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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.
are the tax clientele for the tax-exempt bonds; in other words, they are
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.
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.
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.
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.
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.
If a true yield advantage exists, it could be due to a tax clientele effect (e.
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.
01 percent (assuming a 70 percent DRD) and that corporate investors form a tax clientele for preferred stock.
div] [greater than or equal to] gt are the tax clientele for lower-dividend-paying stocks.
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