| dc.contributor | 會計系 | en_US |
| dc.creator (作者) | 李怡宗 | zh_TW |
| dc.creator (作者) | Lee, Yi-Tsung ; Liu, Yu-Jane ; Roll, Richard | - |
| dc.date (日期) | 2006-01 | en_US |
| dc.date.accessioned | 18-Feb-2014 14:55:54 (UTC+8) | - |
| dc.date.available | 18-Feb-2014 14:55:54 (UTC+8) | - |
| dc.date.issued (上傳時間) | 18-Feb-2014 14:55:54 (UTC+8) | - |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/63939 | - |
| 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.extent | 164012 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.language.iso | en_US | - |
| dc.relation (關聯) | Journal of Banking and Finance,30(1),229-246 | en_US |
| dc.source.uri (資料來源) | http://dx.doi.org/10.1016/j.jbankfin.2005.03.009 | - |
| dc.subject (關鍵詞) | Dividends;Clientele effect | en_US |
| dc.title (題名) | Taxes and Dividend Clientele: Evidence from Trading and Ownership Structure | en_US |
| dc.type (資料類型) | article | en |
| dc.identifier.doi (DOI) | | en_US |
| dc.doi.uri (DOI) | http://dx.doi.org/ | en_US |
