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 …

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 … explanation for this fact relies on taxes, the ex-dividend day anomaly has been reported even in countries where neither dividends …

attempt has been made to see the affect of dividend yield, dividend payout ratio, return on equity, earning per share and … indicate dividend yield and dividend payout ratio which are both measures of dividend policy have significant impact on stock … price. Dividend yield is negatively related with stock price and dividend payout ratio is positively related with stock …

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 …