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Dividend Clienteles, the Tax-Clientele Hypothesis, and Utilities

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  • Skinner, David L
  • Gilster, John E, Jr

Abstract

Studies of ex-dividend day behavior have detected dividend-clientele effects. The ratio of the ex-day price drop to the dividend is typically less than unity and correlated with dividend yield. The tax-clientele hypothesis attributes these effects to personal taxation. This study shows that, when studied separately, neither utilities nor nonutilities exhibit the correlation between yield and ex-dividend day price drop predicted by the tax-clientele hypothesis. Only by combining utility and nonutility data are the traditional correlations observed. Results are consistent with some sort of dividend-clientele effect, but are inconsistent with tax clienteles. Copyright 1990 by MIT Press.

Suggested Citation

  • Skinner, David L & Gilster, John E, Jr, 1990. "Dividend Clienteles, the Tax-Clientele Hypothesis, and Utilities," The Financial Review, Eastern Finance Association, vol. 25(2), pages 287-296, May.
    • Handle: RePEc:bla:finrev:v:25:y:1990:i:2:p:287-96
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    Cited by:

    1. William Hardin & Kartono Liano & Gow-Cheng Huang & Gregory Nagel, 2007. "REITs, Decimalization, and Ex-dividend Stock Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 34(4), pages 499-511, May.

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