Stabsseminar ved Douglas Shackelford

Fredag 31. august har Institutt for foretaksøkonomi stabsseminar ved Douglas Shackelford fra University of North Carolina.

29.08.2001 - Torunn G. Saunes

Tema: "Capital Gains Taxes and Equity Trading: Empirical Evidence"
Tid: Fredag 31. august, kl. 12.15-13.30
Sted: Karl Borchs Aud.

Abstract
Individual investors have an incentive to sell appreciated (depreciated)stock after (before) it qualifies for long-term capital gains treatment. This paper presents evidence that these incentives affect stock returns and trading volume around two disclosures, quarterly earnings announcements and additions to the S&P 500 index. Specifically, we find equity constricts (expands) and prices rise (drop) in our estimate of the incremental taxes (tax savings) generated, if appreciated (depreciated) property is sold before it qualifies for long-term treatment. The price pressure is temporary, reversing in subsequent trading days.

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