Ex-dividend day price and volume: the case of cum-ex trading

Wagner, Moritz; Wei, Xiaopeng

doi:10.1080/00036846.2022.2141450

Cited by 3 publications

(3 citation statements)

References 30 publications

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“…They supported the tax-clientele effect. In a similar manner,Wagner et al, (2022) confirmed the presence of short-term trading that is consistent with dividend-capturing activities Israelsson et al, (2017). investigated the impact of taxes, trading activity, and various market microstructures in Sweden.…”

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confidence: 79%

Dividend capturing on ex- dividend day: A scenario of Pakistan.

Qadar

2023

International Journal of Social Science Entrepreneurship

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This paper has examined dividend-capturing activities and short-term trading of stocks listed on the Pakistan Stock Exchange. For this, a time span of twenty years (2001–2020) for PSX-listed stocks has been selected. Standard event study methodology and regression have been used to analyze the presence of arbitrageurs to capture dividend benefits around ex-dividend day. The abnormal returns of stocks are estimated with the help of a market model. The impact of various exogenous factors is checked through regression. The result of this study confirmed the existence of short-term trading and found evident empirical support for explaining dividend-capturing activities. Positive abnormal returns are recorded before event day, and negative abnormal returns are recorded thereafter. Finally, results from regression revealed that dividend yield and risk are significant and verifiable explanations of stock prices fluctuation on ex-dividend day.

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confidence: 79%

Dividend capturing on ex- dividend day: A scenario of Pakistan.

Qadar

2023

International Journal of Social Science Entrepreneurship

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“…The Pandora Papers leak in 2021 revealed prominent figures in the United Arab Emirates using offshore accounts for tax evasion [ 36 ]. In Europe, the CumEx-Files scandal, involving a network of banks, stock traders, and attorneys, highlights a major instance of tax evasion, with Germany, France, Italy, Denmark, and Belgium collectively losing an estimated $62.9 billion [ 4 ]. This scheme underscores the sophisticated methods employed in evading taxes, particularly in countries with advanced financial systems.…”

Section: Literature Reviewmentioning

confidence: 99%

“…It involves misrepresenting financial affairs to minimize tax liabilities. Examples include Bangladesh’s misuse of pre-shipment inspection services [ 2 ], India’s false returns [ 3 ], Europe’s CumEx-Files scandal [ 4 ], the US IRS’s detection of tax evasion tactics [ 5 ], and African nations’ struggles with corporate tax compliance and underreporting income [ 6 ]. The challenge lies in establishing effective countermeasures to ensure fiscal integrity and fairness.…”

Section: Introductionmentioning

confidence: 99%

Investigating the dynamics of tax evasion and revenue leakage in somali customs

Nor,

Mohamed

2024

PLoS ONE

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This study aims to investigate the dynamics of tax evasion and revenue leakage in the Somali customs framework, providing insights into the systemic opportunity structures, tax governance deficiencies, and personal incentive structures that facilitate these practices. By applying agency theory and rent-seeking theory, this research seeks to deepen the understanding of the complex relationship between individual motivations and systemic vulnerabilities in exacerbating corruption and tax evasion in a post-conflict governance context. By employing structural equation modeling (SEM) within the ADANCO-SEM analysis framework, this study analyzes primary survey data. This approach allows for a comprehensive examination of the relationships between systemic, governance, and personal factors contributing to corruption and tax evasion. The findings reveal a significant positive relationship between systemic opportunity structures, tax governance deficiencies, and personal incentive structures and the prevalence of tax evasion and corruption. Specifically, systemic opportunity structures were found to significantly influence both tax governance deficiencies and personal incentive structures, highlighting the intertwined nature of these factors in facilitating corrupt practices and tax evasion in Somali customs. This study underscores the urgent need for comprehensive reforms targeting systemic vulnerabilities, enhancing tax governance frameworks, and aligning personal incentives with the public interest. Practical applications include the adoption of advanced technological solutions for improved monitoring and transparency, as well as the development of targeted training programs for customs officials to foster ethical standards and compliance. This research contributes to the existing body of knowledge by providing a unique empirical examination of corruption and tax evasion in the context of Somali customs, a largely underexplored area in the literature. By integrating agency theory and rent-seeking theory, this study offers novel insights into the mechanisms of corruption and tax evasion, highlighting the importance of addressing both systemic and individual factors in combating these issues.

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Küresel Bir Sorun: Temettü Stopaj Vergisi Dolandırıcılığı

Çelikkaya

2024

IJPF

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Temettü stopaj vergisi dolandırıcılığı uluslararası iş birliğini gerektiren küresel bir sorundur. Avrupa’nın bu ticaretten uğradığı kaybın son yirmi yılda 150 milyar avro olduğu ortaya çıkmıştır. Avrupa’da geçmişte temettü dağıtımı bir arbitraj stratejisi olarak görülmüştür. Bununla birlikte bu tür planların tek amacının vergi kaçakçılığı olduğu kesindir. Küresel vergi dolandırıcılığı şimdiye kadar katma değer vergisi özelinde tartışılmıştır. Bu çalışmanın amacı Avrupa’da hızla yayılan temettü vergisi uyumsuzluğunu sorununu araştırmaktır. Ancak aynı sorun Türkiye gibi stopaj rejimini benimseyen bütün ülkeler için de önemini korumaktadır. Çalışmada, literatür taramasına dayalı araştırma metodu kullanılmıştır. Sonuçta İki önemli tespit yapılmıştır. Bunlar; i) temettü vergisinin kesilmesi ve havale edilmesinden tek bir kurumun sorumlu tutulması ve ii) yabancı hissedarların sınırlı sorumluluğuna ilişkin kanuni boşlukların giderilmesidir. Türk vergi idaresinin de en temel önceliği hisse sahipliğinin gerçekten devredilip devredilmediğini araştırmak olmalıdır.

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Ex-dividend day price and volume: the case of cum-ex trading

Cited by 3 publications

References 30 publications

Dividend capturing on ex- dividend day: A scenario of Pakistan.

Dividend capturing on ex- dividend day: A scenario of Pakistan.

Investigating the dynamics of tax evasion and revenue leakage in somali customs

Küresel Bir Sorun: Temettü Stopaj Vergisi Dolandırıcılığı

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