"This an inquiry on strategy for high dividend shares, such as Aristocrats and MReits. Many US companies are accelerating payouts ahead of year end, with a likely drought in payments in 2013, for the obvious reasons. I'm wondering if Euro Aristocrats will be following the same prescription, as I imagine management would not be affected by the change in US dividend taxes, and therefore have no incentive to accelerate dividend payments (unless they are dominated by US investors). So, the strategy might be to hold US Aristocrats until either their share price rises ahead of the dividend, sell, and buy Euro Aristocrats. Taxes aside, what do you think of this approach, and/or could this be behind the recent rise in the Euro/Dollar rate?"

David Fuller's view Thanks for a very interesting email. Unfortunately, I do not know the answers to these questions, not least because there is no similar historic example that I can recall and I am reluctant to engage in guesswork on the subject. However, if anyone within the Collective can address this issue, I would be delighted to hear from you.

It had occurred to me and also to some of you, that the prepayment of next year's dividends by some US companies might logically cause investors to sell those shares. However, a counter argument is that they may commence share buyback programmes to retain shareholder loyalty. Personally, I would watch the chart action and be wary of companies which fall beneath their 200-day MAs more than briefly, and cannot remain above a preferably rising MA.

Also, I would be surprised if European Dividend Aristocrats followed the US policy of prepayments in 2012. Consequently, some of them may outperform next year.

Again, any insights from the knowledgeable collective on this subject would be appreciated.