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The Impact of the 1986 Tax Reform Act on Ex-Dividend Day Returns
6 references·13 citing·43 second hop
The Impact of the 1986 Tax Reform Act on Ex-Dividend Day Returns (1991)The Impact of the 1986 Tax Reform Act on …Tax-induced trading around ex-dividend days (1986)Tax-induced trading around ex…Transaction costs and the small firm effect (1983)Transaction costs and the sma…On corporate governance (1983)On corporate governanceDividends and Taxes: Some Empirical Evidence (1982)Dividends and Taxes: Some Emp…The effect of personal taxes and dividends on capital asset prices (1979)The effect of personal taxes …Marginal Stockholder Tax Rates and the Clientele Effect (1970)Marginal Stockholder Tax Rate…DETERMINANTS OF DIVIDEND PAYOUT POLICY IN PUBLIC LTD BANKS IN KENYA: A CASE STUDY OF CFC STANBIC BANK (2015)DETERMINANTS OF DIVIDEND PAYO…Do Tax Law Changes Influence Ex‐Dividend Stock Price Behavior? Evidence from 1926 to 2005 (2010)Do Tax Law Changes Influence …Ex-Dividend Day Price and Volume: The Case of 2003 Dividend Tax Cut (2008)Ex-Dividend Day Price and Vol…Evidence of ex-dividend trading by investor tax category (2008)Evidence of ex-dividend tradi…Marginal Stockholder Tax Effects and Ex-Dividend Day Behavior - Thirty-Two Years Later (2003)Marginal Stockholder Tax Effe…Foreign and domestic investors and tax induced ex-dividend day trading (2001)Foreign and domestic investor…Contribution of Dividend Policy Stability to the Measurement of Dividend Announcement and Ex-Dividend Effects on the French Market (2000)Contribution of Dividend Poli…FURTHER EVIDENCE ON DIVIDEND YIELDS AND THE EX‐DIVIDEND DAY STOCK PRICE EFFECT (1999)FURTHER EVIDENCE ON DIVIDEND …Examining the Impact of the 1986 Tax Reform Act on Corporate Dividend Policy: A New Methodology (1999)Examining the Impact of the 1…The Financial Performance of Low-Grade Municipal Bond Funds (1996)The Financial Performance of …AN INDIRECT TEST FOR DIVIDEND RELEVANCE (1995)AN INDIRECT TEST FOR DIVIDEND…Corporate Dividend Policy Response to the Tax Reform Act of 1986 (1994)Corporate Dividend Policy Res…The dividend-clientele controversy and the tax reform act of 1986 (1993)The dividend-clientele contro…CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)Risk, Return, and Equilibrium: Empirical Tests (1973)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Bid, ask and transaction prices in a specialist market with heterogeneously informed traders (1985)Asset pricing and the bid-ask spread (1986)Illiquidity and stock returns: cross-section and time-series effects (2002)An Empirical Evaluation of Accounting Income Numbers (1968)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Agency Problems and the Theory of the Firm (1980)Using daily stock returns (1985)Efficient Capital Markets: II (1991)EVENT STUDIES IN MANAGEMENT RESEARCH: THEORETICAL AND EMPIRICAL ISSUES. (1997)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)Digesting Anomalies: An Investment Approach (2012)… and the Cross-Section of Expected Returns (2015)The Ex-Dividend Day Behavior of Stock Prices: A Re-Examination of the Clientele Effect (1982)The Economic Effects of Dividend Taxation (1984)Are ex‐day dividend clientele effects dead? Dividend yield versus dividend size (2006)Market Arbitrage of Cash Dividends and Franking Credits* (2006)The Distribution of Voting Rights to Shareholders (2022)Financial Theory and Corporate Policy. (1980)The relationship between return and market value of common stocks (1981)Dividend yields and expected stock returns (1988)Investor Sentiment and the Cross‐Section of Stock Returns (2006)Dividend Policy, Growth, and the Valuation of Shares (1961)Disappearing dividends: changing firm characteristics or lower propensity to pay? (2001)Ex-dividend prices and investor trades: Evidence from Taiwan (2013)Payout Policy Tax Clienteles, Ex‐dividend Day Stock Prices and Trading Behavior in Germany: The Case of the 2001 Tax Reform (2013)A J-shaped cross-sectional relation between dividends and firm value (2016)DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES (1956)Dividend Policy under Asymmetric Information (1985)On the Motivation for Paying Scrip Dividends (1997)The Effect of Taxes on Dividend Policy of Banks in Nigeria (2006)The Investment, Financing, and Valuation of the Corporation (1963)A Theory of Dividends Based on Tax Clienteles (2000)Exchange Rates and Fundamentals (2005)The Adjustment of Stock Prices to New Information (1969)Measuring security price performance (1980)The Relation Between Price Changes and Trading Volume: A Survey (1987)Heteroskedasticity in Stock Return Data: Volume versus GARCH Effects (1990)Trading Volume and Price Reactions to Public Announcements (1991)The Adjustment of Stock Prices to New Information (2003)Trading Volume, Information Asymmetry, and Timing Information (2005)
this work references cited by second hop

References

  • 1979The effect of personal taxes and dividends on capital asset prices1,255 cited
  • 1983On corporate governance961 cited
  • 1970Marginal Stockholder Tax Rates and the Clientele Effect892 cited
  • 1982Dividends and Taxes: Some Empirical Evidence684 cited
  • 1983Transaction costs and the small firm effect438 cited
  • 1986Tax-induced trading around ex-dividend days332 cited

Cited by

  • 2010Do Tax Law Changes Influence Ex‐Dividend Stock Price Behavior? Evidence from 1926 to 200544 cited
  • 2008Ex-Dividend Day Price and Volume: The Case of 2003 Dividend Tax Cut44 cited
  • 1994Corporate Dividend Policy Response to the Tax Reform Act of 198642 cited
  • 2003Marginal Stockholder Tax Effects and Ex-Dividend Day Behavior - Thirty-Two Years Later36 cited
  • 1999Examining the Impact of the 1986 Tax Reform Act on Corporate Dividend Policy: A New Methodology35 cited
  • 2001Foreign and domestic investors and tax induced ex-dividend day trading28 cited
  • 1996The Financial Performance of Low-Grade Municipal Bond Funds21 cited
  • 1999FURTHER EVIDENCE ON DIVIDEND YIELDS AND THE EX‐DIVIDEND DAY STOCK PRICE EFFECT20 cited
  • 2008Evidence of ex-dividend trading by investor tax category

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19 cited
  • 2015DETERMINANTS OF DIVIDEND PAYOUT POLICY IN PUBLIC LTD BANKS IN KENYA: A CASE STUDY OF CFC STANBIC BANK17 cited
  • 2000Contribution of Dividend Policy Stability to the Measurement of Dividend Announcement and Ex-Dividend Effects on the French Market14 cited
  • 1993The dividend-clientele controversy and the tax reform act of 198613 cited
  • 1995AN INDIRECT TEST FOR DIVIDEND RELEVANCE12 cited