The Clientele Effect in the Brazilian Market: Are Investors Irrational?

The Clientele Effect in the Brazilian Market: Are Investors Irrational?

This work tests the dividend clientele effect in the Brazilian stock market between 1989 and 1993, a period during which there no dividends taxes varied between zero and 25% according to shareholders group. From a sample of 693 events studied, 47% showed first ex-dividend day stock price higher than...

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Bibliographic Details
Main Authors: Jairo Laser Procianoy, Rodrigo dos Santos Verdi
Format: Article
Language:English
Published: Brazilian Society of Finance 2003-12-01
Series:Revista Brasileira de Finanças
Subjects:
dividends
taxes
clientele effect
Brazil
Online Access:http://virtualbib.fgv.br/ojs/index.php/rbfin/article/view/1129

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