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Re Examination Of The Ex Dividend Day Behaviour Of Canadian Stock Prices
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Book Synopsis Re-Examination of the Ex-Dividend Day Behaviour of Canadian Stock Prices by : Shantanu Dutta
Download or read book Re-Examination of the Ex-Dividend Day Behaviour of Canadian Stock Prices written by Shantanu Dutta and published by . This book was released on 2005 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the ex-dividend day price and volume behaviour in the Canadian stock market and show evidence on the co-existence of both the tax and short-term trading effects. By examining the abnormal returns as well as abnormal volumes around ex-day we find strong evidence of short-term trading which is consistent the presence of dividend-capturing activities around the ex-dividend day. By examining the abnormal returns before (after) the ex-dividend day, we also find evidence of the buying (selling) pressure created by short-term traders.
Book Synopsis The Ex-dividend Day Behavior of Stock Prices by : Avner Kalay
Download or read book The Ex-dividend Day Behavior of Stock Prices written by Avner Kalay and published by . This book was released on 1978 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Taxation and the Ex-dividend Day Behavior of Common Stock Prices by : Jerry Green
Download or read book Taxation and the Ex-dividend Day Behavior of Common Stock Prices written by Jerry Green and published by . This book was released on 1980 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: The behavior of stock prices around ex-dividend days has been suggested as evidence for tax-induced clientele effects and as a means to estimate the average effective tax rate faced by investors. In this paper these possibilities are examined theoretically and empirically. Theoretically it is shown that the measured price drop per dollar of dividend may provide a biased estimate of the effective tax rate. Looking at the volume of trade around ex-dividend days we show that the conditions under which it would be unbiased are unlikely to hold. Strong evidence, based on a broader database than that used by previous investigators, is presented for the presence of the clientele effect
Book Synopsis An International Analysis of Factors Affecting Ex-dividend Day Stock Prices by : J. Thomas Connelly
Download or read book An International Analysis of Factors Affecting Ex-dividend Day Stock Prices written by J. Thomas Connelly and published by . This book was released on 2007 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate stock price changes on the ex-dividend day in 37 countries. We hypothesize that, in addition to taxes, other market frictions should also affect ex-dividend day stock prices in world markets. Empirical results show that mean price drop ratios deviate significantly from their predicted values based on differential tax rates between dividends and capital gains, and that proxies for agency conflicts and information asymmetry also help explain these cross-country deviations. After controlling for these factors, the weighted average of investors' tax rate is reflected in the ex-dividend day price movements. The results are consistent with the idea that agency conflicts, information asymmetry and differential taxation of dividends and capital gains are all important factors affecting ex-dividend day stock prices in world markets.
Book Synopsis The Ex-Dividend-Day Behavior of Stock Prices by : Kiyoshi Kato
Download or read book The Ex-Dividend-Day Behavior of Stock Prices written by Kiyoshi Kato and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide a comprehensive empirical analysis of stock-price behavior around the ex-dividend day in Japan. We find that prices rise on the ex-day and that dividend-related tax effects appear to be secondary. Returns around ex-dividend days are dominated by the proximity of many ex-days to the fiscal year-end. Excess returns of 1%, which are independent of any dividend-related considerations, are higher than round-trip transaction costs on medium-sized transactions. Prices seem to imply selling pressure before, and buying pressure at the start of, the new fiscal year. These trading patterns appear to be motivated by intercorporate manipulative trading around the end of the firms' fiscal year, which are unrelated to dividends.
Book Synopsis Ex-Dividend Day Behaviour in the Absence of Taxes and Price Discreteness by : Khamis Al-Yahyaee
Download or read book Ex-Dividend Day Behaviour in the Absence of Taxes and Price Discreteness written by Khamis Al-Yahyaee and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the ex-dividend day behaviour in a unique setting where (1) there are neither taxes on dividends nor on capital gains, (2) stock prices have been decimalized, (3) dividends are distributed annually, and (4) we have data that enable us to examine bid-ask bounce effects. In this economy, any price decline that is smaller than the dividends can not be attributed to taxes and price discreteness. Like previous studies, we find that the stock price drops by less than the amount of dividends and there is a significant positive ex-day return. By examining abnormal volumes around the ex-dividend day, we find no evidence of short-term trading. We are able to account for our results using market microstructure models. When the impact of market microstructure is taken into account, the ex-dividend drop is not significantly different to the value of the dividend paid.
