术语“除息日”的详细信息

英译术语:

ex-divedend date

汉语语境:

除息日的股价行为一直是学术界研究的难题之一，国外理论界在研究除息日股价行为方面出现了两大经典的派别，第一种是“税负效应”理论，其核心是：税负差异造成了除息日股价下降的额度小于现金红利额。第二种是“短期交易”理论，其核心是：如果除息日出现超常收益，那么在存在交易成本的情况下，该收益代表投资者的套利成本。

英语语境:

The ex-dividend day stock price behavior has been one of the puzzles in the academic circle, foreign theorists came to form two classic factions as for the ex-dividend day stock price behavior, the first theory is the "tax effect" theory, the core of which states that different tax burdens cause the ex-dividend day stock price to drop less than the amount of the cash dividend, and the second theory is the "short-term trading behavior" theory, the core of which is that if the ex-dividend day abnormal returns occur, then in the presence of transaction costs circumstances, the abnormal returns will reduce to the amount of transaction costs.