Scandinavian Working Papers in Economics
Umeå Economic Studies,
Umeå University, Department of Economics
No 684: Taxation, Dividend Payments and Ex-Day Price Changes
Sven-Olov Daunfeldt (), Carina Selander () and Magnus Wikström ()
Additional contact information
Sven-Olov Daunfeldt: Högskolan i Gävle, Postal: S 801 76 GÄVLE, Sweden
Carina Selander: Department of Economics, Umeå University, Postal: S 901 87 Umeå, Sweden
Magnus Wikström: Department of Economics, Umeå University, Postal: S 901 87 Umeå, Sweden
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
28 pages, June 2, 2006
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