Canada's Dual Class Shares: Further Evidence on the Market Value of Cash Dividends
利用加拿大1971年税法允许公司发行两类股票（现金股利股与资本利得股）的制度，发现现金股利股通常溢价交易，溢价主要源于股利相对价值及股票股利支付与转换成本，少数公司溢价还反映流动性差异，未发现投资者偏好现金收入超过等额资本利得的证据。
ABSTRACT The Canada Income Tax Act of 1971 permitted Canadian corporations to create two classes of equity, one paying ordinary cash income and the other paying capital gains income. Cash‐paying shares have often sold at a premium. Empirical results indicate that the premium is largely explained by the relative value of the dividends paid and by costs imposed on investors by stock dividend payment and share conversion procedures. Premiums for a few firms also reflect the relative liquidity of the two classes of shares. No evidence exists that investors prefer cash income to equal amounts of capital gains.