Event Study for Efficient Market Hypothesis- Ex dividend Data Dissertation

Event Study for Efficient Market Hypothesis- Ex dividend Data - Dissertation Example Anomalies in the expression of the standard, tax centric theory of stock performances have been noted and described. While a tax centric hypothesis has explanatory power, this study examines evidence that there are additional forces of corporate governance, ownership concentration, and market capitalization that can adjust the performance of dividends independent of taxation. This study is a meta-analysis describing the Western standard for market forces pertaining to dividend taxation, on the assumption that stock prices must be adjusted to less than the amount of the dividend in order to compensate for taxation. Yet comparison with Asian markets introduces exceptions to that premise. Ultimately, more data is needed in order to falsify the tax centric hypothesis, however this principle is a subject to modification and interference by other market forces that influence the behaviors of investors and the performance of stocks. EVENT STUDY FOR EFFICIENT MARKET HYPOTHESIS – EX DI VIDEND DATA Table of Contents Abstract †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. p. 2 Introduction †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. p. 4 Methodology †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. p. 7 Chapter 1: Literature Review †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. p. 8 Chapter 2: Korean Markets †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. p. ... 31 Introduction Since the advent of tradable stocks on the national and international markets there has been a great deal of calculation and speculation in regards to the relationship between stock returns and dividend yields, both in the informal imagination of financial advisors, as well as in the formalized literature therein. Decades ago, popularize models of tax effects created the presumption that higher risk investments were necessary to compensate for returns that incurred greater taxes. Returns on investments should be risk adjusted with respect to stocks. This would compensate the investor for higher rates of taxation through higher dividend yields. This is necessary due to higher levels of taxation of dividend income as compared with capital gains income. (Brennan, 1970 p.417-427) To be specific, dividend income refers to profits yielded by a publicly traded corporation. In which case of course, the profits can be turned back into the business, to invest in facility enhanc ements, or possibly salaries – in which case they qualify as retained earnings. Or they can be distributed to shareholders who provided initial investments that contributed to the company's initial success. All in respect to the initial contribution based upon the value and number of shares purchased by a particular investor. (Sullivan and Sheffrin, 2003) these may take a variety of forms, such as currency cash dividends, Stock/scrip dividends that constitute additional shares of the Corporation, or property dividends, which can take a variety of forms including shares of another corporation or other assets or services. (Sullivan and Sheffrin, 2003) In many cases, taxation rates are higher for dividend income compared with capital gains. To be specific, we are referring to capital

Getting A Scholarship To Study Essay Example | Topics and Well Written Essays - 750 words

Getting A Scholarship To Study - Essay Example The scholarship not only served as a financial assistance but was also a unique opportunity to display my academic prowess. There is no doubt that scholarships are more prestigious and that they play important role in enhancing one’s resume and at the same time help one to pay for his or her education. Scholarship has provided me with enormous financial benefits as it has helped me to study without incurring substantial costs or not getting into debts. This helped me to concentrate on my studies and in the future, it will help me to focus on my career without thinking about repaying loans. By removing financial barriers, the scholarship made my career and education goals easier to obtain. In addition to financial and educational benefits, the scholarship provided me with career benefit. Earning a prestigious scholarship makes me a more attractive job candidate. Most employers understand the competitive nature of the scholarship and as such, they recognize scholarship as an acc omplishment. It demonstrates to potential employers that I have exceptional abilities in the academic realm. Listing scholarship in my resume helps me to stand out when searching for a job and possibly help me to achieve the career that I want. The scholarship also came with personal benefit; it made a significant difference regarding how much resources and time that I had during college to spend to enhance my knowledge and experience through internships, volunteer opportunities, and service-learning.