Taxation and Dividend Policy and the Clientele EffectDividend policy is often reported to the shareholders, but seldom explained to them. Choosing between reinvesting or/and distributing the profit is a hard decision for a company, with very important implications in the future; the...
The clientele effect is a financial theory that suggests that changes in a company's dividend policy or capital structure can result in shifts within its shareholder base. Essentially, different groups of investors are drawn to companies with specific financial policies. Alterations in a company's ...
clientele effect 释义 clientele effect The impact on a financial firm's policy of its desire to attract and retain particular types of investors. For example, the dividend policy of a firm may be determined by its investors' particular tax requirements. ...
追随者效应理论(Clientele effect theory) 追随者效应理论译顾客效应理论该理论先由 米勒 ( Mi ller ) 莫迪格利安尼 ( Modigliani )提 股东 边际所税税率发认每投资者所处税收等级同: 边际税率 高富投资者;边际税率低 养基金
Example of the Clientele Effect In 2016, the CEO of Northwestern Mutual publicly announced in a press release a 45-basis-point drop in the dividend scale interest rate. This decision proved to impact the company’s dividend policy negatively. Following the disclosed plans, the company depressed ...
At the same time, a clientele effect can be positive. For example, if a business makes a change in the dividend policy such as shifting the dividend payout ratio in a manner that investors perceive as positive, the degree of support is likely to increase. In this scenario, investors are ...
追随者效应理论（Clientele effect theory） 追随者效应理论也译为顾客效应理论，该理论最先也是由 米勒 （ Mi ller ）和 莫迪格利安尼 （ Modigliani ）提出来的。从 股东 的边际所得税税率出发，认为每个投资者所处的税收等级不同： 有的 边际税率 高，如富有的投资者；而有的边际税率低，如 养老...
1) Clientele Effect 追随者效应 1. The ″Clientele Effect″ of China s Listed Corporation s Dividend Policy:Based on the Theory and Methodology of Financial Market Microstructure; 中国上市公司股利政策“追随者效应”分析——基于市场微观结构理论方法的实证研究 ...
The Ex‐Dividend Day Behavior of Stock Prices; A Re‐Examination of the Clientele Effect: A Comment 1984. The ex-dividend day behavior of stock prices; A re-examination of the clientele effect: A comment. The Journal of Finance, 39(2): 551-556... EJ Elton,MJ Gruber,J Rentzler - 《...
If a company pursues a consistent dividend policy, 'eachcorporation would tend to attract to itself a clientele consisting of those preferring its particular payoutratio, but one clientele would be entirely as good as ... 分享1赞 爱怡乐吧 可有机会吗 宝宝灿烂秀第一季前三甲宝宝风采展示,快来...