Determinants of equity returns on ex-dividend dates in emerging capital markets
We study share price performance at ex-dividend date, and its relation to trading volume and a set of factors corresponding to different explanatory theories. Among the investigated factors that may have impact on ex-dividend date share price, are dividend yield, capital gains tax rate and dividends tax rate, transaction costs, market microstructure characteristics, market stock risk, and disposition effect. The research was conducted with the panel data of companies from BRIC zone for the period 2005-2015. According to obtained results, dividend capturing and disposition effect theories are likely to have explanatory power for ex-day phenomenon for our sample. Tax theory and dividend clientele theory have not found empirical support.
In this article, we investigate the impact of familiarity bias on the individual investor’s reluctance to realize losses. Our experimental approach reveals a strong correlation between familiarity and disposition effect. We conducted 714 tests in which different respondents could sell stocks of two types – winners and losers. One group of respondents “owned” familiar assets and another group operated anonymous portfolios. The results of the experiment show that an individual investor’s tendency to ride losers too long is more than twice as high in the case of unfamiliar stocks as it is when assets are familiar to the holder.
Tax theory is important for the public administration, for social and economic development of a country, and for correct solution of complex tax issues.
The authors aim at forming comprehensive view on the taxes, including their economic, political, legal, social and psycological aspects. The textbook puts emphasis on the economic nature of the taxes, their functions, principes of taxation, as well as on the tax budren distribution in various types of markets. The authors also cover the topics of tax stimuli, tax burden, fairness of taxation and macroeconomic consequences of the taxation. The chapters are illustrated with graphs and tables; each chapter ends with questions for discussion.
This textbook is mainly oriented at the students with major in Economics, specializing in Taxes and taxation. It will also be helpful for the academicians and students specializing in other areas of economics and management, and for the tax professionlas, who would like to improve their understanding of the subject.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.