{"id":"https://openalex.org/W1968016114","doi":"https://doi.org/10.1590/s1676-56482009000100002","title":"Dividend clientele, new insights, and new questions: the Brazilian case","display_name":"Dividend clientele, new insights, and new questions: the Brazilian case","publication_year":2009,"publication_date":"2009-06-01","ids":{"openalex":"https://openalex.org/W1968016114","doi":"https://doi.org/10.1590/s1676-56482009000100002","mag":"1968016114"},"language":"en","primary_location":{"id":"doi:10.1590/s1676-56482009000100002","doi":"https://doi.org/10.1590/s1676-56482009000100002","is_oa":true,"landing_page_url":"https://doi.org/10.1590/s1676-56482009000100002","pdf_url":"https://www.scielo.br/j/raeel/a/gjyYRkgysL3bRGBtDtBNZkq/?lang=en&format=pdf","source":{"id":"https://openalex.org/S4210225733","display_name":"RAE eletr\u00f4nica","issn_l":"1676-5648","issn":["1676-5648"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4310312277","host_organization_name":"SciELO","host_organization_lineage":["https://openalex.org/P4310312277"],"host_organization_lineage_names":["SciELO"],"type":"journal"},"license":"cc-by-nc","license_id":"https://openalex.org/licenses/cc-by-nc","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"RAE eletr\u00f4nica","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://www.scielo.br/j/raeel/a/gjyYRkgysL3bRGBtDtBNZkq/?lang=en&format=pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5007817994","display_name":"Jairo Laser Procianoy","orcid":"https://orcid.org/0000-0002-0932-5579","observed_orcids":["https://orcid.org/0000-0002-0932-5579"]},"institutions":[{"id":"https://openalex.org/I130442723","display_name":"Universidade Federal do Rio Grande do Sul","ror":"https://ror.org/041yk2d64","country_code":"BR","type":"education","lineage":["https://openalex.org/I130442723"]}],"countries":["BR"],"is_corresponding":false,"raw_author_name":"Jairo Laser Procianoy","raw_affiliation_strings":["Universidade Federal do Rio Grande do Sul, Brasil"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Universidade Federal do Rio Grande do Sul, Brasil","institution_ids":["https://openalex.org/I130442723"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5112663532","display_name":"Rodrigo S. Verdi","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I63966007","display_name":"Massachusetts Institute of Technology","ror":"https://ror.org/042nb2s44","country_code":"US","type":"education","lineage":["https://openalex.org/I63966007"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Rodrigo S. Verdi","raw_affiliation_strings":["MIT Sloan School of Management, Estados Unidos"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"MIT Sloan School of Management, Estados Unidos","institution_ids":["https://openalex.org/I63966007"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":1.5098,"has_fulltext":true,"cited_by_count":19,"citation_normalized_percentile":{"value":0.88076107,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":87,"max":97},"biblio":{"volume":"8","issue":"1","first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9735999703407288,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9735999703407288,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.023900000378489494,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.000699999975040555,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/signaling-hypothesis","display_name":"signaling hypothesis","score":0.9309999942779541},{"id":"https://openalex.org/keywords/dividend-announcements","display_name":"dividend announcements","score":0.6790000200271606},{"id":"https://openalex.org/keywords/abnormal-trading-volume","display_name":"abnormal trading volume","score":0.7710000276565552},{"id":"https://openalex.org/keywords/dividend-taxation","display_name":"dividend taxation","score":0.6919999718666077},{"id":"https://openalex.org/keywords/capital-gains-tax","display_name":"capital gains tax","score":0.9259999990463257},{"id":"https://openalex.org/keywords/information-regime","display_name":"information regime","score":0.49799999594688416},{"id":"https://openalex.org/keywords/brazilian-stock-market","display_name":"Brazilian stock