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Tax Reform and Ex‐Dividend Day Behavior

Tax Reform and Ex‐Dividend Day Behavior ABSTRACT This paper investigates the effect of a major Canadian tax reform on the ex‐dividend day behavior of companies on the Toronto Stock Exchange. The results are inconsistent with the hypothesis that price changes on ex‐dividend days reflect the relative taxation of dividends and capital gains for the “representative” investor, but are consistent with the hypothesis that ex‐dividend day price behavior reflects short‐term trading activities. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Journal of Finance Wiley

Tax Reform and Ex‐Dividend Day Behavior

The Journal of Finance , Volume 38 (4) – Sep 1, 1983

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References (13)

Publisher
Wiley
Copyright
1983 The American Finance Association
ISSN
0022-1082
eISSN
1540-6261
DOI
10.1111/j.1540-6261.1983.tb02289.x
Publisher site
See Article on Publisher Site

Abstract

ABSTRACT This paper investigates the effect of a major Canadian tax reform on the ex‐dividend day behavior of companies on the Toronto Stock Exchange. The results are inconsistent with the hypothesis that price changes on ex‐dividend days reflect the relative taxation of dividends and capital gains for the “representative” investor, but are consistent with the hypothesis that ex‐dividend day price behavior reflects short‐term trading activities.

Journal

The Journal of FinanceWiley

Published: Sep 1, 1983

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