2009/11/01

Taxes and ex-day returns: evidence from Germany and the U.K.: An article from: National Tax Journal

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Product Description
This digital document is an article from National Tax Journal, published by National Tax Association on December 1, 2008. The length of the article is 13057 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.

From the author: I analyze the tax systems and tax reforms in Germany and the U.K. and test the hypothesis that ex-day returns are related to each country’s tax differential between dividends and capital gains. The results indicate that in the U.K., where this tax differential is high and short-term trading is regulated, ex-day returns are higher, and the market microstructure and short-term trading impacts are weak. In contrast, in Germany, the tax impact is mitigated by short-term trading and market microstructure effects. The results suggest that despite their dividend tax similarities, the institutional differences between the two countries lead to different determinants of ex-day returns.

Citation Details
Title: Taxes and ex-day returns: evidence from Germany and the U.K.
Author: Meziane Lasfer
Publication: National Tax Journal (Magazine/Journal)
Date: December 1, 2008
Publisher: National Tax Association
Volume: 61 Issue: 4 Page: 721(22)

Distributed by Gale, a part of Cengage Learning

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Tags: dividend tax, market microstructure, microstructure effects.

Filed under Books by taxrefunds on Nov 1st, 2009. #

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