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Wilbur Lewellen, Kenneth Stanley, Ronald Lease, Gary Schlarbaum (1976)
Some Direct Evidence on the Dividend Clientele PhenomenonCorporate Finance: Capital Structure & Payout Policies
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“Some Direct Evidence on the Dividend Clientele Phenomenon.”Journal of Finance, 33
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.
The Journal of Finance – Wiley
Published: Sep 1, 1983
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