Tax Changes and Asset Pricing: Time-Series Evidence
نویسندگان
چکیده
منابع مشابه
Tax Changes and Asset Pricing: An Investigation of the Time-Series Evidence
This study investigates whether personal taxes are related to asset valuations. The effective tax rate of investment income fluctuated considerably since federal income taxes were introduced. The main result of the paper demonstrates that there is an economically and statistically significant relationship between asset valuations and personal tax rates. Stock valuations tend to be higher when t...
متن کاملTax Changes and Asset Pricing
The tax burden on equity securities has varied substantially since US federal income taxes were introduced in 1913. Taxes on equity securities vary over time due to changes in dividend and capital gains tax rates and due to changes in corporate payout policies. Equity taxes also vary across firms due to persistent differences in propensities to pay dividends. Despite the continuing policy debat...
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This paper estimates the dynamic effects of marginal tax rate changes on income reported on tax returns in the United States over the 1950-2010 period. After isolating exogenous variation in average marginal tax rates in structural vector autoregressions using a narrative identification approach, I find large positive effects in the top 1% of the income distribution. In contrast to earlier find...
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The manipulation of transfer prices changes the relative tax burdens multinational firms face in their different countries of operation and may even reduce a firm’s worldwide tax payments. At the same time, transfer price manipulation will often trigger changes in the tariffs that are levied on intra-company imports. For this reason, when tax rates change, as they did for many countries during ...
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Have tax policies affected entrepreneurial activity in the U.S.? We extend the time series literature on this topic by using more recent data and modern econometric techniques to examine the importance of federal income, payroll, capital gains, corporate income, and estate taxes on self-employment rates. Regression results show that most of these taxes have significant but small effects on self...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2003
ISSN: 1556-5068
DOI: 10.2139/ssrn.472226