Advanced Search
MyIDEAS: Login

Efectos de la Exención Tributaria a las Ganancias de Capital en el Precio de las Acciones en Chile

Contents:

Author Info

  • Claudio A. Agostini

    ()
    (ILADES-Universidad Alberto Hurtado.)

  • Mariel C. Siravegna

    ()
    (Programa de Postgrado ILADES-Universidad Alberto Hurtado – Universidad Santo Tomas.)

Abstract

La Reforma al Mercado de Capitales de 2001 en Chile (MK I), estableció la exención del impuesto a la renta para las ganancias de capital provenientes de la enajenación de acciones con presencia bursátil mayor al 25%. Los objetivos de la reforma eran aumentar la participación, la profundidad y la liquidez en el mercado local de acciones. Sin embargo, no es evidente cuál es el efecto que tiene una rebaja tributaria en el precio de las acciones ya que hay dos efectos que actúan en sentido contrario. Por un lado, hay un efecto de capitalización que lleva a un aumento en los precios. Por otro lado, hay un efecto lock-in que lleva a una reducción en los precios. Determinar cuál efecto domina es, por lo tanto, una pregunta que debe responderse empíricamente. Este trabajo contribuye a responder esa pregunta, determinando empíricamente los efectos que tuvo la exención tributaria introducida en 2001 en el precio de las acciones en Chile. Utilizando un estimador de diferencias en diferencias, los resultados muestran un impacto anticipado promedio de alrededor de -14% en el precio de las acciones que se cotizan en la Bolsa de Santiago frente a la futura exención tributaria. La elasticidad del precio respecto a la tasa de impuesto, entre 0.006 y 0.01, es mucho menor a la estimada en la literatura económica para otros países a partir de reformas similares, donde la elasticidad fluctúa entre 0.20 y 0.27. Sin embargo, es de magnitud similar a la elasticidad estimada para períodos de tiempo donde el efecto lock-in domina.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.svs.cl/sitio/publicaciones/doc/Serie%20de%20documentos/doc_trabajo7.pdf
Download Restriction: no

Bibliographic Info

Paper provided by Superintendencia de Valores y Seguros in its series Serie de Documentos de Trabajo with number 07.

as in new window
Length: 21 pages
Date of creation: Feb 2010
Date of revision:
Handle: RePEc:svs:svssdt:2010-7

Contact details of provider:
Postal: Superintendencia de Valores y Seguros, Libertador Bernardo O´Higgins 1449 12th Floor ZIP Code 8340518 - Santiago - Chile
Phone: (56 2) 473 4000
Web page: http://www.svs.cl/
More information through EDIRC

Related research

Keywords: Ganancias de Capital; Incidencia Tributaria; Mercado de Capitales; Precio de Acciones.;

Other versions of this item:

Find related papers by JEL classification:

This paper has been announced in the following NEP Reports:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Zhonglan Dai & Edward Maydew & Douglas A. Shackelford & Harold H. Zhang, 2006. "Capital Gains Taxes and Asset Prices: Capitalization or Lock-In?," NBER Working Papers 12342, National Bureau of Economic Research, Inc.
  2. Benjamin C. Ayers & Craig E. Lefanowicz & John R. Robinson, 2003. "Shareholder Taxes in Acquisition Premiums: The Effect of Capital Gains Taxation," Journal of Finance, American Finance Association, vol. 58(6), pages 2783-2801, December.
  3. Viard, Alan D., 2000. "Dynamic asset pricing effects and incidence of realization-based capital gains taxes," Journal of Monetary Economics, Elsevier, vol. 46(2), pages 465-488, October.
  4. Kenneth J. McKenzie & Aileen J. Thompson, 1995. "The Impact of the Capital Gains Exemption on Capital Markets," Canadian Public Policy, University of Toronto Press, vol. 21(s1), pages 100-115, November.
  5. Feldstein, Martin & Green, Jerry, 1983. "Why Do Companies Pay Dividends?," Scholarly Articles 3204679, Harvard University Department of Economics.
  6. Landsman, Wayne R. & Shackelford, Douglas A., 1995. "The Lock-In Effect of Capital Gains Taxes: Evidence from the RJR Nabisco Leveraged Buyout," National Tax Journal, National Tax Association, vol. 48(2), pages 245-259, June.
  7. William A. Reese, Jr., 1998. "Capital Gains Taxation and Stock Market Activity: Evidence from IPOs," Journal of Finance, American Finance Association, vol. 53(5), pages 1799-1819, October.
  8. Guenther, David A. & Willenborg, Michael, 1999. "Capital gains tax rates and the cost of capital for small business: evidence from the IPO market," Journal of Financial Economics, Elsevier, vol. 53(3), pages 385-408, September.
  9. Douglas A. Shackelford, 2002. "Intertemporal Tax Discontinuities," Journal of Accounting Research, Wiley Blackwell, vol. 40(1), pages 205-222, 03.
  10. Li Jin, 2006. "Capital Gains Tax Overhang and Price Pressure," Journal of Finance, American Finance Association, vol. 61(3), pages 1399-1431, 06.
  11. John R. Graham, 2003. "Taxes and Corporate Finance: A Review," Review of Financial Studies, Society for Financial Studies, vol. 16(4), pages 1075-1129.
  12. Richard Blundell & Monica Costa Dias, 2000. "Evaluation methods for non-experimental data," Fiscal Studies, Institute for Fiscal Studies, vol. 21(4), pages 427-468, January.
  13. Austan Goolsbee, 1997. "Investment Tax Incentives, Prices, and the Supply of Capital Goods," NBER Working Papers 6192, National Bureau of Economic Research, Inc.
  14. Jennifer L. Blouin & Jana Smith Raedy & Douglas A. Shackelford, 2003. "Capital Gains Taxes and Equity Trading: Empirical Evidence," Journal of Accounting Research, Wiley Blackwell, vol. 41(4), pages 611-651, 09.
  15. Dammon, Robert M & Spatt, Chester S & Zhang, Harold H, 2001. "Optimal Consumption and Investment with Capital Gains Taxes," Review of Financial Studies, Society for Financial Studies, vol. 14(3), pages 583-616.
Full references (including those not matched with items on IDEAS)

Citations

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:svs:svssdt:2010-7. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: () The email address of this maintainer does not seem to be valid anymore. Please ask to update the entry or send us the correct address.

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.