Direct Evidence of Dividend Tax Clienteles
作者： Magnus Dahlquist , Goran Robertsson , Kristian Rydqvist
DOI: 10.2139/SSRN.945675
关键词:
摘要: We evaluate the dividend tax clientele hypothesis using a data set of all stock portfolios in market. Consistent with predictions Tax-CAPM, we find that tax-neutral investors tilt their towards dividend-paying stocks and earn about 40 basis points higher yield than investment funds prefer capital gains over dividends. also document private corporations, foundations, partnerships have deviating preferences, discuss how these portfolio behaviors relate to special or charter provisions.
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