Dive into Dividends: How Does the Dividend Yield and Change of Capital Income Tax Affects Dividend Anomaly: Evidence from the Finnish Market

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dc.contributor Aalto University en
dc.contributor Aalto-yliopisto fi
dc.contributor.advisor Rantapuska, Elias
dc.contributor.author Parmasuo, Roope
dc.date.accessioned 2017-08-17T08:49:54Z
dc.date.available 2017-08-17T08:49:54Z
dc.date.issued 2017
dc.identifier.uri https://aaltodoc.aalto.fi/handle/123456789/27722
dc.description.abstract In this study, I study the impact of divided taxation and dividend yield on stock returns around ex-dividend date. I studied how the anomaly has changed over time and over different tax-regimes before and after ex-dividend date in the Finnish market during 1993-2016. Before the tax-reformation in 2004, the abnormal returns were positive and statistically significant before the ex-dividend date. After that time, the significance drops and the taxation has not changed that much but the changes are still visible in the results. The low yielding stocks surprisingly outperformed other yielders during the sample window −20<𝑡<20 ie. its performance around ex-dividend date was better than high-yielders’ cum-dividend performance. en
dc.format.extent 23
dc.format.mimetype application/pdf en
dc.language.iso en en
dc.title Dive into Dividends: How Does the Dividend Yield and Change of Capital Income Tax Affects Dividend Anomaly: Evidence from the Finnish Market en
dc.type G1 Kandidaatintyö fi
dc.contributor.school Kauppakorkeakoulu fi
dc.contributor.school School of Business en
dc.contributor.department Rahoituksen laitos fi
dc.subject.keyword dividend anomaly en
dc.subject.keyword capital income taxation en
dc.subject.keyword interaction en
dc.subject.keyword Finnish market en
dc.subject.keyword dividends en
dc.subject.keyword taxation en
dc.identifier.urn URN:NBN:fi:aalto-201708176626
dc.type.ontasot Bachelor's thesis en
dc.type.ontasot Kandidaatintyö fi
dc.programme Rahoitus fi


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