Ex-Dividend Day Share Price Behavior: Effects of the Tax Reform Act of 1986
利用1982至1991年数据，研究1986年税收改革法案对除息日股价行为的影响，发现差别税收确实影响股息和资本利得的估值，支持传统观点。
The authors examine ex-dividend day share price behavior in light of the Tax Reform Act of 1986. Data from 1982 through 1991 are examined. The evidence generally supports the traditional view that differential taxation does affect the valuation of dividends and capital gains rather than the tax irrelevance view that it does not. Copyright 1993 by MIT Press.