Determinants of Corporate Dividend Capture
利用除息日回报数据，研究公用事业股票中企业股息捕获行为受交易成本、三个月国库券利率、非系统风险和股息收益率的影响，但非公用事业股票中这些因素不显著，且1986年税改的影响不明确。
This paper uses ex‐dividend day returns to show that corporate dividend capture in utility stocks depends upon transaction costs, the three month treasury bill rate, unsystematic risk and dividend yield. The paper finds that the data do not support the same determinants for dividend capture in non‐utility stocks. Tests on data from before and after the Tax Reform Act of 1986 do not show conclusively that the Tax Reform Act reduced the prevalence of dividend capture.