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New Evidence of the Impact of Dividend Taxation and on the Identity of the Marginal Investor.

Abstract:

This paper examines the impact of a major change in dividend taxation introduced in the UK in July 1997. The reform was structured in such a way that the immediate impact fell almost entirely on the largest investor class in the UK, namely pension funds. We analyse the behaviour of share prices around the ex-dividend day both before and after the reform to test clientele effects and the impact of taxation on the valuation of companies. We find strong clientele effects in the UK, which are con...

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Leonie Bell More by this author
Tim Jenkinson More by this author
Volume:
24
Series:
Discussion paper series
Publication date:
2000
URN:
uuid:585a0ffc-e4f9-44e8-9c8f-5d1c7d2f6de1
Local pid:
ora:1060
Language:
English

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