NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Stockholder Tax Rates and Firm Attributes

Alan J. Auerbach

NBER Working Paper No. 817 (Also Reprint No. r0449)
Issued in February 1984
NBER Program(s):   PE

This paper develops a rigorous theoretical model to assess when investor clienteles may be empirically identified using ex dividend day data and what firm attributes these clienteles should respond to. It then presents empirical results for the period 1963-1977 suggesting that (1) tax-based investor clienteles do exist, and are reasonably stable over time (2) these clienteles are strongly influenced by the dividend-price ratio, but insignificantly by direct measures of risk and other firm characteristics.

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Published: Auerbach, Alan J. "Stockholder Tax Rates and Firm Attributes." Journal of Public Economics, Vol. 21, No. 2, (July 1983), pp. 107-127. Journal of Economic Literature, Vol. 22, No. 1, (March 1984).

 
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