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 …

, over a decade and a half preceding the pandemic, bank dividend payouts were adjusted in line with the motivations found in … the literature. Banks change their dividend payouts because they would like to signal good profitability to shareholders …-wide recommendations to suspend dividend payouts, banks would likely have reduced the payouts only slightly in the first year of the …