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Taxes and dividend clientele: Evidence from trading and ownership structure

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  • Lee, Yi-Tsung
  • Liu, Yu-Jane
  • Roll, Richard
  • Subrahmanyam, Avanidhar

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Banking & Finance.

Volume (Year): 30 (2006)
Issue (Month): 1 (January)
Pages: 229-246

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Handle: RePEc:eee:jbfina:v:30:y:2006:i:1:p:229-246

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References

References listed on IDEAS
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  1. Leonie Bell & Tim Jenkinson, 2001. "New evidence of the impact of dividend taxation and on the identity of the marginal investor," OFRC Working Papers Series 2001fe14, Oxford Financial Research Centre.
  2. Dempsey, Mike, 2001. "Investor tax rationality and the relationship between dividend yields and equity returns: An explanatory note," Journal of Banking & Finance, Elsevier, vol. 25(9), pages 1681-1686, September.
  3. John R. Graham & Roni Michaely & Michael R. Roberts, 2003. "Do Price Discreteness and Transactions Costs Affect Stock Returns? Comparing Ex-Dividend Pricing before and after Decimalization," Journal of Finance, American Finance Association, vol. 58(6), pages 2611-2636, December.
  4. Eugene F. Fama, 2002. "Testing Trade-Off and Pecking Order Predictions About Dividends and Debt," Review of Financial Studies, Society for Financial Studies, vol. 15(1), pages 1-33, March.
  5. Franklin Allen & Antonio Bernardo & Ivo Welch, . "A Theory of Dividends Based on Tax Clienteles," Rodney L. White Center for Financial Research Working Papers 15-98, Wharton School Rodney L. White Center for Financial Research.
  6. John H. Boyd & Ravi Jagannathan, 1994. "Ex-dividend price behavior of common stocks," Staff Report 173, Federal Reserve Bank of Minneapolis.
  7. Blose, Laurence E. & Martin, John D., 1992. "Capital gains preference and the prices of dividend paying securities: A test of the dividend tax aversion hypothesis," International Review of Economics & Finance, Elsevier, vol. 1(1), pages 73-87.
  8. Alon Brav & John R. Graham & Campbell R. Harvey & Roni Michaely, 2003. "Payout Policy in the 21st Century," NBER Working Papers 9657, National Bureau of Economic Research, Inc.
  9. Barclay, Michael J., 1987. "Dividends, taxes, and common stock prices : The ex-dividend day behavior of common stock prices before the income tax," Journal of Financial Economics, Elsevier, vol. 19(1), pages 31-44, September.
  10. Andy Naranjo & M. Nimalendran & Mike Ryngaert, 1998. "Stock Returns, Dividend Yields, and Taxes," Journal of Finance, American Finance Association, vol. 53(6), pages 2029-2057, December.
  11. Murray Frank & Ravi Jagannathan, 1997. "Why do stock prices drop by less than the value of the dividend? Evidence from a country without taxes," Staff Report 229, Federal Reserve Bank of Minneapolis.
  12. William M. Gentry & Deen Kemsley & Christopher J. Mayer, 2001. "Dividend Taxes and Share Prices: Evidence from Real Estate Investment Trusts," NBER Working Papers 8486, National Bureau of Economic Research, Inc.
  13. Jagannathan, Murali & Stephens, Clifford P. & Weisbach, Michael S., 2000. "Financial flexibility and the choice between dividends and stock repurchases," Journal of Financial Economics, Elsevier, vol. 57(3), pages 355-384, September.
  14. Litzenberger, Robert H. & Ramaswamy, Krishna, 1979. "The effect of personal taxes and dividends on capital asset prices : Theory and empirical evidence," Journal of Financial Economics, Elsevier, vol. 7(2), pages 163-195, June.
  15. Franklin Allen & Roni Michaely, 2002. "Payout Policy," Center for Financial Institutions Working Papers 01-21, Wharton School Center for Financial Institutions, University of Pennsylvania.
    • Allen, Franklin & Michaely, Roni, 2003. "Payout policy," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 7, pages 337-429 Elsevier.
  16. Kent Daniel & David Hirshleifer & Avanidhar Subrahmanyam, 1998. "Investor Psychology and Security Market Under- and Overreactions," Journal of Finance, American Finance Association, vol. 53(6), pages 1839-1885, December.
  17. George J. Papaioannou & Craig M. Savarese, 1994. "Corporate Dividend Policy Response to the Tax Reform Act of 1986," Financial Management, Financial Management Association, vol. 23(1), Spring.
  18. Bolster, Paul J. & Janjigian, Vahan, 1991. "Dividend Policy and Valuation Effects of the Tax Reform Act of 1986," National Tax Journal, National Tax Association, vol. 44(4), pages 511-18, December.
  19. Dhaliwal, Dan S. & Erickson, Merle & Trezevant, Robert, 1999. "A Test of the Theory of Tax Clienteles for Dividend Policies," National Tax Journal, National Tax Association, vol. 52(n. 2), pages 179-94, June.
  20. Mazhar Siddiqi, 1997. "Using ex-day returns to separate the tax and information effects of dividend changes," Journal of Economics and Finance, Springer, vol. 21(2), pages 83-92, June.
  21. Bali, Rakesh & Hite, Gailen L., 1998. "Ex dividend day stock price behavior: discreteness or tax-induced clienteles?," Journal of Financial Economics, Elsevier, vol. 47(2), pages 127-159, February.
  22. Fung, W.K.H., 1981. "Taxes, clientele effect of dividend and risk, return linearity," Journal of Banking & Finance, Elsevier, vol. 5(3), pages 405-424, September.
  23. Elton, Edwin & Gruber, Martin & Rentzler, Joel, 1983. "A simple examination of the empirical relationship between dividend yields and deviations from the CAPM," Journal of Banking & Finance, Elsevier, vol. 7(1), pages 135-146, March.
  24. Denis, David J. & Denis, Diane K. & Sarin, Atulya, 1994. "The Information Content of Dividend Changes: Cash Flow Signaling, Overinvestment, and Dividend Clienteles," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 29(04), pages 567-587, December.
  25. Lewellen, Wilbur G, et al, 1978. "Some Direct Evidence on the Dividend Clientele Phenomenon," Journal of Finance, American Finance Association, vol. 33(5), pages 1385-99, December.
  26. Briston, R J & Tomkins, C R, 1970. "The Impact of the Introduction of Corporation Tax upon the Dividend Policies of United Kingdom Companies," Economic Journal, Royal Economic Society, vol. 80(319), pages 617-37, September.
  27. McDonald, Robert L, 2001. "Cross-Border Investing with Tax Arbitrage: The Case of German Dividend Tax Credits," Review of Financial Studies, Society for Financial Studies, vol. 14(3), pages 617-57.
  28. Eugene F. Fama & Kenneth R. French, . "Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay?."," CRSP working papers 509, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
  29. Clifford P. Stephens & Michael S. Weisbach, 1998. "Actual Share Reacquisitions in Open-Market Repurchase Programs," Journal of Finance, American Finance Association, vol. 53(1), pages 313-333, 02.
  30. Vermaelen, Theo, 1981. "Common stock repurchases and market signalling : An empirical study," Journal of Financial Economics, Elsevier, vol. 9(2), pages 139-183, June.
  31. Scholz, John Karl, 1992. "A direct examination of the dividend clientele hypothesis," Journal of Public Economics, Elsevier, vol. 49(3), pages 261-285, December.
  32. Litzenberger, Robert H & Ramaswamy, Krishna, 1982. " The Effects of Dividends on Common Stock Prices: Tax Effects or Information Effects?," Journal of Finance, American Finance Association, vol. 37(2), pages 429-43, May.
  33. Grammatikos, Theoharry, 1989. "Dividend Stripping, Risk Exposure, and the Effect of the 1984 Tax Reform Act on the Ex-dividend Day Behavior," The Journal of Business, University of Chicago Press, vol. 62(2), pages 157-73, April.
  34. Elton, Edwin J & Gruber, Martin J, 1970. "Marginal Stockholder Tax Rates and the Clientele Effect," The Review of Economics and Statistics, MIT Press, vol. 52(1), pages 68-74, February.
  35. Michaely, Roni & Vila, Jean-Luc, 1995. "Investors' Heterogeneity, Prices, and Volume around the Ex-Dividend Day," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 30(02), pages 171-198, June.
  36. Casey, K Mike, et al, 1999. "Examining the Impact of the 1986 Tax Reform Act on Corporate Dividend Policy: A New Methodology," The Financial Review, Eastern Finance Association, vol. 34(3), pages 33-46, August.
  37. Black, Fischer & Scholes, Myron, 1974. "The effects of dividend yield and dividend policy on common stock prices and returns," Journal of Financial Economics, Elsevier, vol. 1(1), pages 1-22, May.
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Citations

