Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/168242
Authors: 
Holzmann, Carolin
Scholz, Hendrik
Kreidl, Felix
Büttner, Thiess
Year of Publication: 
2017
Series/Report no.: 
Beiträge zur Jahrestagung des Vereins für Socialpolitik 2017: Alternative Geld- und Finanzarchitekturen - Session: Asset Pricing E16-V1
Abstract: 
The paper explores the effect of cum-ex trading on the stock market on ex-dividend days. A loophole in the German withholding tax system until 2011 enabled cum-ex traders to achieve the issuance of cash-equivalent withholding-tax certificates without previous tax payment. The paper discusses the implications for the capital market equilibrium and derives empirical predictions for stock market behavior. The results indicate a major impact of the loophole on the capital market and trading volumes.
JEL: 
H25
H26
G12
Document Type: 
Conference Paper

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