THE IMPACT OF THE 1986 TAX REFORM ON EX-DIVIDEND DAY VOLUME AND PRICE BEHAVIOR

This paper examines the impact of the 1986 Tax Reform Act (TRA) on trading volume and stock price behavior around the ex-dividend day. The paper shows that changes in capital gain taxes exert a differential effect on the trading volume and ex-day premiums of stocks with different yields and transact...

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Veröffentlicht in:	National tax journal 1996-06, Vol.49 (2), p.177-192
Hauptverfasser:	WIT, CHUNCHI, Wu, Chunchi, HSU, JUNMING
Format:	Artikel
Sprache:	eng
Schlagworte:	Arbitrage Capital gains Capital gains tax Capital gains taxes Dividend policy Dividends Economic aspects Ex dividend Impact analysis Income taxes Investments Investors Securities trading volume Stock prices Stock-exchange Stocks Studies Tax increases Tax rates Tax reform Tax Reform Act 1986-US Taxation Transaction costs Valuation Yield
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