| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w10153
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| 来源ID | Working Paper 10153
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| The Character and Determinants of Corporate Capital Gains |
| Mihir Desai; William M. Gentry
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| 发表日期 | 2003-12-15
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| 出版年 | 2003
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| 语种 | 英语
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| 摘要 | This paper analyzes how corporate capital gains taxes affect the capital gain realization decisions of firms. The paper outlines the tax treatment of corporate capital gains, the consequent incentives for firms with gains and losses, the efficiency consequences of these taxes in the context of other taxes and capital market distortions, and the response of firms to these incentives. Despite receiving limited attention, corporate capital gain realizations have averaged 30 percent of individual capital gain realizations over the last fifty years and have increased dramatically in importance over the last decade. By 1999, the ratio of net long-term capital gains to income subject to tax was 21 percent and was distributed across a variety of industries suggesting the importance of realization behavior to corporate financing decisions. Time-series analysis of aggregate realization behavior demonstrates that corporate capital gains taxes impact realization behavior significantly. Similarly, an analysis of firm-level investment and property, plant, and equipment (PPE) disposal decisions and gain recognition behavior similarly suggests an important role for these taxes in determining when firms raise money by disposing of assets and realizing gains. |
| 主题 | Public Economics
; Taxation
; Financial Economics
; Corporate Finance
|
| URL | https://www.nber.org/papers/w10153
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/567781
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推荐引用方式
GB/T 7714 |
Mihir Desai,William M. Gentry. The Character and Determinants of Corporate Capital Gains. 2003.
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文件名：
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w10153.pdf
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格式：
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Adobe PDF
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