market","score":0.9179999828338623}],"concepts":[{"id":"https://openalex.org/C116168712","wikidata":"https://www.wikidata.org/wiki/Q181201","display_name":"Dividend","level":2,"score":0.8977892398834229},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6135669350624084},{"id":"https://openalex.org/C59399099","wikidata":"https://www.wikidata.org/wiki/Q5284040","display_name":"Dividend policy","level":3,"score":0.5889424681663513},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5541967153549194},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.5450102090835571},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.5418977737426758},{"id":"https://openalex.org/C2988984586","wikidata":"https://www.wikidata.org/wiki/Q1020013","display_name":"Stock price","level":3,"score":0.47165217995643616},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.327092707157135},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.09335458278656006},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.07623568177223206},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C143724316","wikidata":"https://www.wikidata.org/wiki/Q312468","display_name":"Series (stratigraphy)","level":2,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0}],"mesh":[],"locations_count":5,"locations":[{"id":"doi:10.1590/s1676-56482009000100002","doi":"https://doi.org/10.1590/s1676-56482009000100002","is_oa":true,"landing_page_url":"https://doi.org/10.1590/s1676-56482009000100002","pdf_url":"https://www.scielo.br/j/raeel/a/gjyYRkgysL3bRGBtDtBNZkq/?lang=en&format=pdf","source":{"id":"https://openalex.org/S4210225733","display_name":"RAE eletr\u00f4nica","issn_l":"1676-5648","issn":["1676-5648"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4310312277","host_organization_name":"SciELO","host_organization_lineage":["https://openalex.org/P4310312277"],"host_organization_lineage_names":["SciELO"],"type":"journal"},"license":"cc-by-nc","license_id":"https://openalex.org/licenses/cc-by-nc","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"RAE eletr\u00f4nica","raw_type":"journal-article"},{"id":"pmh:oai:scielo:S1676-56482009000100002","doi":null,"is_oa":true,"landing_page_url":"http://old.scielo.br/scielo.php?script=sci_arttext&pid=S1676-56482009000100002","pdf_url":null,"source":{"id":"https://openalex.org/S4306402641","display_name":"LA Referencia (Red Federada de Repositorios Institucionales de Publicaciones Cient\u00edficas)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I4383465926","host_organization_name":"LA Referencia","host_organization_lineage":["https://openalex.org/I4383465926"],"host_organization_lineage_names":[],"type":"repository"},"license":"other-oa","license_id":"https://openalex.org/licenses/other-oa","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"RAE eletr\u00f4nica v.8 n.1 2009","raw_type":"info:eu-repo/semantics/article"},{"id":"pmh:oai:americanae.aecid.es:2700172","doi":null,"is_oa":true,"landing_page_url":"http://www.scielo.br/scielo.php?script=sci_arttext&pid=S1676-56482009000100002","pdf_url":null,"source":{"id":"https://openalex.org/S4306400786","display_name":"Americanae (AECID Library)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-nc","license_id":"https://openalex.org/licenses/cc-by-nc","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RAE eletr\u00f4nica v.8 n.1 2009","raw_type":"info:eu-repo/semantics/article"},{"id":"pmh:oai:redalyc.org:205114658002","doi":null,"is_oa":false,"landing_page_url":"https://www.redalyc.org/articulo.oa?id=205114658002","pdf_url":null,"source":{"id":"https://openalex.org/S4377196100","display_name":"Redalyc (Universidad Aut\u00f3noma del Estado de M\u00e9xico)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I179647637","host_organization_name":"Universidad Aut\u00f3noma del Estado de M\u00e9xico","host_organization_lineage":["https://openalex.org/I179647637"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RAE-eletr\u00f4nica (Brasil) Num.1 Vol.8","raw_type":"art\u00edculo cient\u00edfico"},{"id":"pmh:oai:www.lume.ufrgs.br:10183/217030","doi":null,"is_oa":true,"landing_page_url":"http://hdl.handle.net/10183/217030","pdf_url":null,"source":{"id":"https://openalex.org/S4306402641","display_name":"LA Referencia (Red Federada de Repositorios Institucionales de Publicaciones Cient\u00edficas)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I4383465926","host_organization_name":"LA