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New Evidence that Taxes Affect the Valuation of Dividends
16 references·1 citing·42 second hop
New Evidence that Taxes Affect the Valuation of Dividends (1984)New Evidence that Taxes Affect the Valuat…The Ex-Dividend Day Behavior of Stock Prices; A Re-Examination of the Clientele Effect: A Comment (1984)The Ex-Dividend Day Behavior …The Economic Effects of Dividend Taxation (1984)The Economic Effects of Divid…On interpreting security returns during the ex-dividend period (1984)On interpreting security retu…The effective tax rate and the pretax rate of return (1983)The effective tax rate and th…Tax Reform and Ex-Dividend Day Behavior (1983)Tax Reform and Ex-Dividend Da…The Ex-Dividend Day Behavior of Stock Returns: Further Evidence on Tax Effects (1982)The Ex-Dividend Day Behavior …The Ex-Dividend Day Behavior of Stock Prices: A Re-Examination of the Clientele Effect (1982)The Ex-Dividend Day Behavior …The Effects of Dividends on Common Stock Prices Tax Effects or Information Effects? (1982)The Effects of Dividends on C…Multivariate tests of financial models (1982)Multivariate tests of financi…Dividends and Taxes: Some Empirical Evidence (1982)Dividends and Taxes: Some Emp…Dividends, Short Selling Restrictions, Tax-Induced Investor Clienteles and Market Equilibrium (1980)Dividends, Short Selling Rest…Public Policy and the Corporation. (1978)Public Policy and the Corpora…Tests of Capital Asset Pricing Hypotheses (1975)Tests of Capital Asset Pricin…TAXES, MARKET VALUATION AND CORPORATE FINANCIAL POLICY (1970)TAXES, MARKET VALUATION AND C…Marginal Stockholder Tax Rates and the Clientele Effect (1970)Marginal Stockholder Tax Rate…Dividend Policy, Growth, and the Valuation of Shares (1961)Dividend Policy, Growth, and …Payout Policy (2014)Payout PolicyCAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)Risk, Return, and Equilibrium: Empirical Tests (1973)A Test of the Efficiency of a Given Portfolio (1989)The Conditional CAPM and the Cross-Section of Expected Returns (1996)The Capital Asset Pricing Model: Theory and Evidence (2004)The Adjustment of Stock Prices to New Information (1969)Stock returns and the weekend effect (1980)The valuation effects of stock splits and stock dividends (1984)The real term structure and consumption growth (1988)Stock Prices and the Supply of Information (1991)The Adjustment of Stock Prices to New Information (2003)DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES (1956)The Determination of Financial Structure: The Incentive-Signalling Approach (1977)Imperfect Information, Dividend Policy, and "The Bird in the Hand" Fallacy (1979)Evaluating the Performance of International Mutual Funds (1990)A Study of Monthly Mutual Fund Returns and Performance Evaluation Techniques (1994)The Characteristics that Provide Independent Information about Average U.S. Monthly Stock Returns (2017)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)Digesting Anomalies: An Investment Approach (2012)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)Tax-induced trading around ex-dividend days (1986)The Investment, Financing, and Valuation of the Corporation (1963)The effect of personal taxes and dividends on capital asset prices (1979)A Theory of Dividends Based on Tax Clienteles (2000)Exchange Rates and Fundamentals (2005)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)The Behavior of Stock-Market Prices (1965)The Pricing of Options and Corporate Liabilities (1973)Determinants of corporate borrowing (1977)A General Equilibrium Approach To Monetary Theory (1969)Tax reforms and investment: A cross-country comparison (1996)Taxes, Leverage, and the Cost of Equity Capital (2006)Capital Tax Reform and the Real Economy: The Effects of the 2003 Dividend Tax Cut (2015)Inflation and the Stock Market (1978)Evaluating the impact of investment incentives: The case of Italy's Law 488/1992 (2006)ARTIFICIAL INTELLIGENCE AND THE LIMITS OF LEGAL PERSONALITY (2020)A Simple Model of Capital Market Equilibrium with Incomplete Information (1987)Does Academic Research Destroy Stock Return Predictability? (2015)
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References

  • 1961Dividend Policy, Growth, and the Valuation of Shares6,554 cited
  • 1970Marginal Stockholder Tax Rates and the Clientele Effect892 cited
  • 1970TAXES, MARKET VALUATION AND CORPORATE FINANCIAL POLICY796 cited
  • 1982Dividends and Taxes: Some Empirical Evidence684 cited
  • 1982Multivariate tests of financial models616 cited
  • 1982The Effects of Dividends on Common Stock Prices Tax Effects or Information Effects?447 cited
  • 1982The Ex-Dividend Day Behavior of Stock Prices: A Re-Examination of the Clientele Effect440 cited
  • 1984The Economic Effects of Dividend Taxation359 cited
  • 1978Public Policy and the Corporation.340 cited
  • 1984On interpreting security returns during the ex-dividend period298 cited
  • 1980Dividends, Short Selling Restrictions, Tax-Induced Investor Clienteles and Market Equilibrium207 cited
  • 1983The effective tax rate and the pretax rate of return175 cited
  • 1983Tax Reform and Ex-Dividend Day Behavior150 cited
  • 1975Tests of Capital Asset Pricing Hypotheses113 cited
  • 1984The Ex-Dividend Day Behavior of Stock Prices; A Re-Examination of the Clientele Effect: A Comment78 cited

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1982
The Ex-Dividend Day Behavior of Stock Returns: Further Evidence on Tax Effects
73 cited

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  • 2014Payout Policy12 cited