Taxes, International Clienteles and the Value of ADR Dividends
研究了澳大利亚股票在美国存托凭证（ADR）中股息的价值，发现ADR股息低于面值而原始股股息高于面值，表明不同投资者群体对股息估值存在差异。
Abstract An alternative approach to valuing dividends is developed and applied to American Depositary Receipts (ADRs) on Australian stocks. The values of ADR dividends are estimated from the period when, due to different ex‐dividend dates, the ADRs and their underlying stocks trade with differential dividend entitlements. Australian ADR dividends are valued at less than their face value and the dividends on the underlying stocks are valued at more than their face value. This suggests that ADR dividends are priced by a clientele of US investors placing little value on the imputation tax credits attached to the dividends and that a clientele of Australian resident investors, who obtain value from imputation tax credits, price the dividends on the underlying stock.