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Capital Gains Taxes and Asset Prices: Capitalization or Lock‐in?

Citations

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Cited by:

  1. Wojciech Kopczuk, 2012. "Taxation of Intergenerational Transfers and Wealth," NBER Working Papers 18584, National Bureau of Economic Research, Inc.
  2. Harry Huizinga & Johannes Voget & Wolf Wagner, 2014. "International Taxation and Cross-Border Banking," American Economic Journal: Economic Policy, American Economic Association, vol. 6(2), pages 94-125, May.
  3. Smith, Steven & Singleton, Ron, 2023. "Gold and tax capitalization: A natural experiment," Advances in accounting, Elsevier, vol. 62(C).
  4. Hegemann, Annika, 2016. "Hemmt die Veräußerungsgewinnbesteuerung unternehmerische Flexibilität?," arqus Discussion Papers in Quantitative Tax Research 203, arqus - Arbeitskreis Quantitative Steuerlehre.
  5. Dimmock, Stephen G. & Feng, Fan & Zhang, Huai, 2023. "Mutual funds' capital gains lock-in and earnings management," Journal of Corporate Finance, Elsevier, vol. 80(C).
  6. Eichfelder, Sebastian & Lau, Mona, 2015. "Capitalization of capital gains taxes: (In)attention and turn-of-the-year returns," arqus Discussion Papers in Quantitative Tax Research 195, arqus - Arbeitskreis Quantitative Steuerlehre.
  7. Jacob, Martin, 2008. "Welche privaten Veräußerungsgewinne sollten besteuert werden?," arqus Discussion Papers in Quantitative Tax Research 49, arqus - Arbeitskreis Quantitative Steuerlehre.
  8. Todtenhaupt, Maximilian & Voget, Johannes & Feld, Lars P. & Ruf, Martin & Schreiber, Ulrich, 2020. "Taxing away M&A: Capital gains taxation and acquisition activity," European Economic Review, Elsevier, vol. 128(C).
  9. Gao, Yuan & Cheng, Xiaoke & Zhang, Wenyu & Shen, Haomin, 2024. "Individual investors’ dividend taxes and managerial myopia," Finance Research Letters, Elsevier, vol. 62(PB).
  10. Francesco Menoncin & Paolo M. Panteghini, 2013. "The Johansson-Samuelson Theorem in General Equilibrium: A Rebuttal," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 69(1), pages 57-71, March.
  11. Sebastian Eichfelder & Mona Lau, 2015. "Capitalization of capital gains taxes: (In)attention and turn-of-the-year returns," FEMM Working Papers 150019, Otto-von-Guericke University Magdeburg, Faculty of Economics and Management.
  12. Masanori Orihara, 2023. "Election-Day Market Reactions to Tax Proposals: Evidence from a Close Vote," Working Papers 2219, Waseda University, Faculty of Political Science and Economics.
  13. Feld, Lars P. & Ruf, Martin & Schreiber, Ulrich & Todtenhaupt, Maximilian & Voget, Johannes, 2016. "Taxing away M&A: The effect of corporate capital gains taxes on acquisition activity," ZEW Discussion Papers 16-007, ZEW - Leibniz Centre for European Economic Research.
  14. Cho, Myeonghwan, 2014. "The effect of capital gains taxation on small business transfers and start-ups," Economic Modelling, Elsevier, vol. 36(C), pages 447-454.
  15. Ross M. Batzer & Jonah Coste & William M. Doerner & Michael J. Seiler, 2024. "The Lock-In Effect of Rising Mortgage Rates," FHFA Staff Working Papers 24-03, Federal Housing Finance Agency.
  16. Eichfelder, Sebastian & Lau, Mona, 2014. "Capital gains taxes and asset prices: The impact of tax awareness and procrastination," arqus Discussion Papers in Quantitative Tax Research 170, arqus - Arbeitskreis Quantitative Steuerlehre.
