Tax Induced Trading Of Equity Securities PDF Download
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| Author | : Sandra Renfro Callaghan |
| Publisher | : |
| Total Pages | : |
| Release | : 2003 |
| Genre | : |
| ISBN | : |
Download Tax-Induced Trading of Equity Securities Book in PDF, ePub and Kindle
We examine ex-dividend date trading of ADRs using a sample of 1,043 dividends over the period 1988-1995. ADR dividends are often subject to foreign withholding taxes, creating incentives for certain investors to avoid the distribution. ADRs exhibit negative abnormal ex-dividend day returns, and their prices behave consistently with their related withholding taxes. Abnormal trading volume for taxable issues exceeds 130 percent and 300 percent of normal volume on the cum- and ex-dates, respectively. Abnormal volume is an increasing function of foreign withholding tax rates and decreasing function of transactions costs. This abnormal ex-date trading activity is consistent with tax-motivated trading.
| Author | : Benjamin C. Ayers |
| Publisher | : |
| Total Pages | : 39 |
| Release | : 2006 |
| Genre | : |
| ISBN | : |
Download Tax Induced Trading Around the Taxpayer Relief Act of 1997 Book in PDF, ePub and Kindle
We examine investor trading around the passage of the Taxpayer Relief Act of 1997 (TRA97) that reduced the capital gains tax rate from 28% to 20%. We provide evidence that individual investors increase their demand for equity shares on the announcement day of TRA97, consistent with the capitalization of capital gains taxes. On the effective day of TRA97, we find that individual investors increase the supply of equity shares with accrued gains, consistent with the lock-in effect of capital gains taxes. Regression results suggest that tax capitalization is associated with a more powerful effect on abnormal trading than the lock-in effect for the median stock trading around TRA97. Overall, our results suggest that capital gains taxes influence both the demand and supply for equity by tax sensitive investors and that the effect on demand is more pronounced than the effect on supply.
| Author | : Gregory G. Geisler |
| Publisher | : |
| Total Pages | : |
| Release | : 2000 |
| Genre | : |
| ISBN | : |
Download Equity Security Investments Book in PDF, ePub and Kindle
The economic theory of in ...
| Author | : Michael F. Gallmeyer |
| Publisher | : |
| Total Pages | : |
| Release | : 2004 |
| Genre | : |
| ISBN | : |
Download Tax Management Strategies with Multiple Risky Assets Book in PDF, ePub and Kindle
We study the consumption-portfolio problem of a capital gain taxed investor who has access to multiple risky stocks. Primary to our analysis is to understand how costly short selling influences portfolio choice with a shorting the box restriction. Our analysis uncovers two different strategies where it is optimal to short sell. The first, identified as a trading flexibility strategy which is new in our analysis, is an ex ante way of minimizing future tax-induced trading costs. With this strategy, the investor shorts one of the stocks even when no stock has an embedded gain. The second shorting strategy is an imperfect form of shorting the box used to ex post reduce aggregate equity exposure. Given these two short selling strategies, it is common for an unconstrained investor to short some equity while a constrained investor holds a positive investment in all stocks. A similar trading flexibility strategy is implicitly present if the investor can not short but is allowed to buy put options. Somewhat surprisingly, the benefit of trading separately in the two stocks for a short sale constrained investor is not economically significant; while, on the other hand, the welfare benefit is significant for an investor who can short at a low cost or who can trade in derivatives.
| Author | : Catalyst Institute |
| Publisher | : Irwin Professional Publishing |
| Total Pages | : 216 |
| Release | : 1994 |
| Genre | : Business & Economics |
| ISBN | : |
Download Securities Transaction Taxes Book in PDF, ePub and Kindle
You'll gain an understanding of all sides of this public policy debate - implementation issues, global concerns, and more - that will help you to gage the soundness of current arguments for and against STTs and to come to your own conclusions about their effectiveness.
| Author | : David F. Asmus |
| Publisher | : |
| Total Pages | : 181 |
| Release | : 2020 |
| Genre | : Project finance |
| ISBN | : 9781838624910 |
Download The Project Finance Law Review Book in PDF, ePub and Kindle
| Author | : United States. Congressional Budget Office |
| Publisher | : |
| Total Pages | : 380 |
| Release | : 1977 |
| Genre | : Budget |
| ISBN | : |
Download Budget options Book in PDF, ePub and Kindle
| Author | : Emmanuel O. Kumah |
| Publisher | : International Monetary Fund |
| Total Pages | : 75 |
| Release | : 2009-11-01 |
| Genre | : Business & Economics |
| ISBN | : 1451873891 |
Download Valuation of Unlisted Direct Investment Equity Book in PDF, ePub and Kindle
This paper analyzes the seven valuation methods for unlisted direct investment equity included in the recently adopted IMF Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6). Based on publicly available Danish data, we test the three methods that are generally applicable and find that the choice of valuation method and estimation technique can have a highly significant impact on the international investment position, pointing to the need for further harmonization. The results show that the price-to-book value method generates more robust market value estimates than the price-to-earnings method. This finding suggests that the valuation basis for the forthcoming Coordinated Direct Investment Survey - own funds at book value -will provide useful information for compiling the international investment position.
| Author | : Roni Michaely |
| Publisher | : Palala Press |
| Total Pages | : 50 |
| Release | : 2018-03-02 |
| Genre | : |
| ISBN | : 9781379009573 |
Download Investors' Heterogeneity, Prices, and Volume Around the Ex-dividend Day Book in PDF, ePub and Kindle
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
| Author | : Jeffrey A. Frankel |
| Publisher | : University of Chicago Press |
| Total Pages | : 428 |
| Release | : 2008-04-15 |
| Genre | : Business & Economics |
| ISBN | : 0226260216 |
Download The Internationalization of Equity Markets Book in PDF, ePub and Kindle
This timely volume addresses three important recent trends in the internationalization of United States equity markets: extensive market integration through foreign investment and links among stock prices around the world; increasing securitization as countries such as Japan come to rely more than ever before on markets in equities and bonds at the expense of banks; and the opening of national financial systems of newly industrializing countries to international financial flows and institutions, as governments remove capital controls and other barriers. Eight essays examine such issues as the current extent of international market integration, gains to U.S. investors through international diversification, home-country bias in investing, the role of time and location around the world in stock trading, and the behavior of country funds. Other, long-standing questions about equity markets are also addressed, including market efficiency and the accuracy of models of expected returns, with a particular focus on variances, covariances, and the price of risk according to the Capital Asset Pricing Model.
