Capital Gains Taxation and Stock Market Activity: Evidence from IPOs  

Oleh:

Reese, William A.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 53 no. 5 (Oct. 1998), page 1799-1820.
Fulltext: p 1799.pdf (709.47KB)

Isi artikel

Prior to the Tax Reform Act of 1986 ~TRA ’86!, long-term capital gains were taxed at a lower rate than short-term gains, presenting investors with an opportunity to increase their after-tax return by delaying the sale of appreciated assets until after they qualified for long-term status and selling depreciated assets prior to long-term qualification. Using a sample of Initial Public Offerings, I find that stocks that appreciated prior to long-term qualification exhibit increased volume and decreased returns just after their qualification date, while stocks that depreciated prior to long-term qualification exhibit these effects just prior to their qualification date.

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