Tax-induced Shareholder Ownership Transfer and Dividend Preference among Different Investors
Date Issued
2006
Date
2006
Author(s)
Hsu, Chih-Hung
DOI
en-US
Abstract
Since Miller and Modigliani first to introduce the Tax Clientele Effect in 1961, this theory has always been hot issue in academia. This study uses the data of shareholders ownership transfer between Shareholders Meetings Day and Ex-Dividend Day to test the tax clientele hypothesis. Our evidence supports the tax clientele effect. We also find that small individual investors prefer Tech-related firms to Non-tech related firms among high tax-creditable-ratio firms. Besides, we also use this data to explore the dividend preference among different investors. Our evidence indicates that domestic major individual investors tend to sell their holdings of firms that pay dividends, while QFII prefer those firms with both high dividend yields and stock dividends. We also find that domestic corporate investors play a special role which worth further study.
Subjects
租稅顧客效果
股利顧客效果
股權結構
Tax Clientele
Dividend Clientele
Shareholder Ownership Structure
Type
thesis