The Asset Price Incidence of Capital Gains Taxes: Evidence From the Taxpayer Relief Act of 1997 and Publicly-Traded Real Estate Firms
- Topics:
- Investment and Capital Markets
- Tags:
- Asset,
- Taxes,
- Real Estate,
- Operational Planning,
- Free Trade,
- Financial Planning,
- Finance,
- Business Operations,
- Asset Price,
- Asset Management,
- ...
- Source:
- University of Pennsylvania
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Overview: The paper provides new evidence on the asset price incidence of corporate-level investment subsidies by examining the relative stock price performance of publicly traded companies in the real estate industry that should have been differentially affected by the capital gains tax rate reduction enacted in the Taxpayer Relief Act of 1997. By comparing real estate firms that have an organizational structure that allows entities who sell property to it to defer capital gains taxes and that plan to use the structure to acquire property with those that do not, the paper isolates the effect of the tax cut from industry trends and firm-level heterogeneity.
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Format: PDF | Size: 178KB | Date: Apr 2002 | Pages: 43
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