  17. Jacob, Martin, 2011. "Tax Regimes and Capital Gains Realizations," Working Paper Series, Center for Fiscal Studies 2011:9, Uppsala University, Department of Economics.
  18. Astrup Jensen, Bjarne & Marekwica, Marcel, 2011. "Optimal portfolio choice with wash sale constraints," Journal of Economic Dynamics and Control, Elsevier, vol. 35(11), pages 1916-1937.
  19. Hanlon, Michelle & Heitzman, Shane, 2010. "A review of tax research," Journal of Accounting and Economics, Elsevier, vol. 50(2-3), pages 127-178, December.
  20. Orihara, Masanori, 2024. "Election-day market reactions to tax proposals: Evidence from a close vote," Pacific-Basin Finance Journal, Elsevier, vol. 85(C).
  21. Wu, Yuliang & Li, Youwei, 2011. "Long-term return reversals--Value and growth or tax? UK evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 21(3), pages 347-368, July.
  22. De Vito, Antonio & Pancotto, Livia & Perdichizzi, Salvatore & Reghezza, Alessio, 2023. "Don’t go on holiday in August! Market reaction to an unexpected windfall tax on banks," Economics Letters, Elsevier, vol. 233(C).
  23. Clemens Sialm, 2009. "Tax Changes and Asset Pricing," American Economic Review, American Economic Association, vol. 99(4), pages 1356-1383, September.
  24. Cave, Joshua & Lancheros, Sandra, 2024. "Local peer influence on dividend payout decisions," Journal of Banking & Finance, Elsevier, vol. 164(C).
  25. Claudio Agostini & Mariel C. Siravegna, 2009. "Efectos de la Exención Tributaria a las Ganancias de Capital en el Precio de las Acciones en Chile," ILADES-UAH Working Papers inv233, Universidad Alberto Hurtado/School of Economics and Business.
  26. Goldman, Nathan C. & Ozel, Naim Bugra, 2023. "Executive compensation, individual-level tax rates, and insider trading profits," Journal of Accounting and Economics, Elsevier, vol. 76(1).
  27. Eichfelder, Sebastian & Lau, Mona, 2014. "Capital gains taxes and asset prices: The impact of tax awareness and procrastination," Discussion Papers 2014/17, Free University Berlin, School of Business & Economics.
  28. Schneider, Georg & Sureth, Caren, 2010. "The impact of profit taxation on capitalized investment with options to delay and divest," arqus Discussion Papers in Quantitative Tax Research 97, arqus - Arbeitskreis Quantitative Steuerlehre.
  29. Stimmelmayr, Michael & Liberini, Federica & Russo, Antonio, 2015. "The Role of Toeholds and Capital Gain Taxes for Corporate Acquisition Strategies," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 112926, Verein für Socialpolitik / German Economic Association.
  30. Jie Chen & Mingzhi Hu, 2019. "What types of homeowners are more likely to be entrepreneurs? The evidence from China," Small Business Economics, Springer, vol. 52(3), pages 633-649, March.
  31. Kontoghiorghes, Alex, 2022. "Do personal taxes affect investment decisions and stock returns?," Bank of England working papers 988, Bank of England.
  32. Hail, Luzi & Sikes, Stephanie & Wang, Clare, 2017. "Cross-country evidence on the relation between capital gains taxes, risk, and expected returns," Journal of Public Economics, Elsevier, vol. 151(C), pages 56-73.
  33. Denis Gorea, 2013. "Tax Avoidance, Welfare Transfers, and Asset Prices," 2013 Meeting Papers 1054, Society for Economic Dynamics.
  34. Edwards, Alexander & Todtenhaupt, Maximilian, 2018. "Capital gains taxation and funding for start-ups," ZEW Discussion Papers 18-046, ZEW - Leibniz Centre for European Economic Research.
