How Do Taxes Affect Investors' Stock Market Realizations? Evidence from Tax-Return Panel Data
AbstractThis article provides direct evidence on the empirical importance of tax-reduction strategies. The authors' results indicate that relatively few investors trade securities to reduce their taxes and that tax-induced trading has little effect on stock prices. Their findings suggest that, holding all else constant, stock prices are likely to be insensitive to the difference between short- and long-term capital gains tax rates. Copyright 1994 by University of Chicago Press.
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Bibliographic InfoArticle provided by University of Chicago Press in its journal Journal of Business.
Volume (Year): 67 (1994)
Issue (Month): 2 (April)
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- Seida, Jim A. & Wempe, William F., 2000. "Do capital gain tax rate increases affect individual investors' trading decisions?," Journal of Accounting and Economics, Elsevier, vol. 30(1), pages 33-57, August.
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- Mohamed Ayadi & Hatem Ben-Ameur & Skander Lazrak & Yue Wang, 2013. "Canadian Investors and the Discount on Closed-End Funds," Journal of Financial Services Research, Springer, vol. 43(1), pages 69-98, February.
- Hanlon, Dean & Pinder, Sean, 2007. "An empirical investigation of whether Australian capital gains tax reforms influence individual investor behaviour," Pacific-Basin Finance Journal, Elsevier, vol. 15(5), pages 481-493, November.
- Alan J. Auerbach & Leonard E. Burman & Jonathan Siegel, 1998. "Capital Gains Taxation and Tax Avoidance: New Evidence from Panel Data," NBER Working Papers 6399, National Bureau of Economic Research, Inc.
- Leung, Charles Ka Yui & Zhang, Guang-Jia, 2000.
"Inflation and capital gains taxes in a small open economy,"
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- Charles Ka-Yui Leung & Guang-Jia Zhang, 2000. "Inflation and Capital Gains Taxes in a Small Open Economy," Departmental Working Papers _119, Chinese University of Hong Kong, Department of Economics.
- Chen, Feng & Kraft, Arthur & Weiss, Ira, 2011. "Tax Planning By Mutual Funds: Evidence From Changes In The Capital Gains Tax Rate," National Tax Journal, National Tax Association, vol. 64(1), pages 105-34, March.
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