Ex-Dividend Day Returns when Dividend and Capital Gains are Taxed at the Same Rate

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 have emerged to explain this empirical regularity: the tax-clientele hypothesis and the microstructure of financial markets. Although the most widely accepted explanation for this fact relies on taxes, the ex-dividend day anomaly has been reported even in countries where neither dividends nor capital gains are taxed. The 2006 tax reform in Spain established the same tax rate for dividends and capital gains. This paper investigates stock returns on ex-dividend days in the Spanish stock market after the 2006 tax reform using a random coefficient model. Contrary to previous research, we do not observe an ex-dividend day anomaly. Unlike previous investigations, which are mostly concerned with suggesting explanations as to why this anomaly has occurred, we are in the somewhat strange position of discussing why this anomaly has not occurred. Our findings are robust across companies and stock dividend yields, thus supporting a tax--based explanation for the ex-dividend day anomaly.

Morphological priming in Spanish verb forms: an ERP repetition priming study

The ERP repetition priming paradigm has been shown to be sensitive to the processing differences between regular and irregular verb forms in English and German. The purpose of the present study is to extend this research to a language with a different inflectional system, Spanish. The design (delayed visual repetition priming) was adopted from our previous study on English, and the specific linguistic phenomena we examined are priming relations between different kinds of stem (or root) forms. There were two experimental conditions: In the first condition, the prime and the target shared the same stem form, e.g., "ando-andar" [I walk-to walk], whereas in the second condition, the prime contained a marked (alternated) stem, e.g., "duermo-dormir" [I sleep-to sleep]. A reduced N400 was found for unmarked (nonalternated) stems in the primed condition, whereas marked stems showed no such effect. Moreover, control conditions demonstrated that the surface form properties (i.e., the different degree of phonetic and orthographic overlap between primes and targets) do not explain the observed priming difference. The ERP priming effect for verb forms with unmarked stems in Spanish is parallel to that found for regularly inflected verb forms in English and German. We argue that effective priming is possible because prime target pairs such as "ando-andar" access the same lexical entry for their stems. By contrast, verb forms with alternated stems (e.g., "duermo") constitute separate lexical entries, and are therefore less powerful primes for their corresponding base forms.

Yield in double cropping system as affected by N fertilization rate with pig slurry in a Catalonia dryland region

Intensive swine production is an important agricultural and economical activity in Europe. The high availability of pig slurry (PS) lead to attractive fertilization strategy to reduce costs, therefore is mainly applied as fertilizer in agricultural systems. The optimization N fertilization in these areas should be taken in into to avoid nitrates losses by lixiviation and to achieve maximum efficiency in crop nutrition. Many studies have shown that PS applications can achieve satisfactory yields in different crops by partially or completely replacing synthetic fertilizers. In addition, for the last years, in Northeast Spain (Catalonia) has been widely extended the double-cropping forage system.