Capital Gains Tax Overhang And Price Pressure  

Oleh:

Jin Li

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 61 no. 3 (Jun. 2006), page 1399-1432.
Topik: capital; capital gains; tax planning; stock prices; studies; decision making; correlation analysis
Fulltext: p 1399.pdf (217.91KB)

Ketersediaan

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

Lihat Detail Induk

Isi artikel

I study whether the capital gains tax is an impediment to selling by some investors and if no, to what degree associated delayed selling affects stock prices. I find that selling decisions by institutions serving tax - sensitive clients are sensitive to cummulative capital gains, a pattern not observed for institutitons with predonimantly tax - exempt clients. Moreover tax - related underselling impacts stock prices during large earnings surprises for stocks held primarily by tax sensitive investors. The corresponding price reactions are less negative (more positice) with higher cumulative capital gains, this price pressure pattern is more severe when arbitrage is more costly.

Opini Anda

Klik untuk menuliskan opini Anda tentang koleksi ini!

Kembali