full amount of the dividend. The data are consistent with the hypothesis that (i) investors in the pre-tax period value dividends and capital gains as perfect substitutes and (ii) the differential taxation of dividends and capital gains has since caused investors to discount the value of taxable cash dividends in relation to capital gains.

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текст статьи в формате PDF доступен на персональной страничке Майкла Барклая
J. Barclay):
http://www.simon.rochester.edu/fac/barclay/research1.htm
http://www.simon.rochester.edu/fac/barclay/PublishedPapers/JFE1987.pdf
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