Referencia","host_organization_lineage":["https://openalex.org/I4383465926"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-nc-sa","license_id":"https://openalex.org/licenses/cc-by-nc-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"instacron:UFRGS","raw_type":"info:eu-repo/semantics/article"}],"best_oa_location":{"id":"doi:10.1590/s1676-56482009000100002","doi":"https://doi.org/10.1590/s1676-56482009000100002","is_oa":true,"landing_page_url":"https://doi.org/10.1590/s1676-56482009000100002","pdf_url":"https://www.scielo.br/j/raeel/a/gjyYRkgysL3bRGBtDtBNZkq/?lang=en&format=pdf","source":{"id":"https://openalex.org/S4210225733","display_name":"RAE eletr\u00f4nica","issn_l":"1676-5648","issn":["1676-5648"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4310312277","host_organization_name":"SciELO","host_organization_lineage":["https://openalex.org/P4310312277"],"host_organization_lineage_names":["SciELO"],"type":"journal"},"license":"cc-by-nc","license_id":"https://openalex.org/licenses/cc-by-nc","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"RAE eletr\u00f4nica","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W1968016114.pdf","grobid_xml":"https://content.openalex.org/works/W1968016114.grobid-xml"},"referenced_works_count":22,"referenced_works":["https://openalex.org/W1524946302","https://openalex.org/W1585500105","https://openalex.org/W1588673229","https://openalex.org/W1738334760","https://openalex.org/W1783601472","https://openalex.org/W1866290578","https://openalex.org/W1986395918","https://openalex.org/W1997575896","https://openalex.org/W2049440762","https://openalex.org/W2058783960","https://openalex.org/W2067527621","https://openalex.org/W2088957698","https://openalex.org/W2123343520","https://openalex.org/W2127153373","https://openalex.org/W2128778916","https://openalex.org/W2130162792","https://openalex.org/W2142856961","https://openalex.org/W2144470805","https://openalex.org/W2160860931","https://openalex.org/W3121131820","https://openalex.org/W3122013081","https://openalex.org/W3122299944"],"related_works":["https://openalex.org/W1559420293","https://openalex.org/W6989835865","https://openalex.org/W4385456274","https://openalex.org/W6989901189","https://openalex.org/W2955733710","https://openalex.org/W3156612487","https://openalex.org/W1635414603","https://openalex.org/W1866290578","https://openalex.org/W2023346327","https://openalex.org/W2067527621"],"abstract_inverted_index":{"This":[0],"paper":[1],"analyzes":[2],"the":[3,8,12,23,29,49,69,72,94,101,114,122,139,146],"dividend":[4,24,116,132],"clientele":[5,102,140],"effect":[6],"and":[7,18,28,36],"signaling":[9,50,123,147],"hypothesis":[10,141],"in":[11],"Brazilian":[13,38],"stock":[14,65,89],"market":[15,77],"between":[16,34],"1996":[17],"2000.":[19],"During":[20],"this":[21],"period,":[22],"tax":[25,32],"was":[26],"zero":[27,35],"capital":[30],"gains":[31],"varied":[33],"10%.":[37],"firms":[39],"face":[40],"two":[41],"information":[42],"regimes,":[43],"which":[44,97,118],"allow":[45],"us":[46],"to":[47],"test":[48],"hypothesis.":[51,103,148],"From":[52],"a":[53,61,109],"sample":[54],"of":[55,108],"394":[56],"observations":[57],"studied,":[58],"39%":[59],"show":[60],"first":[62],"ex-dividend":[63],"day":[64],"price":[66,70,78],"higher":[67,80,92],"than":[68,93],"on":[71],"last":[73],"cum-dividend":[74],"day.":[75],"The":[76],"is":[79,98,119],"for":[81,145],"unanticipated":[82,115],"dividends":[83],"but,":[84],"even":[85],"with":[86,100,121,138],"pre-announced":[87,131],"dividends,":[88],"prices":[90],"are":[91,136],"expected":[95],"level,":[96],"inconsistent":[99,137],"We":[104],"also":[105],"find":[106],"evidence":[107],"positive":[110],"abnormal":[111,127],"volume":[112,129],"around":[113,130],"date,":[117],"consistent":[120],"hypothesis,":[124],"but":[125,142],"no":[126],"trading":[128],"dates.":[133],"Our":[134],"findings":[135],"provide":[143],"support":[144]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":2},{"year":2021,"cited_by_count":1},{"year":2020,"cited_by_count":2},{"year":2019,"cited_by_count":1},{"year":2018,"cited_by_count":4},{"year":2016,"cited_by_count":1},{"year":2015,"cited_by_count":1},{"year":2014,"cited_by_count":2},{"year":2013,"cited_by_count":1},{"year":2012,"cited_by_count":2}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2016-06-24T00:00:00"}