Capital gains taxes and asset prices: the impact of tax awareness and procrastination
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Berlin
Freie Univ. Berlin, FB Wirtschaftswiss.
2014
|
| Series: | Discussion paper / School of Business & Economics
2014,17 : FACTS |
| Subjects: | |
| Links: | http://edocs.fu-berlin.de/docs/receive/FUDOCS_document_000000020628 |
| Abstract: | We argue that the impact of capital gains taxation on asset pricing depends on the tax awareness of market participants. While institutional investors should be generally well-informed about tax regulations, private investors have only limited tax knowledge and resources. As a result, market reactions on tax law changes may be delayed if a considerable fraction of market participants is not fully tax-aware. In line with our argument, we find evidence that the introduction of a previously announced German flat tax on private capital gains in 2009 resulted in a temporarily strong and significant increase of trading volumes, daily returns and asset prices. Our research implies that tax law changes provide an opportunity for well-informed investors to generate arbitrage benefits. Corresponding to our estimate, the capital gains tax resulted in an increase demand for shares of 160 % as well as in an price surplus of about 7.4 % within the last two trading days 2008. |
| Physical Description: | 1 Online-Ressource (31 S.) graph. Darst. |
Staff View
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| 520 | 3 | |a We argue that the impact of capital gains taxation on asset pricing depends on the tax awareness of market participants. While institutional investors should be generally well-informed about tax regulations, private investors have only limited tax knowledge and resources. As a result, market reactions on tax law changes may be delayed if a considerable fraction of market participants is not fully tax-aware. In line with our argument, we find evidence that the introduction of a previously announced German flat tax on private capital gains in 2009 resulted in a temporarily strong and significant increase of trading volumes, daily returns and asset prices. Our research implies that tax law changes provide an opportunity for well-informed investors to generate arbitrage benefits. Corresponding to our estimate, the capital gains tax resulted in an increase demand for shares of 160 % as well as in an price surplus of about 7.4 % within the last two trading days 2008. | |
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| indexdate | 2024-12-20T17:02:00Z |
| institution | BVB |
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| physical | 1 Online-Ressource (31 S.) graph. Darst. |
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| spelling | Eichfelder, Sebastian 1976- Verfasser (DE-588)132110377 aut Capital gains taxes and asset prices the impact of tax awareness and procrastination Sebastian Eichfelder ; Mona Lau Berlin Freie Univ. Berlin, FB Wirtschaftswiss. 2014 1 Online-Ressource (31 S.) graph. Darst. txt rdacontent c rdamedia cr rdacarrier Discussion paper / School of Business & Economics 2014,17 : FACTS We argue that the impact of capital gains taxation on asset pricing depends on the tax awareness of market participants. While institutional investors should be generally well-informed about tax regulations, private investors have only limited tax knowledge and resources. As a result, market reactions on tax law changes may be delayed if a considerable fraction of market participants is not fully tax-aware. In line with our argument, we find evidence that the introduction of a previously announced German flat tax on private capital gains in 2009 resulted in a temporarily strong and significant increase of trading volumes, daily returns and asset prices. Our research implies that tax law changes provide an opportunity for well-informed investors to generate arbitrage benefits. Corresponding to our estimate, the capital gains tax resulted in an increase demand for shares of 160 % as well as in an price surplus of about 7.4 % within the last two trading days 2008. Geschichte 2008-2009 gnd rswk-swf Kapitalertragsteuer (DE-588)4163265-5 gnd rswk-swf Steuerreform (DE-588)4057455-6 gnd rswk-swf Deutschland (DE-588)4011882-4 gnd rswk-swf Deutschland (DE-588)4011882-4 g Steuerreform (DE-588)4057455-6 s Kapitalertragsteuer (DE-588)4163265-5 s Geschichte 2008-2009 z DE-188 Lau, Mona Verfasser aut School of Business & Economics Discussion paper 2014,17 : FACTS (DE-604)BV026641400 2014,17 http://edocs.fu-berlin.de/docs/receive/FUDOCS_document_000000020628 kostenfrei Volltext |
| spellingShingle | Eichfelder, Sebastian 1976- Lau, Mona Capital gains taxes and asset prices the impact of tax awareness and procrastination Kapitalertragsteuer (DE-588)4163265-5 gnd Steuerreform (DE-588)4057455-6 gnd |
| subject_GND | (DE-588)4163265-5 (DE-588)4057455-6 (DE-588)4011882-4 |
| title | Capital gains taxes and asset prices the impact of tax awareness and procrastination |
| title_auth | Capital gains taxes and asset prices the impact of tax awareness and procrastination |
| title_exact_search | Capital gains taxes and asset prices the impact of tax awareness and procrastination |
| title_full | Capital gains taxes and asset prices the impact of tax awareness and procrastination Sebastian Eichfelder ; Mona Lau |
| title_fullStr | Capital gains taxes and asset prices the impact of tax awareness and procrastination Sebastian Eichfelder ; Mona Lau |
| title_full_unstemmed | Capital gains taxes and asset prices the impact of tax awareness and procrastination Sebastian Eichfelder ; Mona Lau |
| title_short | Capital gains taxes and asset prices |
| title_sort | capital gains taxes and asset prices the impact of tax awareness and procrastination |
| title_sub | the impact of tax awareness and procrastination |
| topic | Kapitalertragsteuer (DE-588)4163265-5 gnd Steuerreform (DE-588)4057455-6 gnd |
| topic_facet | Kapitalertragsteuer Steuerreform Deutschland |
| url | http://edocs.fu-berlin.de/docs/receive/FUDOCS_document_000000020628 |
| volume_link | (DE-604)BV026641400 |
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