| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9151 |
| DP9151 Capital Gains Taxation and the Cost of Capital: Evidence from Unanticipated Cross-Border Transfers of Tax Bases | |
| Harry Huizinga; Wolf Wagner; Johannes Voget | |
| 发表日期 | 2012-09-30 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | In a cross-border takeover, the tax base associated with future capital gains is transferred from target shareholders to acquirer shareholders. Cross-country differences in capital gains tax rates enable us to estimate the discount in target valuation on account of future capital gains. A one percentage point increase in the capital gains tax rate reduces the value of equity by 0.225%. The implied average effective tax rate on capital gains is 7% and it raises the cost of capital by 5.3% of its no-tax level. This indicates that capital gains taxation is a significant cost to firms when issuing new equity. |
| 主题 | Public Economics |
| 关键词 | Capital gains taxation Cost of capital International takeovers Takeover premium |
| URL | https://cepr.org/publications/dp9151 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537986 |
| 推荐引用方式 GB/T 7714 | Harry Huizinga,Wolf Wagner,Johannes Voget. DP9151 Capital Gains Taxation and the Cost of Capital: Evidence from Unanticipated Cross-Border Transfers of Tax Bases. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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