Artículo de revista
Ex-dividend date stock behavior and the clientele effect: evidence around a tax reduction
Fecha
2017Registro en:
Global Finance Journal 32 (2017) 55–61
10.1016/j.gfj.2016.06.003
Autor
Muñoz, Ercio
Rodríguez, Arturo
Institución
Resumen
This study analyzes the behavior of stock prices around the ex-dividend date focusing on the effects of a major tax reduction. Using the 40 most heavily traded shares on the Santiago Stock Exchange, the study evaluates price drop ratios using various measures of ex-dividend day prices. The findings indicate that the dividend tax reduction has an effect on the price drop ratio; this result is consistent with the clientele effect hypothesis.