haku: @indexterm Stock ownership / yhteensä: 134
viite: 32 / 134
| 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: | SWEDEN PRICING COMPENSATION TAXATION EMPLOYEES STOCK OWNERSHIP |
| 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. The hypothesis is supported by the fact that issuers announce in the prospectuses that employees are favored , two regulations were passed as a direct response to the practice of issuing underpriced securities to employees, the significantly lower underpricing after regulatory changes in 1990s. The main empirical result may be limited to the special tax situation in Sweden before 1990. Taxes can only explain a small portion of the underpricing, since the tax argument requires the coexistence of non-tax reasons for underpricing and employee stock ownership. |
SCIMA