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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 楊朝成 | |
| dc.contributor.author | Chih-Hung Hsu | en |
| dc.contributor.author | 許志鴻 | zh_TW |
| dc.date.accessioned | 2021-06-13T04:24:05Z | - |
| dc.date.available | 2006-07-26 | |
| dc.date.copyright | 2006-07-26 | |
| dc.date.issued | 2006 | |
| dc.date.submitted | 2006-07-21 | |
| dc.identifier.citation | Allen, Franklin, Antonio E. Bernardo, and Ivo Welch, 2000, “A theory of dividends based on tax clienteles,' Journal of Finance 55, 2499-2536.
Bali, R., and G. L. Hite, 1998, “Ex-Dividend Day Stock Price Behavior: Discreteness or Tax-Induced Clienteles?” Journal of Financial Econometrics 47, 127-159 Barclay, M.J., 1987, “Dividends, Taxes, and Common Stock Prices: The Ex-Dividend Day Behavior of Common Stock Prices before the Income Tax,” Journal of Financial Econometrics 13, 31-44. Bell, L. and T. Jenkinson, 2002, “New Evidence on the Impact of Dividend Taxation and on the Identity of the Marginal Investor,” Journal of Finance 57(3), 1321-1346. Dhaliwal, D. S., M. Erickson, and R. Trezevant, 1999, “A test of the theory of tax clienteles for dividend policies,” National Tax Journal 52(2): 179-194. Easterbrook, F. H., 1984, “Two agency-cost explanations o dividends,” American Economic Review, 74, September, 220-230. Elton, Edwin J., and Martin J. Gruber, 1970, “Marginal Stockholder Tax Rates and the Clientele Effect,” Review of Economics and Statistics 52, 68-74. Elton, Edwin J., Martin J. Gruber, and Christopher R. Blake, 2005, “Marginal Stockholder Tax Effects and Ex-Dividend Day Price Behavior: Evidence from Taxable versus Non-Taxable Closed-End Funds,” Review of Economics and Statistics 87, 579-586. Frank, Murray and Jagannathan, Ravi, 1998, “Why do stock prices drop by less than the value of the dividend?-Evidence from a country without taxes,” Journal of Financial Economics, Elsevier, vol. 47(2), pages 161-188 Gagnon, J. and J. Suret, “Ex-Dividend Day Price Changes and Implied Tax Rates: An Evaluation,” Journal of Financial Research 14, 255-262. Graham, John, Roni Michaely, and Michael Roberts, 2002, “Do Price Discreteness and Transactions Costs Effect Stock Returns?” Working paper, Cornell University. Grinstein Yavin and Roni Michaely, 2005, “Institutional holdings and payout policy,” Journal of Finance, 60, 1389-1426. Hotchkiss, Edith S., and Stephen Lawrence, 2003, “Empirical evidence on the existence of dividend clienteles,” Working paper, Boston College. Jain, Ravi, 1999, “Institutional investors do not prefer dividends; Individual investors do,” Working paper, Temple University. Jensen, M. C. and Meckling, W. H., 1976, “Theory of the firm: Managerial behavior agency costs and capital structure,” Journal of Financial Economics, (October) 305-360. Kalay, A., 1982, “The Ex-Dividend Day Behavior of Stock Prices: A Re-Examination of the Clientele Effect,” Journal of Finance 37, 1059-1070. Kalay, A., 1984, “The Ex-Dividend Day Behavior of Stock Prices: A Re-Examination of the Clientele Effect: A Reply,” Journal of Finance 39, 557-561. McDonald, Robert L., “Cross-Border Investing with Tax Arbitrage: The Case of German Dividend Tax Credits,” Review of Financial Studies 14, 617-657. Michaely, Roni, Thaler, Richard H., and Womack, Kent L., 1995, ” Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?” Journal of Finance, 50(2), 573-608. Miller, M., and F. Modigliani, 1961, “Dividend policy, growth, and the valuation of shares,” Journal of Business 34, 411-433. Poterba, J.M., and L. H. Summers, 1984, “New Evidence that Taxes Affect the Valuation of Dividends,” Journal of Finance 39, 1397-1415. Richardson, G., S. E. Sefcik, and R. Thompson, 1986, “A test of dividend irrelevance using volume reactions to a change in dividend policy,” Journal of Financial Economics, December, 313-334. Strickland, Deon, 1996, “Determinants of institutional ownership: Implications for dividend clienteles,” Working paper, Ohio State University. | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/33075 | - |
| dc.description.abstract | 自1961年MM首次提出租稅顧客效果以來，國際間一直有相關的論文探討，然而卻僅能以間接的證據來做實證分析。本篇研究係藉由股東會日與除息(權)日間各類別股東持股比例之變化此一直接證據來探討稅負誘發之股利顧客效果。我們的實證結果顯示租稅顧客效果確實存在，並且發現具稅負優勢的小股東反而較偏好高可扣抵稅額之科技公司而非傳產公司。另外，我們也以此份資料對各股東之股利偏好做相關檢定。發現大股東在此段期間中會賣出含權與含息的股票，而外資股東則會買進同時具高現金殖利率且又有配股票股利的股票。在此同時，我們也觀察到國內公司法人股東在這段期間似乎扮演著吸收大股東賣出持股的角色，值得進一步之深入探討。 | zh_TW |
| dc.description.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. | en |
| dc.description.provenance | Made available in DSpace on 2021-06-13T04:24:05Z (GMT). No. of bitstreams: 1 ntu-95-R93723014-1.pdf: 1081834 bytes, checksum: 57d0be7ee44f4379cc2f06d768f0abee (MD5) Previous issue date: 2006 | en |
| dc.description.tableofcontents | 誌謝 ………………………………………………………………… i
中文摘要 …………………………………………………………… ii 英文摘要(ABSTRACT) ………………………………………………iii Table of Contents………………………………………………… iv List of Tables …………………………………………………… v Ⅰ. Motivation and Backgrounds ……………………………… 01 Ⅱ. Literature Review ……………………………………………05 Ⅲ. Hypotheses and brief introduction of Taiwanese tax system..............................................09 A. Brief Introduction of Taiwanese Tax Reform…………09 B. Hypothesis ………………………………………………….12 Ⅳ. Data Description and Definition of Variables…………15 A. Data ………………………………………………………….15 B. Definition of Variables …………………………………18 Ⅴ. Tax-Induced Shareholders Ownership Transfer ……….20 Ⅵ. Dividend Preference of Different Investors……………26 Ⅶ. Conclusion………………………………………………………33 REFERENCES ………………………………………………………….35 | |
| dc.language.iso | en | |
| dc.subject | 股權結構 | zh_TW |
| dc.subject | 租稅顧客效果 | zh_TW |
| dc.subject | 股利顧客效果 | zh_TW |
| dc.subject | Shareholder Ownership Structure | en |
| dc.subject | Tax Clientele | en |
| dc.subject | Dividend Clientele | en |
| dc.title | 稅負誘發之股權結構移轉與股利偏好探討 | zh_TW |
| dc.title | Tax-induced Shareholder Ownership Transfer and Dividend Preference among Different Investors | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 94-2 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 陳勝源,劉任昌 | |
| dc.subject.keyword | 租稅顧客效果,股利顧客效果,股權結構, | zh_TW |
| dc.subject.keyword | Tax Clientele,Dividend Clientele,Shareholder Ownership Structure, | en |
| dc.relation.page | 37 | |
| dc.rights.note | 有償授權 | |
| dc.date.accepted | 2006-07-23 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 財務金融學研究所 | zh_TW |
| 顯示於系所單位： | 財務金融學系 | |
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