haku: @author Jang, H. / yhteensä: 4
viite: 3 / 4
| Tekijä: | Jang, H. |
| Otsikko: | The market reaction to the 1986 tax overhaul: a study of the capital gain tax change |
| Lehti: | Journal of Business Finance and Accounting
1994 : DEC, VOL. 21:8, p. 1179-1194 |
| Asiasana: | CAPITAL GAINS TAX CHANGE MARKETS |
| Kieli: | eng |
| Tiivistelmä: | The Tax Reform Act of 1986 (TRA) eliminated the favourable tax treatment on long-term capital gains in the US. Using a standard event study methodology , this paper examines daily stock return reactions to the tax overhaul. The results show that high dividend yield stocks earned a significant positive abnormal return and low yield stocks a significant negative return during the legislation period. This finding is consistent with the notion that the TRA made the market valuation of stocks shift in favor of high yield stocks. |
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