This study shows that individual investors prefer to invest in high dividend yield stocks and in dividendpaying firms whereas relatively lower-taxed institutional investors tend to prefer low dividend yield stocks and non-paying firms. Consistent with Brennan and Thakor’s [Brennan, M. J., & A. V. Thakor. (1990). Shareholder preferences and dividend policy. Journal of Finance, 45, 993–1018] adve...

Non-restoring division involves shifting and add/subtract operations. This paper proposes method to reduce the number of bits in shift operation during non restoring operations. The upper half of the dividend is shifted instead of whole dividend. The least significant bit of the shifted number is set to the value in lower half of the dividend depending on the iteration. The design is synthesize...

Civil wars dramatically reduce income. Peace might therefore be expected to generate a dividend which both the government and the private sector can spend. Paradoxically, those civil wars which are prolonged and therefore do most damage create only small instant peace dividends. Income has fallen because capital has been lost and so cannot recover until capital has been reaccumulated. However, ...

Recent studies on the so-called double dividend hypothesis find that environmental tax swaps exacerbate the costs of the tax system and therefore do not produce a double dividend. We extend these models by incorporating a fixed-factor in the production of the polluting good and, therefore, allowing Ricardian rents to be generated in the economy. In this setting, an environmental tax reform with...

It is generally conceded that dividend pricing models are poor predictors of asset prices. This finding is sometimes attributed to excess volatility or to a dividend process manipulated by firm managers. In this paper, we present rather powerful panel tests of the dividend pricing relation using a unique data set in which dividends are set by market forces independent of managers’ preferences. ...

Based on different objectives, various insurance risk models with adaptive polices have been proposed, such as dividend model, tax model, model with credibility premium, and so on. In this report, we will only focus the study on dividend strategies. Here are some reasons why the dividend strategy is of interest. For an insurance company, ruin occurs when a claim size is greater than its reserve...

This paper analyzes the behavior of stock prices around ex-dividend days after the implementation of the 1986 Tax Reform Act that dramatically reduced the difference between the tax treatment of realized long-term capital gains and dividend income in 1987 and completely eliminated the differential in 1988. We show that this tax change had no effect on the ex-dividend stock price behavior, which...

Abstract This paper examines the relation between dividend payments and stock prices of all firms in German prime standard DAX 30 time period from 2012 to 2019. The irrelevance theory introduced by Miller Modigliani states that must not have an impact on a perfect market. In contrast, signaling puzzle indicate are likely profound price. According our findings ex-dividend decrease was significan...

We experimentally explore how investor decision horizons influence the formation of stock prices. We find that in long-horizon sessions, where investors collect dividends till maturity, prices converge to the fundamental levels derived from dividends through backward induction. In short-horizon sessions, where investors exit the market by receiving the price (not dividends), price levels and pa...