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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/6079

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/6079

Title:	Taxes and Dividend Clientele: Evidence from Trading and Ownership Structure
Authors:	劉玉珍 Lee, Yi-Tsung;Liu, Yu-Jane;Roll, Richard;Subrahmanyam, Avanidhar
Keywords:	Dividends;Clientele effect
Date:	2006-01
Issue Date:	2008-11-05 16:50:14 (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
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1016/j.jbankfin.2005.03.009
DOI:	10.1016/j.jbankfin.2005.03.009
Appears in Collections:	[財務管理學系] 期刊論文

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