  35. Annika Hegemann & Angela Kunoth & Kristina Rupp & Caren Sureth-Sloane, 2017. "Hold or sell? How capital gains taxation affects holding decisions," Review of Managerial Science, Springer, vol. 11(3), pages 571-603, July.
  36. Huizinga, Harry & Voget, Johannes & Wagner, Wolf, 2018. "Capital gains taxation and the cost of capital: Evidence from unanticipated cross-border transfers of tax base," Journal of Financial Economics, Elsevier, vol. 129(2), pages 306-328.
  37. Bergner, Sören Martin & Bräutigam, Rainer & Evers, Maria Theresia & Spengel, Christoph, 2017. "The use of SME tax incentives in the European Union," ZEW Discussion Papers 17-006, ZEW - Leibniz Centre for European Economic Research.
  38. Hegemann, Annika & Kunoth, Angela & Rupp, Kristina & Sureth, Caren, 2015. "Impact of capital gains taxation on the holding period of investments under different tax systems," arqus Discussion Papers in Quantitative Tax Research 183, arqus - Arbeitskreis Quantitative Steuerlehre.
  39. He, Eric & Jacob, Martin & Vashishtha, Rahul & Venkatachalam, Mohan, 2022. "Does differential taxation of short-term relative to long-term capital gains affect long-term investment?," Journal of Accounting and Economics, Elsevier, vol. 74(1).
  40. McDowell, Shaun & Lee, John B. & Marsden, Alastair, 2020. "The potential effect of taxes on the equity home bias in New Zealand PIEs," Pacific-Basin Finance Journal, Elsevier, vol. 62(C).
  41. Choi, Paul Moon Sub & Chung, Chune Young & Kim, Dongnyoung, 2020. "Corporate tax, financial leverage, and portfolio risk," The North American Journal of Economics and Finance, Elsevier, vol. 54(C).
  42. Shan, Hui, 2011. "The effect of capital gains taxation on home sales: Evidence from the Taxpayer Relief Act of 1997," Journal of Public Economics, Elsevier, vol. 95(1), pages 177-188.
  43. Edwards, Alexander & Todtenhaupt, Maximilian, 2020. "Capital gains taxation and funding for start-ups," Journal of Financial Economics, Elsevier, vol. 138(2), pages 549-571.
  44. Chyz, James A. & Li, Oliver Zhen, 2012. "Do Tax Sensitive Investors Liquidate Appreciated Shares After a Capital Gains Tax Rate Reduction?," National Tax Journal, National Tax Association;National Tax Journal, vol. 65(3), pages 595-627, September.
  45. Hasan, M. Emrul & Klein, Peter, 2022. "The capital gain lock-in effect and seasoned equity offerings," Journal of Banking & Finance, Elsevier, vol. 138(C).
  46. Martin Jacob, 2018. "Tax Regimes and Capital Gains Realizations," European Accounting Review, Taylor & Francis Journals, vol. 27(1), pages 1-21, January.
  47. Anthony M. Diercks & William Waller, 2017. "Taxes and the Fed : Theory and Evidence from Equities," Finance and Economics Discussion Series 2017-104, Board of Governors of the Federal Reserve System (U.S.).
  48. Ryan T. Ball, 2013. "Does Anticipated Information Impose a Cost on Risk‐Averse Investors? A Test of the Hirshleifer Effect," Journal of Accounting Research, Wiley Blackwell, vol. 51(1), pages 31-66, March.
  49. Cong, Lin William & Landsman, Wayne & Maydew, Edward & Rabetti, Daniel, 2023. "Tax-loss harvesting with cryptocurrencies," Journal of Accounting and Economics, Elsevier, vol. 76(2).
  50. Agapova, Anna & Volkov, Nikanor, 2021. "Asymmetric tax-induced trading: The effect of capital gains tax changes," The Quarterly Review of Economics and Finance, Elsevier, vol. 79(C), pages 245-259.
  51. 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.
