haku: @author Murray, F. / yhteensä: 3
viite: 2 / 3
| Tekijä: | Murray, F. Jagannathan, R. |
| Otsikko: | Why do stock prices drop by less than the value of the dividend? Evidence from a country without taxes. |
| Lehti: | Journal of Financial Economics
1998 : FEB, VOL. 47:2, p. 161-188 |
| Asiasana: | ASSET VALUATION DIVIDENDS SHARE PRICES STOCK MARKETS HONG KONG |
| Kieli: | eng |
| Tiivistelmä: | Stock prices on ex-dividend days drop by less than the value of the dividend. This has commonly been attributed to the effect of tax clienteles. The authors examine data from the Hong Kong stock market, where neither dividends nor capital gains are taxed. As in the U. S., the average dividend for the period 1980-1993 is HK $0.12 and the average price drop is HK $0.06. They are able to account for this both theoretically and empirically through market microstructure arguments. |
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