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Help
If you have any questions, you are always welcome to contact us. We'll get back to you as soon as possible, withing 24 hours on weekdays.
Customer service
All questions about your order, return and delivery must be sent to our customer service team by e-mail at yourstore@yourdomain.com
Sale & Press
If you are interested in selling our products, need more information about our brand or wish to make a collaboration, please contact us at press@yourdomain.com
This research examines the trading behavior of investors on the French stock market during the exdividend period, between 2003 and 2008. The analysis of the French Tax Code confirms, the capital gains and the dividends are taxed in a different manner, hence the fiscal system creates a tax heterogeneity among different group of stockholders. Consequently, it creates an opportunity for taxinduced trading several days around the exdate. Our empirical results show significant abnormal trading volumes during the exdividend period. The excess trading volumes are the most pronounced in 2003 and 2004, when the investors were heterogeneous not only with respect to the tax rates, but as well with respect to the pretax value of dividends. On the other hand, the lowest trading volumes are recorded in 2008 due to equilibration of capital gains and dividend taxation. Putting these three observations together, one may conclude, that in fact, some taxmotivated trading is taking place on the French stock market.
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