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| Tekijä: | Rydqvist, K. |
| Otsikko: | IPO underpricing as tax-efficient compensation |
| Lehti: | Journal of Banking and Finance
1997 : MAR, VOL. 21:3, p. 295-313 |
| Asiasana: | PRICING COMPENSATION TAXATION EMPLOYEES STOCK OWNERSHIP SWEDEN |
| Kieli: | eng |
| Tiivistelmä: | This study explores the hypothesis that a portion of the underpricing of swedish IPOs before 1990 was motivated by the tax wedge between capital gains and wage income. Three pieces of evidence support the hypothesis: issuers announce in the prospectuses that employers are favored; two regulations were passed as a direct response to the practice of issuing underpriced securities to employers; the lower underpricing after regulatory changes in 1990. The main empirical results may be limited to the special tax situation in Sweden before 1990. Taxes can explain only a portion of the underpricing since the tax argument requires the coexistence of non-tax reasons for underpricing and employee stock ownership. |
SCIMA