THE EX-DIVIDEND DAY BEHAVIOR OF FINNISH RESTRICTED AND UNRESTRICTED SHARES

Authors
HIETALA P KELOHARJU M
Citation
P. Hietala et M. Keloharju, THE EX-DIVIDEND DAY BEHAVIOR OF FINNISH RESTRICTED AND UNRESTRICTED SHARES, Applied economics letters, 2(12), 1995, pp. 467-468
Citations number
4
Categorie Soggetti
Economics
Journal title
Applied economics letters → ACNP
ISSN journal
13504851
Volume
2
Issue
12
Year of publication
1995
Pages
467 - 468
Database
ISI
SICI code
1350-4851(1995)2:12<467:TEDBOF>2.0.ZU;2-U
Abstract
We analyse the ex-dividend day behaviour of two classes of shares whos e trading is potentially dominated by investors under different tax re gimes because of foreign ownership restrictions. Our results provide e vidence in favour of the hypothesis that long-term investors are the m arginal investors that determine the stock prices around the ex-divide nd day, and against the hypothesis that short-term trading is the driv ing force behind equilibrium ex-dividend ratios.