Capital gains taxation and stock market activity: Evidence from IPOs

• 成果类型: Article
• 署名作者: Reese, WA
• 署名单位: Tulane University
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/0022-1082.00073
• 发表日期: 1998
• 页码: 1799-1819
• 关键词: TAX-REDUCTION; BEHAVIOR; january; volume

摘要

Prior to the Tax Reform Act of 1986 (TRA'86), long-term capital gains were taxed at a lower rate than short-term gains, presenting investors with an opportunity to increase their after-tax return by delaying the sale of appreciated assets until after they qualified for long-term status and selling depreciated assets prior to long-term qualification. Using a sample of Initial Public Offerings, I find that stocks that appreciated prior to long-term qualification exhibit increased volume and decreased returns just after their qualification date, while stocks that depreciated prior to long-term qualification exhibit these effects just prior to their qualification date.