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13 May 2026
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We investigate the pervasive but misunderstood price effects of stocks in the period surrounding their dividend payments. Known as “dividend run up” (DRU), we observe a positive excess return from tilting towards dividend paying stocks in the month (or slightly longer) prior to the ex-date. There are two separate effects to consider: the cum-dividend price run up, and the ex-dividend price drop off.
Note that this effect is often thought to be a tax effect specific to Australia. Investors who hold stocks that pay franked dividends in theory “go on strike” from selling for 45 days surrounding the dividend ex-date, in order to capture the franking credit along with the cash dividend. This creates price pressure which drives up prices. While this supposition appears to be at least partly true, the same effect manifests itself in unfranked dividend payers in Australia, and in many other markets around the world. There is more to this than just maximising dividends and franking. Note that this paper looks only at Australian stocks. Later work will extend it to other markets around the world.
Download the full paper
The Home Equity Access Scheme in Australia allows older homeowners to tap into their home equity for retirement income, yet remains underused due to lack of awareness and its perceived complexity.
Debate over the CGT discount is intensifying amid concerns about intergenerational equity and housing affordability. This analysis shows that the 'discount' does not necessarily favor property investors.
A proposal to address Australia's 'stranded balances' in retirement by requiring super funds to transition members to pension phase at 65, boosting retirement income and reframing super as a source of income.
Here is a checklist of 28 important issues you should address before June 30 to ensure your SMSF or other super fund is in order and that you are making the most of the strategies available.
The new super tax, applying from 1 July, introduces more than just a higher rate on large balances. It brings into focus a misalignment between where wealth sits and where the tax on that wealth ultimately falls.
UK retirement expert, Guy Opperman, believes super funds are failing at supporting members in deaccumulation. Here is what Australia should do about it.
Inflation doesn’t just raise today’s bills - it quietly increases the amount needed to retire, while simultaneously making it harder to save. Three steps to take before June 30th to improve retirement outcomes.
AI fears have shifted from bubble talk to disruption anxiety, driving investors toward asset‑heavy, 'AI‑resistant' businesses while punishing many software and service firms. This environment may be ripe for stock pickers.
Private markets can offer diversification and return potential, but their opacity, scale and wide dispersion of outcomes make manager selection and due diligence critical for non‑institutional investors.
Global REITs have fallen out of favour, trading at deep discounts after years of underperformance, despite resilient earnings and improving fundamentals.
True financial success isn’t about how much you make, but whether you can sustain it — survival is the only win that matters.
Why Australia's biggest energy bet may already be redundant while a less celebrated government program is exceeding expectations.
Assets that deliver emotional satisfaction tend to offer lower financial returns, as investors accept an “emotional yield” in place of performance which shapes how investors approach ESG and unpopular assets.