政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/63939

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | Items with full text/Total items : 113303/144284 (79%)
Visitors : 50798754 Online Users : 724

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer

政大典藏 > College of Commerce > Department of Accounting > Periodical Articles > Item 140.119/63939

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/63939

Title:	Taxes and Dividend Clientele: Evidence from Trading and Ownership Structure
Authors:	李怡宗 Lee, Yi-Tsung;Liu, Yu-Jane;Roll, Richard
Contributors:	會計系
Keywords:	Dividends;Clientele effect
Date:	2006-01
Issue Date:	2014-02-18 14:55:54 (UTC+8)
Abstract:	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.
Relation:	Journal of Banking and Finance,30(1),229-246
Source URI:	http://dx.doi.org/10.1016/j.jbankfin.2005.03.009
Data Type:	article
DOI link:	http://dx.doi.org/
DOI:
Appears in Collections:	[Department of Accounting] Periodical Articles

Files in This Item:

File	Description	Size	Format
229246.pdf		160Kb	Adobe PDF2	1149	View/Open

社群 sharing

著作權政策宣告 Copyright Announcement

1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.

Loading...