  52. Dean Hanlon & Sean Pinder, 2013. "Capital gains tax, supply-driven trading and ownership structure: direct evidence of the lock-in effect," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 53(2), pages 419-439, June.
  53. Chongyang Chen & Zhonglan Dai & Douglas Shackelford & Harold Zhang, 2011. "Does Financial Constraint Affect Shareholder Taxes and the Cost of Equity Capital?," NBER Working Papers 17169, National Bureau of Economic Research, Inc.
  54. Landon, Stuart, 2009. "The capitalization of taxes in bond prices: Evidence from the market for Government of Canada bonds," Journal of Banking & Finance, Elsevier, vol. 33(12), pages 2175-2184, December.
  55. Savina Princen & Athena Kalyva & Alexander Leodolter & Cécile Denis & Adriana Reut & Andreas Thiemann & Viginta Ivaskaite-Tamosiune, 2020. "Taxation of Household Capital in EU Member States Impact on Economic Efficiency, Revenue and Redistribution," European Economy - Discussion Papers 130, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
  56. Buhlmann, Florian & Doerrenberg, Philipp & Voget, Johannes & Loos, Benjamin, 2020. "How do taxes affect the trading behavior of private investors? Evidence from individual portfolio data," ZEW Discussion Papers 20-047, ZEW - Leibniz Centre for European Economic Research.
  57. Nianzhi Guo & Ping‐Wen Sun & Huiqin Xiao, 2023. "Influence of dividend tax policy tied to investment horizon on stock price stability: Evidence from the 2015 dividend tax reform in China," International Review of Finance, International Review of Finance Ltd., vol. 23(3), pages 524-552, September.
  58. Cataldo, Anthony J., 2009. "Updated stock index and market seasonals (SIMS) 3.0 data base includes two international control measures," Research in Accounting Regulation, Elsevier, vol. 21(2), pages 107-110.
  59. Ainsworth, Andrew & Lee, Adrian D., 2023. "Sharing the dividend tax credit pie: The influence of individual investors on ex-dividend day returns," Journal of Financial Markets, Elsevier, vol. 62(C).
  60. Jin, Li & Kothari, S.P., 2008. "Effect of personal taxes on managers' decisions to sell their stock," Journal of Accounting and Economics, Elsevier, vol. 46(1), pages 23-46, September.
  61. Eichfelder, Sebastian & Lau, Mona, 2015. "Capitalization of capital gains taxes: (In)attention and turn-of-the-year returns," Discussion Papers 2015/33, Free University Berlin, School of Business & Economics.
  62. Dieci, Roberto & Gardini, Laura & Westerhoff, Frank, 2022. "On the destabilizing nature of capital gains taxes," International Review of Financial Analysis, Elsevier, vol. 83(C).
  63. Jean Bédard & Daniel Coulombe & Suzanne M. Paquette, 2007. "Tax Incentives on Equity and Firms' Cost of Capital: Evidence from the Quebec Stock Savings Plan," Contemporary Accounting Research, John Wiley & Sons, vol. 24(3), pages 795-824, September.
  64. Kyösti Pietola & Sami Myyrä & Eija Pouta, 2011. "The Effects of Changes in Capital Gains Taxes on Land Sales: Empirical Evidence from Finland," Land Economics, University of Wisconsin Press, vol. 87(4), pages 582-594.
  65. Holcomb, Alex & Mason, Paul & Zhang, Harold H., 2020. "Investment income taxes and private equity acquisition activity," Journal of Empirical Finance, Elsevier, vol. 59(C), pages 25-51.
  66. Gary, Robert F. & Moore, Jared A. & Sisneros, Craig A. & Terando, William D., 2016. "The impact of tax rate changes on intercorporate investment," Advances in accounting, Elsevier, vol. 34(C), pages 55-63.
  67. Jacob, Martin, 2014. "Cross-base tax elasticity of capital gains," arqus Discussion Papers in Quantitative Tax Research 169, arqus - Arbeitskreis Quantitative Steuerlehre.
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