New evidence of the impact of dividend taxation and on the identity of the marginal investor

• 成果类型: Article
• 署名作者: Bell, L; Jenkinson, T
• 署名单位: University of Oxford; University of Oxford
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/1540-6261.00462
• 发表日期: 2002
• 页码: 1321-1346
• 关键词: EX-DAY BEHAVIOR; PRICE BEHAVIOR; stock-prices; tax-reform

摘要

This paper examines the impact of a major change in dividend taxation introduced in the United Kingdom 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 United Kingdom, namely pension funds. We find significant changes in the valuation of dividend income after the reform, in particular for high-yielding companies. These results provide strong support for the hypothesis that taxation affects the valuation of companies, and that pension funds were the effective marginal investors for high-yielding companies.