التفاصيل البيبلوغرافية
| العنوان: |
Market Valuation of Tax-Timing Options: Evidence from Capital Gains Distributions. |
| المؤلفون: |
CHAY, J. B., DOSOUNG CHOI, PONTIFF, JEFFREY |
| المصدر: |
Journal of Finance (Wiley-Blackwell); Apr2006, Vol. 61 Issue 2, p837-865, 29p, 7 Charts, 2 Graphs |
| مصطلحات موضوعية: |
TAXATION of capitalists & financiers, TAX rates, STOCK prices, TAXATION of dividends, CAPITAL gains tax, CAPITAL gains, FINANCE education, INVESTMENT income, RATE of return, FINANCIAL markets, MANAGEMENT |
| مستخلص: |
We examine a distribution that is taxed as a capital gain rather than as a dividend. Since the distribution induces a realized capital gain while the price change is an unrealized gain, ex-day return behavior provides evidence of the value of tax-timing capital gains. We show that investors are compensated 7¢ in unrealized gains for each dollar of realized capital gains, that is, $1 of realized capital gains is equivalent to 93¢ of unrealized gains. An investor with a tax rate on realized gains of 15% has an effective tax rate on unrealized capital gains of 8.6%. [ABSTRACT FROM AUTHOR] |
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