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Hat die Einführung der Abgeltungsteuer Aktienkurse beeinflusst?
[Did the Implementation of the Flat Withholding Tax Have a Bearing on the Prices of Shares?]

Author

Listed:
  • Sebastian Eichfelder

    (Otto-von-Guericke Universität Magdeburg)

  • Mona Lau

    (FU Berlin — School of Business & Economics)

Abstract

Zusammenfassung Der Einführungszeitpunkt der Abgeltungsteuer zum 1.1.2009 war schon lange in der Öffentlichkeit bekannt. Der Kapitalmarkttheorie folgend wäre bei vollständiger Verarbeitung der bekannten Informationen zu erwarten gewesen, dass die Marktteilnehmer die mit der Abgeltungsteuer verbundene erhöhte Steuerlast auf Aktienkursgewinne bereits vor dem Einführungszeitpunkt in den Aktienkursen antizipiert hätten. Tatsächlich kam es aber zur Jahreswende 2008/2009 zu einem sprunghaften temporären Anstieg von Aktienkursen und Handelsvolumina. Die Autoren sehen darin ein Zeichen dafür, dass Kapitalmärkte Informationen nicht in jeder Situation verarbeiten. So kann es gerade bei umfassenden Handelsaktivitäten von Privatanlegern mit beschränkten Informationen, einer Fokussierung auf wenige Handelstage und einer begrenzten Liquidität zu Herdenverhalten und erheblichen Marktschwankungen kommen.

Suggested Citation

  • Sebastian Eichfelder & Mona Lau, 2016. "Hat die Einführung der Abgeltungsteuer Aktienkurse beeinflusst? [Did the Implementation of the Flat Withholding Tax Have a Bearing on the Prices of Shares?]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 96(2), pages 101-105, February.
    • Handle: RePEc:spr:wirtsc:v:96:y:2016:i:2:d:10.1007_s10273-016-1933-0
    DOI: 10.1007/s10273-016-1933-0
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    More about this item

    JEL classification:

    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • H24 - Public Economics - - Taxation, Subsidies, and Revenue - - - Personal Income and Other Nonbusiness Taxes and Subsidies

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