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題名 Taxes and Dividend Clientele: Evidence from Trading and Ownership Structure
作者 劉玉珍
Lee, Yi-Tsung ;
     Liu, Yu-Jane ;
     Roll, Richard ;
     Subrahmanyam, Avanidhar
關鍵詞 Dividends;
     Clientele effect
日期 2006-01
上傳時間 5-十一月-2008 16:50:14 (UTC+8)
摘要 Although dividend clientele have been studied over several decades, their existence remains controversial. We study the interaction of dividends and taxes by exploiting a unique dataset from Taiwan, where the capital gains tax is zero. We find strong evidence of a clientele effect. Agents subject to high rates of taxation on dividends tend to hold stocks with lower dividends and sell (buy) stocks that raise (lower) dividends. Agents in lower tax brackets behave in the opposite manner. After legalization of repurchases in 2000, firms with higher concentrations of more heavily taxed shareholders were more apt to begin repurchase programs.
關聯 Journal of Banking and Finance, 30(1), 229-246
資料類型 article
DOI http://dx.doi.org/10.1016/j.jbankfin.2005.03.009
dc.creator (作者) 劉玉珍zh_TW
dc.creator (作者) Lee, Yi-Tsung ;
     Liu, Yu-Jane ;
     Roll, Richard ;
     Subrahmanyam, Avanidhar		-
dc.date (日期) 2006-01en_US
dc.date.accessioned 5-十一月-2008 16:50:14 (UTC+8)-
dc.date.available 5-十一月-2008 16:50:14 (UTC+8)-
dc.date.issued (上傳時間) 5-十一月-2008 16:50:14 (UTC+8)-
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/6079-
dc.description.abstract (摘要) Although dividend clientele have been studied over several decades, their existence remains controversial. We study the interaction of dividends and taxes by exploiting a unique dataset from Taiwan, where the capital gains tax is zero. We find strong evidence of a clientele effect. Agents subject to high rates of taxation on dividends tend to hold stocks with lower dividends and sell (buy) stocks that raise (lower) dividends. Agents in lower tax brackets behave in the opposite manner. After legalization of repurchases in 2000, firms with higher concentrations of more heavily taxed shareholders were more apt to begin repurchase programs.-
dc.format application/en_US
dc.language enen_US
dc.language en-USen_US
dc.language.iso en_US-
dc.relation (關聯) Journal of Banking and Finance, 30(1), 229-246en_US
dc.subject (關鍵詞) Dividends;
     Clientele effect		-
dc.title (題名) Taxes and Dividend Clientele: Evidence from Trading and Ownership Structureen_US
dc.type (資料類型) articleen
dc.identifier.doi (DOI) 10.1016/j.jbankfin.2005.03.009en_US
dc.doi.uri (DOI) http://dx.doi.org/10.1016/j.jbankfin.2005.03.009en_US