Blandón, Josef García; M?nica Martínez Blasco; … - In: Czech Journal of Economics and Finance (Finance a uver) 61 (2011) 2, pp. 140-152
Due to the overwhelming international evidence that stock prices drop by less than the dividend paid on ex-dividend days, the ex-dividend day anomaly is considered a stylized fact. Two main approaches have emerged to explain this empirical regularity: the tax-clientele hypothesis and the...