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The Lock-In Effect of Capital Gains Taxes: Evidence from the RJR Nabisco Leveraged Buyout

  • Landsman, Wayne R.
  • Shackelford, Douglas A.
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    Studies overcomes data limitations and analyses capital gains taxes using the 1989 RJR Nabisco leverage buyout as an example. Finds negative correlation between price and tax basis for the shares sold.

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    File URL: http://www.ntanet.org/NTJ/48/2/ntj-v48n02p245-259-lock-effect-capital-gains.pdf
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    File URL: http://www.ntanet.org/NTJ/48/2/ntj-v48n02p245-259-lock-effect-capital-gains.html
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    Article provided by National Tax Association in its journal National Tax Journal.

    Volume (Year): 48 (1995)
    Issue (Month): 2 (June)
    Pages: 245-259

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    Handle: RePEc:ntj:journl:v:48:y:1995:i:no._2:p:245-259
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    1. Laurie Simon Bagwell, 1991. "Share Repurchase and Takeover Deterrence," RAND Journal of Economics, The RAND Corporation, vol. 22(1), pages 72-88, Spring.
    2. Cook, Eric W. & O'Hare, John F., 1992. "Capital Gains Redux: Why Holding Periods Matter," National Tax Journal, National Tax Association, vol. 45(1), pages 53-76, March.
    3. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-38, May.
    4. Auten, Gerald E & Clotfelter, Charles T, 1982. "Permanent versus Transitory Tax Effects and the Realization of Capital Gains," The Quarterly Journal of Economics, MIT Press, vol. 97(4), pages 613-32, November.
    5. Constantinides, George M, 1983. "Capital Market Equilibrium with Personal Tax," Econometrica, Econometric Society, vol. 51(3), pages 611-36, May.
    6. Kiefer, Donald W., 1990. "Lock-In Effect Within a Simple Model of Corporate Stock Trading," National Tax Journal, National Tax Association, vol. 43(1), pages 75-94, March.
    7. Stiglitz, Joseph E., 1983. "Some aspects of the taxation of capital gains," Journal of Public Economics, Elsevier, vol. 21(2), pages 257-294, July.
    8. Henderson, Yolanda K., 1990. "Capital Gains Tax Rates and Stock Market Volume," National Tax Journal, National Tax Association, vol. 43(4), pages 411-25, December.
    9. Stulz, ReneM., 1988. "Managerial control of voting rights : Financing policies and the market for corporate control," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 25-54, January.
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