| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7644 |
| 来源ID | Working Paper 7644 |
| Capital Gains Taxes and Stock Reactions to Quarterly Earnings Announcements | |
| Jennifer L. Blouin; Jana Smith Raedy; Douglas A. Shackelford | |
| 发表日期 | 2000-04-01 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | This paper examines the impact of capital gains taxes on equity pricing. Examining three-day cumulative abnormal returns for quarterly earning announcements from 1983-1997, we present evidence consistent with shareholders' capital gains taxes affecting stock price responses. To our knowledge, this is the first study to link shareholder taxes and share price responses to earnings releases. The results imply that shares trade at higher (lower) prices when individual investors face incremental taxes (tax savings) created by selling appreciated (depreciated) shares before they qualify for long-term treatment. Unlike prior studies that have focused on price reactions in settings where shareholder taxes are unusually salient (e.g., tax law changes, turn-of-the-year trading, or tax-sensitive transactions), this study finds the imprint of capital gains taxes in a more general setting. |
| 主题 | Public Economics ; Taxation ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w7644 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565199 |
| 推荐引用方式 GB/T 7714 | Jennifer L. Blouin,Jana Smith Raedy,Douglas A. Shackelford. Capital Gains Taxes and Stock Reactions to Quarterly Earnings Announcements. 2000. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w7644.pdf（122KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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