A Test for Tax-Induced Investor Clienteles in Real Estate Investment Trusts
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.
Volume (Year): 6 (1991)
Issue (Month): 2 ()
|Contact details of provider:|| Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323|
Web page: http://www.aresnet.org/
|Order Information:|| Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323|
Web: http://pages.jh.edu/jrer/about/get.htm Email:
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- 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.
- 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.
When requesting a correction, please mention this item's handle: RePEc:jre:issued:v:6:n:2:1991:p:169-178. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (JRER Graduate Assistant/Webmaster)
If references are entirely missing, you can add them using this form.