Tax clientele

Tax clientele

Categories of investors who have specific preferences for debt or equity because of differences in their personal tax rates.

Tax Clientele

The universe of investors who have a preference for one type of security or another because that type of security minimizes their tax liabilities.
References in periodicals archive ?
Consistent with the tax clientele theory, we find that for the overall sample period, ex-dividend price behavior is systematically related to how capital gains and dividends are taxed.
Do tax law changes influence ex-dividend stock price behavior? Evidence from 1926 to 2005
are the tax clientele for the tax-exempt bonds; in other words, they are
Risk, return, and objective economic substance
Almost all international studies detect an ex-day price drop of less than one but, as in the US, evidence is mixed as to the existence of a tax clientele effect.
The ex-dividend day stock price behavior: the case of Portugal
Thus, both the tax clientele and the tax-timing option imply that the ratio of taxable and tax-exempt yields would not equal the tax rate of the marginal investor.
Taxes and bond returns
Secondary issues examined include the concept of tax clientele, basic differences in the taxation of capital gains and ordinary income, basic differences in the tax consequences of holding mutual funds versus individual stock portfolios, and the characteristics of tax-efficient mutual funds.
Mutual funds' before- and after-tax returns: the case of tax clientele
Under the Scholes and Wolfson (1992) framework, investors who do not pay the AMT would be expected to form a tax clientele for investing in AMT.
Implicit taxes: evidence from taxable, AMT, and tax-exempt state and local government bond yields
2) Prior studies investigate whether the yield spread for municipal bonds reflects the tax rate for an individual or corporate marginal investor (Poterba 1986; Fortune 1988; Mankiw and Poterba 1996) and whether there is an institutional tax clientele for dividend-paying stocks (Dhaliwal et al.
The effect of shareholder-level dividend taxes on stock prices: evidence from the Revenue Reconciliation Act of 1993
If a true yield advantage exists, it could be due to a tax clientele effect (e.
Theoretical considerations of the effect of federal income taxes on investment income in property-liability ratemaking
Finesand began his career as a tax lawyer in New York, serving a broad direct investment, corporate finance and tax clientele.
Egan Systems Expands Board of Directors
Because it is conditioned on the tax clientele of dividend-paying stocks changing with the dividend tax cut, we call this case the "dynamic tax-clientele hypothesis.
Dividend tax cut and security prices: examining the effect of the Jobs and Growth Tax Relief Reconciliation Act of 2003
01 percent (assuming a 70 percent DRD) and that corporate investors form a tax clientele for preferred stock.
Public utility old money preferred stocks
div] [greater than or equal to] gt are the tax clientele for lower-dividend-paying stocks.
Evidence of tax-clientele-related trading following dividend increases
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