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
The clientele effect explains the movement in a company's stock price according to the demands and goals of its investors. These investor demands come in reaction to a tax,dividend, or other policy change or corporate action which affects a company's shares. The clientele effect assumes that s...
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...
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 ...
We examine market reaction to the TFP to address three issues: first, whether the valuation effect of a dividend tax increase is consistent with the traditional or the new view of dividend taxation; secondly, whether the market reaction to tax increases has a differential impact on firm value ...
The clientele effect is a theory that focuses on the movement of stock prices as they relate to specific options. This particular concept holds that the upward and downward movement of those prices occurs due to the reactions of investors to specific events that have an impact on the goals ...
This paper examines ex-dividend day price performance of qualified public utility stocks and non-utility high dividend-yield stocks before, during, and after the Economic Recovery Tax Act of 1981, for evidence of trading by tax-induced clienteles. No previous study considers the effect of ERTA's...
(1990) house money effect and the overconfidence theory of Gervais and Odean (2001).1Public investors are more likely to experience capital gains and be overconfident in bull markets than in bear markets. Therefore, during bull markets, the house money effect, (i.e., losing the “house ...
aYour available balance 您可利用的平衡[translate] aSeveral explanations are advanced such as tax clientele theory, signaling theory, free-cash flow hypothesis to solve the dividend puzzle. 几个解释被推进例如税顾客理论,信号理论,自由现金流程假说解决股息难题。[translate]...
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 ...