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首页> 外文期刊>Journal of financial economics >Juicing the dividend yield: Mutual funds and the demand for dividends
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Juicing the dividend yield: Mutual funds and the demand for dividends

机译：分配股息收益：共同基金和股息需求

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Some mutual funds purchase stocks before dividend payments to artificially increase their dividends, which we call "juicing." Funds paid more than twice the dividends implied by their holdings in 7.4% of fund-years examined. Juicing is associated with larger inflows, and is more common among funds with unsophisticated investors. This behavior is consistent with an underlying investor demand for dividends, but is hard to explain by taxes or need for income, as funds can generate equivalent tax-free distributions by returning capital. Juicing is costly to investors through higher turnover and increased taxes of 0.57% to 1.52% of fund assets per year. (C) 2015 Elsevier B.V. All rights reserved.
机译：一些共同基金在派发股息前先购买股票，以人为地增加派息，我们称之为“榨汁”。在所考察的7.4％的基金年度中，基金所支付的股息所持有的股息是其两倍以上。融资与更大的资金流入相关，并且在投资者不成熟的基金中更为常见。这种行为与潜在的投资者对股息的需求是一致的，但是很难用税收或收入需求来解释，因为资金可以通过返还资本来产生等价的免税分配。通过提高营业额和每年增加基金资产0.57％至1.52％的税收，榨汁对投资者而言是昂贵的。 （C）2015 Elsevier B.V.保留所有权利。

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