On the Timing and Pricing of Dividends: Reply
回复Schulz（2016）对BBK（2012）股息剥离溢价研究的质疑，指出其税收估计不可靠且超过100%，BBK结论在合理税率下依然稳健。
Schulz (2016) replicates the findings of van Binsbergen, Brandt, and Koijen (2012)—henceforth, BBK—and agrees that the average pretax returns on short-term dividend strips are higher than those of the index, but argues that the after-tax returns are not. He thus provides a possible economic interpretation of the results in BBK: taxes. Schulz (2016) estimates the differential tax rates of dividends versus capital gains from ex-dividend day returns. We show that these estimated tax rates are suspect and imprecisely measured, peaking at over 100 percent in some periods. The results in BBK are robust to using tax rates from the literature (Sialm 2009). The arguments in Schulz (2016) thus crucially depend on implausibly large tax esti mates. We further discuss two other financial market imperfections discussed in the literature and show that they are also unlikely to explain the results in BBK.