• Ex-dividend day returns when dividend and capital gains are taxed at the same rate 

      García Blandón, Josep; Argilés Bosch, Josep M.; Martínez Blasco, Mònica (Finance a úvěr-Czech Journal of Economics and Finance. Vol.61, no.2 (2011), p. 140-152, 2011-08)
      Due to the overwhelming international evidence that stock prices drop by less than the dividend paid on ex-dividend days, the ex-dividend day anomaly is considered a stylized fact. Two main approaches ...