Risultati della ricerca
Creator: Smith, Bruce D. (Bruce David), 1954-2002 and Stutzer, Michael J. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 410 Parola chiave: Farm Credit System, Assets, Dividends, Adverse selection, Risk, FCS, and Mutuals Soggetto: H81 - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts
Creator: Jagannathan, Ravi and Murray, Frank Series: Staff report (Federal Reserve Bank of Minneapolis. Research Department) Number: 229 Abstract:
It is well documented that on average, stock prices drop by less than the value of the dividend on ex-dividend days. This has commonly been attributed to the effect of tax clienteles. We use data from the Hong Kong stock market where neither dividends nor capital gains are taxed. As in the U.S.A. the average stock price drop is less than the value of the dividend; specifically, in Hong Kong the average dividend was HK $0.12 and the average price drop was HK $0.06. We are able to account for this both theoretically and empirically through market microstructure based arguments.
Parola chiave: Dividends, Asset pricing, Market microstructure, and Bid-ask spread Soggetto: G35 - Payout Policy and G12 - Asset Pricing; Trading Volume; Bond Interest Rates