haku: @indexterm capital gains tax / yhteensä: 94
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| Tekijä: | Ayers, B. C. Lefanowicz, C. E. Robinson, J. R. |
| Otsikko: | Shareholder taxes in acquisition premiums: the effect of capital gains taxation |
| Lehti: | Journal of Finance
2003 : DEC, VOL. 58:6, p. 2783-2801 |
| Asiasana: | Shareholders Capital gains tax Mergers |
| Vapaa asiasana: | Acquisitions |
| Kieli: | eng |
| Tiivistelmä: | The authors exploit cross-temporal differences in capital gains tax rates to test whether shareholder-level capital gains taxes are associated with higher aquisition premiums for taxable acquisitions. The authors model acquisition premiums as a function of proxies for the capital gains taxes of target shareholders, taxability of the acquisitionm, and tax status of the price-setting shareholder as represented by the level of target institutional ownership. Consistent with a lock-in effect for acquisition premiums, result suggest a unique positive association between shareholder capital gains taxes for individual investors and aquisition premiums for taxable acquisitions, which is mitigated by target institutional ownersip. |
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