haku: @journal_id 789 / yhteensä: 95
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| Tekijä: | Chemmanur, T. J. Ravid, S. A. |
| Otsikko: | Asymmetric information, corporate myopia, and capital gains tax rates: An analysis of policy prescriptions |
| Lehti: | Journal of Financial Intermediation
1999 : JUL, VOL. 8:3, p. 205-231 |
| Asiasana: | Taxation Capital Companies Policy Models |
| Kieli: | eng |
| Tiivistelmä: | This paper develops a model of corporate myopia in which the interaction btw. asymmetric information and short-term trading by equity holders induces firms to undertake short-term rather than long-term projects, which are intrinsically more valuable. The effectiveness of alternative policy prescriptions is studied in eliminating myopia. It is shown that a capital gains tax cut for long-term equity holders induces optimal project selection. Characterized is the long-term capital gains tax rate which eliminates corporate myopia. |
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