Tax-Induced Trading and the Identity of the Marginal Investor: Evidence from Sweden

Sven-Olov Daunfeldt

No 3, HUI Working Papers from HUI Research

Abstract: Changes in the Swedish tax code during the 1990s were structured in a way that offers an opportunity to test whether ex-dividend prices were determined by the taxation of domestic individual investors. The results presented in this paper indicate that ex-dividend prices were not influenced by the relatively large tax changes for domestic individual investors. In addition, there was no evidence that the taxation of domestic individual investors influenced ex-dividend prices for any specific dividend yield group.

Keywords: Taxation; trading; ex-dividend prices (search for similar items in EconPapers)
JEL-codes: G11 G18 (search for similar items in EconPapers)
Pages: 27 pages
Date: 2005-12-05
New Economics Papers: this item is included in nep-acc and nep-cfn
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Published as Daunfeldt, Sven-Olov, 'Tax-Induced Trading and the Identity of the Marginal Investor: Evidence from Sweden' in Applied Economics Letters, 2009, pages 679-681.

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Persistent link: https://EconPapers.repec.org/RePEc:hhs:huiwps:0003

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