Ron Lo

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This paper analyzes the behavior of stock prices around ex-dividend days after the implementation of the 1986 Tax Reform Act that dramatically reduced the difference between the tax treatment of realized long-term capital gains and dividend income in 1987 and completely eliminated the differential in 1988. We show that this tax change had no effect on the(More)
The paper describes an extension of our work on the Generalized Production Rules System. In its original form, it could estimate at a given point of time or space the value of <u>hidden variables</u>---variables that can be measured only intermittently or periodically. In contrast, <u>open variables</u> are readily measurable any(More)
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