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Wando Mount Pleasant Library
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Village Library
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Otranto Road Library
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McClellanville Library
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John's Island Library
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Folly Beach Library
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Dorchester Road Library
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John L. Dart Library
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Ex-Dividend Day Price and Volume: The Case of 2003 Dividend Tax Cut.
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- Author(s): Yi Zhang1; Farrell, Kathleen A.1; Brown, Todd A.2
- Source:
National Tax Journal. Mar2008, Vol. 61 Issue 1, p105-127. 23p. 9 Charts, 5 Graphs.- Subject Terms:
- Source:
- Additional Information
- Abstract: We examine the impact of the 2003 dividend tax cut, which removes the differential taxation between dividends and capital gains for individual investors, on the ex-dividend day price and trading volume. We find the ex-dividend day price and volume are affected by taxes, risk, and transaction costs. The ex-dividend day price drop ratio (excess return) increases (decreases) and dividend clienteles weaken after the tax cut. Ex-dividend day abnormal volume among high dividend yield stocks decreases after the tax cut consistent with a diminished motivation for tax-induced trading. Our results suggest that individual investors have a measurable effect on the ex-dividend day price and trading volume. [ABSTRACT FROM AUTHOR]
- Abstract: Copyright of National Tax Journal is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Abstract:
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