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Preferential Tax Treatment of Capital Gains, Optimal Dividend Policy, and Capital Budgeting

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  • Gordon Pye

Abstract

I. Introduction and summary, 226. — II. Valuation, 228. — III. Optimal dividend policy, 229. — IV. An empirical test, 234. — V. Comparative statics, 235. — VI. Capital budgeting, 237. — VII. Policy implications, 241.

Suggested Citation

  • Gordon Pye, 1972. "Preferential Tax Treatment of Capital Gains, Optimal Dividend Policy, and Capital Budgeting," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 86(2), pages 226-242.
    • Handle: RePEc:oup:qjecon:v:86:y:1972:i:2:p:226-242.
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    Cited by:

    1. McGee, M. Kevin, 1998. "Capital Gains Taxation and New Firm Investment," National Tax Journal, National Tax Association;National Tax Journal, vol. 51(4), pages 653-673, December.
    2. Sureth, Caren & Voß, Armin, 2005. "Investitionsbereitschaft und zeitliche Indifferenz bei Realinvestitionen unter Unsicherheit und Steuern," arqus Discussion Papers in Quantitative Tax Research 2, arqus - Arbeitskreis Quantitative Steuerlehre.
    3. Alan J. Auerbach, 1979. "Wealth Maximization and the Cost of Capital," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 93(3), pages 433-446.
    4. Auerbach, Alan J., 1979. "Share valuation and corporate equity policy," Journal of Public Economics, Elsevier, vol. 11(3), pages 291-305, June.
    5. McGee, M. Kevin, 1998. "Capital Gains Taxation and New Firm Investment," National Tax Journal, National Tax Association, vol. 51(n. 4), pages 653-73, December.
    6. Niemann, Rainer & Sureth, Caren, 2009. "Investment effects of capital gains taxation under simultaneous investment and abandonment flexibility," arqus Discussion Papers in Quantitative Tax Research 77, arqus - Arbeitskreis Quantitative Steuerlehre.

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