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Cited by:
  1. Jacob, Martin, 2010. "Taxation, Dividends, and Share Repurchases: Taking Evidence Global," Working Paper Series, Center for Fiscal Studies 2010:10, Uppsala University, Department of Economics.
  2. Lee, Cheng-Few & Kuo, Nan-Ting, 2014. "Effects of ultimate ownership structure and corporate tax on capital structures: Evidence from Taiwan," International Review of Economics & Finance, Elsevier, vol. 29(C), pages 409-425.
  3. Kuo, Nan-Ting & Lee, Cheng-Few, 2013. "Effects of dividend tax and signaling on firm valuation: Evidence from taxable stock dividend announcements," Pacific-Basin Finance Journal, Elsevier, vol. 25(C), pages 157-180.
  4. Henry, Darren, 2011. "Ownership structure and tax-friendly dividends," Journal of Banking & Finance, Elsevier, vol. 35(10), pages 2747-2760, October.
  5. Jacob, Martin, 2008. "Welche privaten Veräußerungsgewinne sollten besteuert werden?," arqus Discussion Papers in Quantitative Tax Research 49, arqus - Arbeitskreis Quantitative Steuerlehre.
  6. Chen, Hung-Ling & Chow, Edward H. & Shiu, Cheng-Yi, 2013. "Ex-dividend prices and investor trades: Evidence from Taiwan," Pacific-Basin Finance Journal, Elsevier, vol. 24(C), pages 39-65.
  7. Podlech, Nils, 2012. "Dividenden und Aktienrückkäufe unter der Abgeltungssteuer," EconStor Preprints 75273, ZBW - German National Library of Economics.

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