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28 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
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.
Marketed as a fix for inequality and housing affordability, the latest budget instead delivers a tangle of tax changes that leave everyday Australians worse off.
The debate over the budget is increasingly shaped by frustration and perceptions of unfairness, rather than clear-eyed assessment of policy outcomes.
A retirement researcher's take on retirement and her focus on each of her six resource buckets to stay engaged during the transition and beyond.
Australia may not levy formal death duties, but a growing web of tax measures is quietly shaping what wealth passes between generations. Now, the 2026 budget adds another layer.
From US fiscal pressure to China’s shifting growth model and Australia’s structural constraints, markets are yet to reflect a less forgiving global investment landscape.
Retail investors face an increasingly complex product environment, but simplicity may be the most overlooked advantage in building a portfolio you can actually live with.
A sustained disruption through the Strait of Hormuz is forcing a rapid drawdown of global inventories. Without a resolution, the arithmetic points to a supply shock by early August and a sharp surge in the oil price.
The outbreak of conflict in the Middle East in February 2026 marks an historic shock for oil and gas markets, with major implications for inflation, interest rates and ultimately for listed infrastructure companies.
The government plans to remove negative gearing to help renters buy homes. For those who remain renters, the wrong levers are being pulled to try and increase rental unit supply.
As wealth grows, so does the assumption that risk should too. But in reality, the opposite may be true: once you understand how the value of money changes over time, the case for taking less risk becomes far more compelling.
As super balances grow, SMSFs are becoming central to retirement outcomes. Without proper planning for “Armageddon” scenarios, even well-structured funds can unravel when it matters most.