Twenty-five Years of Tax Law Changes and Investor Response
AbstractEx-dividend day research detects dividend-clientele effects that the tax-clientele hypothesis attributes to peronal taxation. In this study I examine all ten personal tax changes between 1963 and 1988 and find little support for the tax-clientele hypothesis. Few tax changes are accompanied by significant changes in the ex-day ratio, and more than half are opposite the direction predicted. In particular, the largest tax changes, in 1982 and 1987, fail to support the tax-clientele hypothesis. The results are consistent with some unknown, non-tax-induced clientele effect(s).
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Bibliographic InfoArticle provided by Southern Finance Association & Southwestern Finance Association in its journal Journal of Financial Research.
Volume (Year): 16 (1993)
Issue (Month): 1 (Spring)
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