Book Synopsis An Examination of Returns and Bid-ask Spreads on the Ex-dividend Day by : Joseph K. Kiely
Download or read book An Examination of Returns and Bid-ask Spreads on the Ex-dividend Day written by Joseph K. Kiely and published by . This book was released on 1993 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Behaviour of Canadian Income Trust Funds During the Ex-dividend Day Period by : Nicole Topic
Download or read book The Behaviour of Canadian Income Trust Funds During the Ex-dividend Day Period written by Nicole Topic and published by . This book was released on 2006 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines a sample of 89 Canadian Income Trust Funds to test the relevance of two possible explanations of ex-dividend day pricing: the tax clientele hypothesis, which highlights the marginal tax rates of long-term investors; and the short-term hypothesis, which relies on dividend capture activities of securities dealers and other short-term traders. Canadian Income Trust Funds are well suited for studying these two hypotheses due to the tax treatment of the income distributions and to the size and regularity of the dividend payments. The empirical results indicate that the tax clientele hypothesis, the short-term trading hypothesis, and the market microstructure hypothesis all play a part in explaining the ex-distribution day price behaviour of Canadian Income Trust Funds.
Book Synopsis Ex-Dividend Day Stock Price Behavior - The NASDAQ Evidence by : Shishir K. Paudel
Download or read book Ex-Dividend Day Stock Price Behavior - The NASDAQ Evidence written by Shishir K. Paudel and published by . This book was released on 2014 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 that is double the average maximum tax rate over the sample period. In addition, we find the ex-day price-drop increases in dividend yield, opposite the prediction from a tax clientele explanation. Moreover, for non-taxable distributions we find prices behave in a similar manner to taxable distributions on the ex-day, again suggesting taxes are not the primary reason for the price behavior. In sum, we find little support for tax-based explanations. We also find little support for short-term trading and market microstructure explanations. Importantly, our results are robust to transaction costs as proxied by stock price, liquidity, volatility, firm size and bid-ask spread. We supplement our analysis by investigating a subset of firms that voluntarily switch from the Nasdaq exchange to the NYSE. The average price-drop for the switching firms is similar to the Nasdaq average prior to the switch and resembles the NYSE average immediately after the switch. This change in price behavior potentially reflects a changing investor base and suggests the marginal investor of Nasdaq dividend-paying firms places relatively less importance on dividends. Overall, our results call into question the various explanations of the ex-day anomaly. Any potential explanation also needs to account for the Nasdaq evidence.
Book Synopsis The Ex-Dividend Day Stock Price Behavior in the Chinese Stock Market by : Nickolaos G. Travlos
Download or read book The Ex-Dividend Day Stock Price Behavior in the Chinese Stock Market written by Nickolaos G. Travlos and published by . This book was released on 2002 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the ex-dividend day stock price behavior in the Chinese stock market. This market, where dividends could be either taxable or non-taxable, allows us to examine the impact of tax effects while keeping any microstructure factors constant. The findings from non-taxable stocks show that their price, on the ex-dividend day, falls by an amount that equals the dividend. For the taxable sample, stock prices of small dividend yield stocks drop proportionally to the dividend paid. For the large dividend yield stocks, the price adjustment depends on the effective tax rate on dividend income. The overall findings are consistent with the tax hypothesis.
