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Der Einfluss des Budgetbegleitgesetzes 2011 auf das Handelsvolumen am österreichischen Kapitalmarkt

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  • Niemann, Rainer
  • Rünger, Silke

Abstract

In diesem Beitrag wird untersucht, ob die Einführung der Wertpapier-KESt zum 1. Jänner 2011 einen signifikanten Einfluss auf das Handelsvolumen am österreichischen Kapitalmarkt hatte. Basierend auf der Annahme, dass Investoren die Information über die Einführung der Wertpapier-KESt zum steueroptimalen Erwerbszeitpunkt von Aktien nutzen, wurde unterstellt, dass im Zeitraum zwischen der Ankündigung und dem Inkrafttreten der Steuerreform vermehrt Aktien gekauft wurden. Mittels Ereignisstudie konnte gezeigt werden, dass die untersuchten Unternehmen für die Ereignismonate November und Dezember 2010 im Durchschnitt positive (22,29% bzw. 46,83%) und im Jänner 2011 im Durchschnitt negative (-4,30%) abnormale Handelsvolumina aufweisen.

Suggested Citation

  • Niemann, Rainer & Rünger, Silke, 2012. "Der Einfluss des Budgetbegleitgesetzes 2011 auf das Handelsvolumen am österreichischen Kapitalmarkt," arqus Discussion Papers in Quantitative Tax Research 136, arqus - Arbeitskreis Quantitative Steuerlehre.
    • Handle: RePEc:zbw:arqudp:136
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    References listed on IDEAS

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    More about this item

    Keywords

    Wertpapier-KESt; Handelsvolumen; Ereignisstudie;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • 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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