Capitalization of Capital Gains Taxes: Evidence from Stock Price Reactions to the 1997 Rate Reduction

Abstract

This paper examines whether stock prices are discounted for potential capital gains taxes. The extent to which shareholder taxes affect stock prices is central to firm valuation and tax policy and has long intrigued scholars in economics, finance, and accounting. To date, the controversy has largely centered on whether dividend taxes are capitalized in equity values. This

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