The Ex-Dividend Day Behaviour of Australian Share Prices Before and After Dividend Imputation
AbstractWe document shifts in the ex-dividend day pricing of Australian shares that paid cash dividends between 1973 and 1991, and relate these shifts to three major changes in the taxation of capital gains, dividends and superannuation funds. Despite the changes, which on the whole increasingly favoured dividends over capital gains, shareholders have continued to prefer capital gains. One change was the introduction of dividend imputation in 1987. While the market took some time to adjust to dividend imputation, by 1990 shareholders typically obtained 80% of the benefit of the imputed tax credit.
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Bibliographic InfoArticle provided by Australian School of Business in its journal Australian Journal of Management.
Volume (Year): 18 (1993)
Issue (Month): 1 (June)
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Web page: http://www.agsm.edu.au
EX-DIVIDEND RETURN; DROP-OFF RATIO; DIVIDEND IMPUTATION;
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- 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.
- Leonie Bell & Tim Jenkinson, 2002. "New Evidence of the Impact of Dividend Taxation and on the Identity of the Marginal Investor," Journal of Finance, American Finance Association, vol. 57(3), pages 1321-1346, 06.
- Bell, L. & Jenkinson, T., 2000. "New Evidence of the Impact of Dividend Taxation and on the Identity of the Marginal Investor," Economics Series Working Papers 9924, University of Oxford, Department of Economics.
- Bell, Leonie & Jenkinson, Tim, 2001. "New Evidence of the Impact of Dividend Taxation and on the Identity of the Marginal Investor," CEPR Discussion Papers 2946, C.E.P.R. Discussion Papers.
- Tim Jenkinson & Leonie Bell, 2000. "New Evidence of the Impact of Dividend Taxation and on the Identity of the Marginal Investor," Economics Series Working Papers 24, University of Oxford, Department of Economics.
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