Shareholder Taxes in Acquisition Premiums : The Effect of Capital Gains Taxation  

Oleh:

Ayers, Benjamin C. ; Lefanowicz, Craig E. ; Robinson, John R.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 58 no. 6 (2003), page 2783-2802.
Topik: Shareholder; studies; stockholders; capital gians; taxation; acquisitions & mergers; premiums; institutional investments; mathematical models; regerssion analysis
Fulltext: p 2783.pdf (161.94KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

Lihat Detail Induk

Isi artikel

We exploit cross - temporal differences in capital gains tax rates to test whether shareholder - level capital gains taxes are asssociated with higher acquisition premiums for taxable acquisitions. We model acquisition premiums as a function of proxies for the capital gains taxes of target shareholders, taxability of the acquisition, and tax status of the price - setting shareholder as represented by the level of target institutional ownership. Consistent with a lock - in effect for acquistion premiums, results suggest a unique positice association between shareholder capital gains taxes for individual investors and acquisition premiums for taxable acquisitions, which is mitigated by target institutional ownership.

Opini Anda

Klik untuk menuliskan opini Anda tentang koleksi ini!

Kembali