This study examines the characteristics of firms that have an underwritten Dividend Reinvestment Plan (“UDRP”) under … the dividend tax imputation system in the Australian equity market. An underwritten dividend reinvestment plan is a DRP in … the issue price to reach the guaranteed participation level. UDRPs enable firms to increase and maintain a high dividend …

We examine stock prices and the number of stocks traded around ex-dividend dates of German stocks with tax …-free dividend. Tax-free dividends are temporarily tax-exempt, as they reduce the initial purchasing price of a stock. With our … empirical results indicate that ex-date prices decline, on average, by the amount of the dividend. We do not find a significant …

This paper investigates the relationship between dividend payout and institutional ownership for all Australian listed … dividend-paying firms more than non-paying firms, and for the dividend-paying firms in our sample, institutional investors hold … more shares in the firms who pay higher dividends. We further explore the causality between dividend payout and …

This paper investigates the impact of the 2001 tax reform in Germany on dividend announcement returns. With this major … market response to positive dividend surprises is more pronounced under the full imputation system, where dividends are … observed decline in the dividend response coefficient is synchronized with the 2001 tax reform and hence attributable to the …

This paper investigates the impact of the 2001 tax reform in Germany on dividend announcement returns. With this major … market response to positive dividend surprises is more pronounced under the full imputation system, where dividends are … observed decline in the dividend response coefficient is synchronized with the 2001 tax reform and hence attributable to the …

taxes on stock prices around ex-dividend days while avoiding the non-tax confounds and inter-temporal tests that have … distributions, we provide evidence that abnormal returns and trading volume around ex-dividend days are driven by the component of … the distributions that is most tax-penalized. Our results support a tax-based explanation for ex-dividend day pricing and …

We use dividend-paying Nasdaq-listed firms as a setting to test various explanations of the ex-day price anomaly …. Similar to NYSE-listed firms, on average the prices of Nasdaq-listed firms drop by less than the dividend amount on the ex …-day. However, the average price-drop is half that observed for NYSE-listed firms and translates to an imputed dividend tax rate …

We analyze 987 ex-dividend events in Taiwan stock market between January 1992 and December 2006, and find that … differential taxes really matter for the share prices and investors behaviors around the ex-dividend day. Ex-day price drop ratio … increases with the investors' average preference for dividend relative to capital gains. The excess volume around the ex-dividend …

signi cant reduction in the valuation of net dividends - in particular for high dividend yield stocks - and weakening payout … policy tax clienteles. Ex-dividend day returns are likely to be driven by short-term traders. Though the reform removed … incentives for cross-border dividend stripping and reduced tax heterogeneity among investors, we show that the high trading …

This paper investigates the impact of stock market liquidity on firms' dividend payout policy in the Australian market …. The finding suggests that stock liquidity positively relates to firm dividend payouts. The result holds after controlling … for different model estimations and different measures of stock liquidity/dividend. To address endogeneity issue, I use …