Taxation, Dividend Payments and Ex-Day Price Changes

Sven-Olov Daunfeldt (), Carina Selander () and Magnus Wikström ()
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Carina Selander: Department of Economics, Umeå University, Postal: S 901 87 Umeå, Sweden

No 684, Umeå Economic Studies from Umeå University, Department of Economics

Abstract: The purpose of the paper is to study the effects of taxation on dividend payments and ex-dividend price changes in Sweden during 1991-1995. Under this period, dividends and capital gains were taxed at a flat rate. Tax changes in Sweden during the 1990s thus provide an opportunity to include direct measures of the tax treatment of dividends and capital gains in the empirical analysis, in contrast to previous studies. The results indicate that tax reforms have large effects on dividend payments, while the effects on ex-dividend price changes are less conclusive.

Keywords: capital gain; censoring; dividend; flat tax; tax reform (search for similar items in EconPapers)
JEL-codes: G12 G35 H24 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-acc, nep-cfn, nep-fin, nep-pbe and nep-pub
Date: 2006-06-02
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