Tax policy, corporations, and capital market effects:
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Abschlussarbeit Buch |
| Sprache: | English |
| Veröffentlicht: |
2008
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| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XII, 91 Bl. graph. Darst. 21 cm |
Internformat
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Datensatz im Suchindex
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| adam_text | Titel: Tax policy, corporations, and capital market effects
Autor: Klautke, Tina
Jahr: 2008
Contents
Abstract.................................................................................................................jv
Contents.................................................................................................................v
List of Figures.....................................................................................................vii
List of Tables......................................................................................................viii
List of Symobls....................................................................................................ix
List of Original Papers.........................................................................................xi
Acknowledgements.............................................................................................xii
Uberblick...............................................................................................................1
Overview...............................................................................................................7
1. Interest Income Tax Evasion, the EU Savings Directive, and Capital Market
Effects..............................................................................................................12
1.1 Introduction................................................................................................12
1.2 The data set................................................................................................14
1.3 Evidence on return differences..................................................................16
1.4 Conclusions................................................................................................23
Appendix: Sample of pairs of negotiable securities........................................24
2. Taxes and the Efficiency Costs of Capital Distortions...................................26
2.1 Introduction................................................................................................26
2.2 Theories of capital structure: a brief outline..............................................27
2.2.1 The irrelevance hypothesis..................................................................27
2.2.2 The trade-off theory.............................................................................27
2.2.3 The free-cash-flow hypothesis............................................................28
2.2.4 The pecking-order hypothesis.............................................................28
2.3 Trade-off theory and taxes: a basic synthesis............................................29
2.4 Taxes and the debt-equity ratio: empirical results.....................................33
2.4.1 Exploiting differences innondebttax shields.....................................33
2.4.2 Studies with cross-section variation in national nominal tax rates.....33
2.4.3 Studies with variations in international tax rates................................34
2.5 Calculating the efficiency costs of the distorted capital structure.............35
2.6 Conclusions and outlook............................................................................40
3. The Ex-Dividend-Day Effect and the German Tax Reform of 2000/2001 ....41
3.1 Introduction................................................................................................41
3.2 The ex-dividend-day effect........................................................................42
3.2.1 Dividend stripping...............................................................................42
3.2.2 Taxation of capital gains and dividend payments in Germany...........43
3.3 The ex-dividend-day behavior before and after the tax reform.................48
3.3.1 The data set..........................................................................................48
3.3.2 Summary statistics...............................................................................49
3.3.3 Empirical proceedings and results.......................................................51
3.3.4 Shareholders of German shares...........................................................56
3.4. Conclusions...............................................................................................58
Appendix: CUSUM test for large dividends...................................................59
4. Das steuerpolitische Dezemberfieber: Steuergesetzgebung in Deutschland von
1951-2004.....................................................................................................61
4.1 Einleitung...................................................................................................61
4.2 DerDatensatz.............................................................................................64
4.3 Empirische Muster in der Steuergesetzgebung.........................................69
4.3.1 Abhangigkeit der Steuergesetzgebung vom Wahlzyklus....................69
4.3.2 Zustimmungspflicht des Bundesrates..................................................72
4.3.3 Gesetzgebung im Jahresverlauf...........................................................78
4.4Fazit............................................................................................................82
References........................................................................................................84
Lebenslauf........................................................................................................89
Ehrenwortliche Erklarung................................................................................91
List of Figures
Figure 1.1: Differences in maturity.....................................................................16
Figure 1.2: Return differences between grandfathered bonds and their twins ... 19
Figure 1.3: Standard deviation of return ratio rtw/r8f..........................................20
Figure 2.1: Efficiency costs of capital distortion................................................37
Figure 3.1: Distribution of dividend payments by month...................................49
Figure 3.2: Percentage of firms with a given dividend yiel................................49
Figure 3.3: Dividend yield..................................................................................50
Figure 3.4: Ex-dividend-day price drop..............................................................50
Figure 3.5: Custody account statistic..................................................................57
Figure 3.6: Sales and acquisitions of domestic shares by foreign investors.......58
Abbildung 4.1: Anzahl und Umfang aller erlassenen Gesetze im Zeitverlauf ...65
Abbildung 4.2: Anzahl und Umfang aller erlassenen Gesetze im Zeitverlauf (6-
Jahres-Gruppen)........................................................................66
Abbildung 4.3: Anzahl und Umfang aller erlassenen Rechtsverordnungen im
Zeitverlauf (6-Jahres-Gruppen).................................................67
Abbildung 4.4: Anzahl und Umfang aller erlassenen Bundesgesetze im
Zeitverlauf (6-Jahres-Gruppen).................................................68
Abbildung 4.5: Anzahl und Umfang aller erlassenen Bundesverordnungen im
Zeitverlauf (6-Jahres-Gruppen).................................................69
Abbildung 4.6: Anzahl der Bundesgesetze im Jahr vor und im Jahr nach einer
Bundestagswahl.........................................................................71
Abbildung 4.7: Anzahl der Bundesverordnungen im Jahr vor und im Jahr nach
einer Bundestagswahl................................................................72
Abbildung 4.8: Anteil der zustimmungspflichtigen Bundesgesetze...................73
Abbildung 4.9: Anteil der zustimmungspflichtigen Bundesgesetze (6-Jahres-
Gruppen)....................................................................................74
Abbildung 4.10: Anteil der zustimmungspflichtigen Verordnungen (6-Jahres-
Gruppen) ..................................................................................75
Abbildung 4.11: Anteil der zustimmungspflichtigen Bundesgesetze und
Verordnungen in Abhangigkeit von den Mehrheiten in
Bundestag und Bundesrat........................................................76
Abbildung 4.12: Anteile der verabschiedeten Gesetze und Verordnungen im
Jahresverlauf............................................................................79
Abbildung 4.13: Anteil der im Dezember an den im gesamten Jahr
verabschiedeten Gesetzen und Verordnungen im Zeitverlauf. 80
List of Tables
Table I.I: Summary returns statistics for 70 pairs in percent.............................19
Table 1.2: Estimation results...............................................................................22
Table 2.1 a: Illustrative values for T/i; Atu 0.....................................................38
Table 2.1b: Illustrative values for T/i;Atu 0....................................................39
Table 3.1: (Robust) OLS estimates.....................................................................52
Table 3.2: (Robust) OLS estimates.....................................................................54
Table 3.3: (Robust) OLS estimates - Ownership structure................................55
Table 3.4: (Robust) OLS estimates.....................................................................59
Tabelle 4.1: Determinanten des Anteils der zustimmungspfiichtigen
Bundesgesetze und -verordnungen.................................................78
Tabelle 4.2: Determinanten des Dezemberfiebers, alle Gesetze und
Verordnungen..................................................................................81
Tabelle 4.3: Determinanten des Dezemberfiebers, nur zustimmungspflichtige
Gesetze und Verordnungen.............................................................82
|
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| spelling | Klautke, Tina 1980- Verfasser (DE-588)135751853 aut Tax policy, corporations, and capital market effects Tina Klautke 2008 XII, 91 Bl. graph. Darst. 21 cm txt rdacontent n rdamedia nc rdacarrier Frankfurt am Main, Univ., Diss., 2009 Kapitalmarkt (DE-588)4029578-3 gnd rswk-swf Steuerpolitik (DE-588)4057447-7 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Steuerpolitik (DE-588)4057447-7 s Kapitalmarkt (DE-588)4029578-3 s b DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017559066&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
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| title | Tax policy, corporations, and capital market effects |
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