Abstract

http://ssrn.com/abstract=267727
 
 

Citations



 


 



Dividends and Taxes: A Re-Examination


Avner Kalay


Tel Aviv University - Faculty of Management; University of Utah - David Eccles School of Business

Roni Michaely


Cornell University - Samuel Curtis Johnson Graduate School of Management; Interdisciplinary Center (IDC)


Financial Management, Vol. 29, No. 2, Summer 2000

Abstract:     
This study re-examines the impact of the differential taxation of dividends and capital gains on assets' prices. Our analysis shows that the time horizon used to define and measure the dividend period is a key issue when interpreting the empirical results. Our results indicate that most of the return variation previously attributed to dividends is not because of a cross-sectional variation in returns, but due to the time-series variation in returns around the dividend payment. In light of the lack of cross-sectional return variation, interpreting the higher return around the dividend distribution as a tax effect is problematic.

Accepted Paper Series


Not Available For Download

Date posted: June 14, 2001  

Suggested Citation

Kalay, Avner and Michaely, Roni, Dividends and Taxes: A Re-Examination. Financial Management, Vol. 29, No. 2, Summer 2000. Available at SSRN: http://ssrn.com/abstract=267727

Contact Information

Avner Kalay (Contact Author)
Tel Aviv University - Faculty of Management ( email )
P.O. Box 39010
Ramat Aviv, Tel Aviv, 69978
Israel
972 3 6406298 (Phone)
972 3 6406330 (Fax)
University of Utah - David Eccles School of Business ( email )
1645 E Campus Center Dr
Salt Lake City, UT 84112-9303
United States
801-581-5457 (Phone)
Roni Michaely
Cornell University - Samuel Curtis Johnson Graduate School of Management ( email )
431 Sage Hall
Ithaca, NY 14853
United States
607-255-7209 (Phone)
607-254-4590 (Fax)
HOME PAGE: http://www.johnson.cornell.edu/faculty/profiles/Michaely/
Interdisciplinary Center (IDC)
P.O. Box 167
Herzliya, 46150
Israel
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