search query: @author Barclay, M. J. / total: 9
reference: 8 / 9
| Author: | Barclay, M. J. |
| Title: | Dividends, taxes, and common stock prices |
| Journal: | Journal of Financial Economics
1987 : SEP, VOL. 19:1, p.31-44 |
| Index terms: | MONEY MARKETS DIVIDENDS TAXATION |
| Language: | eng |
| Abstract: | The ex-dividend day behaviour of common stock prices is examined before the enactment of the federal income tax. On ex-divident days during the pre-tax period, stock prices fell, on average, by the full amount of the dividend. The data are consistent with the hypothesis that investors in the pre-tax period value dividends and capital gains as perfect substitutes and the differential taxation of dividends and capital gains has since caused investors to discount the value of taxable cash dividends in relation to capital goods. |
SCIMA