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    政大機構典藏 > 商學院 > 會計學系 > 期刊論文 >  Item 140.119/63939


    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/63939


    题名: Taxes and Dividend Clientele: Evidence from Trading and Ownership Structure
    作者: 李怡宗
    Lee, Yi-Tsung;Liu, Yu-Jane;Roll, Richard
    贡献者: 會計系
    关键词: Dividends;Clientele effect
    日期: 2006-01
    上传时间: 2014-02-18 14:55:54 (UTC+8)
    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.
    關聯: Journal of Banking and Finance,30(1),229-246
    資料來源: http://dx.doi.org/10.1016/j.jbankfin.2005.03.009
    数据类型: article
    DOI 連結: http://dx.doi.org/
    DOI: 
    显示于类别:[會計學系] 期刊論文

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