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A Test for Tax-Induced Investor Clienteles in Real Estate Investment Trusts

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    Abstract

    Stock price changes on ex-dividend dates are examined to estimate the marginal tax rate of shareholders of common stock in mortgage and equity real estate investment trusts. The stocks are classified on the basis of the dividend yield of the shares and the financial leverage of the underlying REITs, and the mean marginal tax rate of each class of stock is estimated. Results are consistent with tax-induced investor clienteles related to the dividend yield of REITs, both before and after the Tax Reform Act of 1986. Results do not support tax-induced investor clienteles with respect to financial leverage of REITs.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol06n02/v06p169.pdf
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    Bibliographic Info

    Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

    Volume (Year): 6 (1991)
    Issue (Month): 2 ()
    Pages: 169-178

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    Handle: RePEc:jre:issued:v:6:n:2:1991:p:169-178

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    Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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    Web page: http://www.aresnet.org/

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    Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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    Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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    1. 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.
    2. Eades, Kenneth M. & Hess, Patrick J. & Kim, E. Han, 1984. "On interpreting security returns during the ex-dividend period," Journal of Financial Economics, Elsevier, vol. 13(1), pages 3-34, March.
    3. Harris, John M, Jr & Roenfeldt, Rodney L & Cooley, Philip L, 1983. " Evidence of Financial Leverage Clienteles," Journal of Finance, American Finance Association, vol. 38(4), pages 1125-32, September.
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