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【MBAChina網(wǎng)訊】股利稅、投資期限與股票波動性

Dividend Taxes,Investor Horizon and Stock Return Volatility

講座時間：12月13日（周四）14:00-15:30

講座地點：天津大學(xué)25樓A區(qū)3層A教室

主講人：倪晨凱

主講人簡介：

倪晨凱博士2014年畢業(yè)于新加坡國立大學(xué)商學(xué)院，現(xiàn)于復(fù)旦大學(xué)管理學(xué)院擔(dān)任副教授。之前曾于中國人民大學(xué)商學(xué)院擔(dān)任教職。他的研究方向主要為稅收與企業(yè)決策、信息披露與證券價格。他近年的研究主要發(fā)表在

講座內(nèi)容：

The 2012 Dividend Tax Reform in Chinaties individual investors’ dividend taxes to the length of their share holding period, with short-term individuals entering into the highest tax bracket. We find that high-dividend firms experience a reduction in stock return volatility,relative to low-dividend firms. The effect is more pronounced when affected firms have more retail investors and exhibit greater uncertainty. High-dividendfirms also experience a reduction in stock price crashes. Finally, earnings announcements trigger less trading volume, but more complete price reactions during three-day event windows post-reform. We conclude that discouraging short-term investors’ trading stabilizes the market and improves share price informativeness.