Book Synopsis Stock Price Behavior Around Ex-Dividend Day by : Muhammad Zahedur Rahman
Download or read book Stock Price Behavior Around Ex-Dividend Day written by Muhammad Zahedur Rahman and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper the relative valuation of dividends and capital gains in the Dhaka Stock Exchange (DSE) is investigated by testing if the ex-dividend price fall equals the dividend amount. This study deals with the ex-dividend price behavior considering 83 dividend-paying stocks over the 32-window period to the ex-dividend day, which are listed on Dhaka Stock Exchange (DSE) for the period of January 2003 through December 2005. On analyzing the raw price ratio (RPR), market adjusted price ratio (MAPR), raw price drop ratio (RPD), and market adjusted price drop ratio (MAPD), the results lead us to conclude that in the DSE the ex-dividend price prices increase instead of dropped, showing a clear preference for capital gains without having any focus on dividends.
Book Synopsis Research in Finance by : John W. Kensinger
Download or read book Research in Finance written by John W. Kensinger and published by Emerald Group Publishing. This book was released on 2012-05-16 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt: The theme of this volume is "Dealing with Volatility and Enhancing Performance". During a time when there is much concern about the perceived volatility of global equity markets, the insights offered here could be reassuring as well as useful.
Book Synopsis Overlaps of Private Sector with Public Sector Around the Globe by : John W. Kensinger
Download or read book Overlaps of Private Sector with Public Sector Around the Globe written by John W. Kensinger and published by Emerald Group Publishing. This book was released on 2015-07-06 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contributions assess the benefits to local banks around the Bakken Formation, the effect of corporate governance on valuation in India, and the undermining of real estate investment because of regulatory uncertainties. We also have studies of dividend policy and systemic risk in emerging markets, plus improvements in quantitative methods.
Book Synopsis Dividends and Dividend Policy by : H. Kent Baker
Download or read book Dividends and Dividend Policy written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2009-05-04 with total page 552 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dividends And Dividend Policy As part of the Robert W. Kolb Series in Finance, Dividends and Dividend Policy aims to be the essential guide to dividends and their impact on shareholder value. Issues concerning dividends and dividend policy have always posed challenges to both academics and professionals. While all the pieces to the dividend puzzle may not be in place yet, the information found here can help you gain a firm understanding of this dynamic discipline. Comprising twenty-eight chapters—contributed by both top academics and financial experts in the field—this well-rounded resource discusses everything from corporate dividend decisions to the role behavioral finance plays in dividend policy. Along the way, you'll gain valuable insights into the history, trends, and determinants of dividends and dividend policy, and discover the different approaches firms are taking when it comes to dividends. Whether you're a seasoned financial professional or just beginning your journey in the world of finance, having a firm understanding of the issues surrounding dividends and dividend policy is now more important than ever. With this book as your guide, you'll be prepared to make the most informed dividend-related decisions possible—even in the most challenging economic conditions. The Robert W. Kolb Series in Finance is an unparalleled source of information dedicated to the most important issues in modern finance. Each book focuses on a specific topic in the field of finance and contains contributed chapters from both respected academics and experienced financial professionals.
Download or read book Journal of Banking & Finance written by and published by . This book was released on 2000 with total page 1178 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Dividend Policy by : George Frankfurter
Download or read book Dividend Policy written by George Frankfurter and published by Elsevier. This book was released on 2003-06-24 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dividend Policy provides a comprehensive study of dividend policy. It explores the puzzle presented by dividends: irrational and subject to fashion, yet popular and desirable, they remain a priority among managers, even while perceived as largely symbolic. After exploring the history of dividend payments, from the emergence of the modern corporation to current perspectives, it traces the evolution of academic models on dividend policy. Here the authors review models of symmetric and asymmetric information before analyzing academia's accomplishments in solving the dividend puzzle. Related subjects, such as valuation and wealth distribution, round out the authors' presentation about new ways to think about one of the most intriguing subjects in financial economics. The book is recommended for professors and students in departments of finance and business, corporate finance staff, and financial regulators. The only comprehensive study of dividend policy Covers the historical evolution of dividends and academic research on dividend policy Presents new ways of thinking about dividends and dividend policy
Book Synopsis Canada's Interconvertible Shares by : Warren Bernard Bailey
Download or read book Canada's Interconvertible Shares written by Warren Bernard Bailey and published by . This book was released on 1985 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
