On interpreting security returns during the ex-dividend period
dc.contributor.author | Eades, Kenneth M. | en_US |
dc.contributor.author | Hess, Patrick J. | en_US |
dc.contributor.author | Kim, E. Han | en_US |
dc.date.accessioned | 2006-04-07T18:29:56Z | |
dc.date.available | 2006-04-07T18:29:56Z | |
dc.date.issued | 1984-03 | en_US |
dc.identifier.citation | Eades, Kenneth M., Hess, Patrick J., Kim, E. Han (1984/03)."On interpreting security returns during the ex-dividend period." Journal of Financial Economics 13(1): 3-34. <http://hdl.handle.net/2027.42/24872> | en_US |
dc.identifier.uri | http://www.sciencedirect.com/science/article/B6VBX-45N4M8W-1C/2/7cbee5fe682551657f8f6a1571652ace | en_US |
dc.identifier.uri | https://hdl.handle.net/2027.42/24872 | |
dc.description.abstract | In this paper we examine the ex-dividend day returns of several taxable and non-taxable distributions. The ex-dividend day returns for the taxable common stocks are consistent with the hypothesis that dividends are taxed more heavily than capital gains. However, the ex-dividend day returns of preferred stocks suggest that preferred dividends are taxed at a lower rate than capital gains; non-taxable stock dividends and splits are priced on ex-dividend days as if they are fully taxable; and non-taxable cash distributions are priced as if investors receive a tax rebate with them. We also find that each of these distributions exhibits abnormal return behavior for several days surrounding the ex-dividend day. We investigate several possible explanations for this anomaly, but none is capable of explaining the phenomenon. | en_US |
dc.format.extent | 2233442 bytes | |
dc.format.extent | 3118 bytes | |
dc.format.mimetype | application/pdf | |
dc.format.mimetype | text/plain | |
dc.language.iso | en_US | |
dc.publisher | Elsevier | en_US |
dc.title | On interpreting security returns during the ex-dividend period | en_US |
dc.type | Article | en_US |
dc.rights.robots | IndexNoFollow | en_US |
dc.subject.hlbsecondlevel | Economics | en_US |
dc.subject.hlbtoplevel | Business | en_US |
dc.description.peerreviewed | Peer Reviewed | en_US |
dc.contributor.affiliationum | University of Michigan, Ann Arbor, MI 48109, USA | en_US |
dc.contributor.affiliationum | University of Michigan, Ann Arbor, MI 48109, USA | en_US |
dc.contributor.affiliationother | Ohio State University, Columbus, OH 43210, USA | en_US |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/24872/1/0000299.pdf | en_US |
dc.identifier.doi | http://dx.doi.org/10.1016/0304-405X(84)90030-8 | en_US |
dc.identifier.source | Journal of Financial Economics | en_US |
dc.owningcollname | Interdisciplinary and Peer-Reviewed |
Files in this item
Remediation of Harmful Language
The University of Michigan Library aims to describe library materials in a way that respects the people and communities who create, use, and are represented in our collections. Report harmful or offensive language in catalog records, finding aids, or elsewhere in our collections anonymously through our metadata feedback form. More information at Remediation of Harmful Language.
Accessibility
If you are unable to use this file in its current format, please select the Contact Us link and we can modify it to make it more accessible to you.