The Lock-In Effect of Capital Gains Taxes: Evidence from the RJR Nabisco Leveraged Buyout
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.
Volume (Year): 48 (1995)
Issue (Month): 2 (June)
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- Joseph E. Stiglitz, 1983.
"Some Aspects of the Taxation of Capital Gains,"
NBER Working Papers
1094, National Bureau of Economic Research, Inc.
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- 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.
- 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.
- Laurie Simon Bagwell, 1991. "Share Repurchase and Takeover Deterrence," RAND Journal of Economics, The RAND Corporation, vol. 22(1), pages 72-88, Spring.
- Constantinides, George M, 1983. "Capital Market Equilibrium with Personal Tax," Econometrica, Econometric Society, vol. 51(3), pages 611-36, May.
- 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.
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