Volume 13, Numbers 1 & 2 / March/June , Pages 1-154
Taxation, Dividend Payments and Ex-Day Price-Changes
Multinational Finance Journal, 2009, vol. 13, no. 1/2, pp. 135-154
Sven-Olov Daunfeldt , The Ratio Institute, Sweden    Corresponding Author
Carina Selander , Umeå University, Sweden
Magnus Wikström , Umeå University, Sweden

The purpose of the paper is to study the effect of taxation on dividend payments and ex-dividend price-changes in Sweden during 1991-1995. Tax changes in Sweden during the 1990s were implemented in such a way that they provide an opportunity to include direct measures of the tax-treatment of dividends and capital gains in the empirical analysis, in contrast to previous studies. The results indicate that tax-reforms can have large effects on dividend payments, while the effects on ex-dividend price-changes are less conclusive.

Keywords : censoring; dividend; ex-dividend; taxation
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