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 …

the ex-dividend date on nine occasions, and twice after 8 days. However, it used to pay cash at least 18 days after the ex-dividend … date. When examining the whole market, firms tend to go ex-dividend on Wednesdays and pay the cash on Fridays. The …

In 1961, Miller and Modigliani (M-M) published a dividend irrelevance theory, which shows that the payment of dividends …-M became the basis for a common criticism of the theory, and the critics also tried to empirically prove that dividend payments … that a dividend is a compensation for lost capital gains on the first day without a dividend. The aim of the article is to …

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 …

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 …

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 …