Why do stock prices drop by less than the value of the dividend? Evidence from a country without taxes

Article Abstract:

Taxation appeared to have an impact with regards to the behavior of stock prices in relation to dividend value. Stock prices tend to drop to less than the value of the dividend in countries where capital gains and dividends are not being taxed. At Hong Kong stock market, an average decline of HK$0.06 in stock prices was recorded between 1980 to 1993 in relation to an average dividend of HK$0.12.

Tax Law, Economic aspects, Stock price indexes

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Cross border dividend taxation and the preferences of taxable and non-taxable investors: evidence from Canada

Article Abstract:

A focus on the international fundEs taxable and retirement accounts conflict which face various tradeoffs between capital gains and dividends, and fund managers response to these kind conflicting preferences of their investors is presented.

Canada, Financial management, Dividends, Dividend Policy, Finance, Investors, Company financing, Company dividends

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The value of dividend imputation tax credits in Australia

Article Abstract:

A detailed study of the dividend imputation tax system credits valuation in Australia is presented.

Australia, Capital funds & cash flow, Corporate Tax Investment Credit, Valuation, Tax policy, Investment tax credit

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