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| Tekijä: | Florentsen, B. Rydqvist, K. |
| Otsikko: | Ex-day behavior when investors and professional traders assume reverse roles: the case of Danish lottery bonds |
| Lehti: | Journal of Financial Intermediation
2002 : APR, VOL. 11:2, p. 152-175 |
| Asiasana: | INVESTORS LOTTERIES DENMARK |
| Kieli: | eng |
| Tiivistelmä: | Lottery bonds are Danish Treasury obligations which make coupon payments by lottery. Professional traders have a tax preference for the coupon lottery, while investors are tax-neutral and take the other side of the trade. Consistent with tax-based explanations of abnormal ex-day returns, the authors find that prices fall by more than the lottery mean. |
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