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| Author: | Guenther, D. A. Willenborg, M. |
| Title: | Capital gains tax rates and the cost of capital for small business: evidence from the IPO market. |
| Journal: | Journal of Financial Economics
1999 : SEP, VOL. 53:3, p. 385-408 |
| Index terms: | Capital taxation Small business Initial public offerings |
| Language: | eng |
| Abstract: | The authors examine the issue prices of small initial public offerings around the 1993 tax law change that reduced the capital gains tax. They compare the actual issue price of new stock with a benchmark price that is not affected by the change in capital gains tax. |
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