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Der Einfluss der Abgeltungssteuer auf die Haltedauer von Aktien – eine empirische Untersuchung von Directors’ Dealings am deutschen Kapitalmarkt
[The Impact of the Introduction of a Final Withholding Tax on Holding Periods of Share Investments – an Empirical Investigation of Directors’ Dealings in Germany]

Author

Listed:
  • Rainer Niemann

    (Karl-Franzens-Universität Graz)

  • Silke Rünger

    (Karl-Franzens-Universität Graz)

Abstract

Zusammenfassung Durch die Offenlegungspflichten von Directors’ Dealings (Insidergeschäften) von deutschen börsennotierten Kapitalgesellschaften können wir individuelle Haltedauern von Aktien ermitteln und empirisch analysieren. Da Gewinne aus privaten Aktienverkäufen unter dem Halbeinkünfteverfahren erst nach Ablauf der einjährigen Spekulationsfrist steuerfrei vereinnahmt werden konnten, entstand ein Lock-in-Effekt. Mit der Einführung der Abgeltungssteuer entfällt dieser Anreiz, da Gewinne aus privaten Aktienverkäufen unabhängig von der Haltedauer besteuert werden. Basierend auf einer Stichprobe von 1211 Insidergeschäften (922 davon aus dem Halbeinkünfteverfahren und 289 aus der Abgeltungssteuer) zeigen wir, dass die Haltedauer für Gewinngeschäfte unter der Abgeltungssteuer wie erwartet signifikant niedriger ausfällt. Im Gegensatz dazu weisen Verlustgeschäfte unter der Abgeltungssteuer ebenfalls eine niedrigere Haltedauer auf, weshalb eine steuerlich motivierte Wahl des Veräußerungszeitpunktes für Verlustgeschäfte nicht plausibel erscheint.

Suggested Citation

  • Rainer Niemann & Silke Rünger, 2017. "Der Einfluss der Abgeltungssteuer auf die Haltedauer von Aktien – eine empirische Untersuchung von Directors’ Dealings am deutschen Kapitalmarkt [The Impact of the Introduction of a Final Withholdi," Schmalenbach Journal of Business Research, Springer, vol. 69(1), pages 41-80, March.
    • Handle: RePEc:spr:sjobre:v:69:y:2017:i:1:d:10.1007_s41471-016-0025-6
    DOI: 10.1007/s41471-016-0025-6
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    References listed on IDEAS

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