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The ex-dividend day behaviour of Finnish restricted and unrestricted shares

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  • Pekka Hietala
  • Matti Keloharju

Abstract

We analyse the ex-dividend day behaviour of two classes of shares whose trading is potentially dominated by investors under different tax regimes because of foreign ownership restrictions. Our results provide evidence in favour of the hypothesis that long-term investors are the marginal investors that determine the stock prices around the ex-dividend day, and against the hypothesis that short-term trading is the driving force behind equilibrium ex-dividend ratios.

Suggested Citation

  • Pekka Hietala & Matti Keloharju, 1995. "The ex-dividend day behaviour of Finnish restricted and unrestricted shares," Applied Economics Letters, Taylor & Francis Journals, vol. 2(12), pages 467-468.
    • Handle: RePEc:taf:apeclt:v:2:y:1995:i:12:p:467-468
    DOI: 10.1080/135048595356880
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    Cited by:

    1. Liljeblom, Eva & Loflund, Anders & Hedvall, Kaj, 2001. "Foreign and domestic investors and tax induced ex-dividend day trading," Journal of Banking & Finance, Elsevier, vol. 25(9), pages 1687-1716, September.
    2. Sorjonen, Pasi, 2002. "Ex-Dividend Day Behavior of Stock Prices in Finland in 1989-90 and 1993-97," Discussion Papers 674, The Research Institute of the Finnish Economy.
    3. Sorjonen, Pasi, . "Essays on Dividends and Taxes," ETLA A, The Research Institute of the Finnish Economy, number 30.
    4. Sorjonen, Pasi, 2002. "Ex-Dividend Day Stock Price Behavior, Taxes and Discrete Prices; A Simulation Experiment," Discussion Papers 676, The Research Institute of the Finnish Economy.

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