The Effects of Dividend Taxeson Equity Prices: A Re-Examination of the 1997 U.K. Tax Reform
We re-examine the extent to which personal taxes on dividends are capitalized into the equity prices of domestic firms, using data from around the time of the 1997 U.K. dividend tax reform, which removed a significant tax credit for an important group of investors: U.K. pension funds. The tax-adjust...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2007
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 07/204 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | We re-examine the extent to which personal taxes on dividends are capitalized into the equity prices of domestic firms, using data from around the time of the 1997 U.K. dividend tax reform, which removed a significant tax credit for an important group of investors: U.K. pension funds. The tax-adjusted CAPM suggests that the impact should depend on an average of dividend tax rates across all investors, and that U.K. pension funds should reduce their holdings of the previously tax-favored asset: U.K. equities. Given that U.K. pension funds are small relative to the total size of the world capital market, a small open economy-type argument implies that the main effect of the reform would be to reduce U.K. pension funds'' ownership of U.K. equities, with little impact on their price. We present evidence which is consistent with these hypotheses. We discuss why previous research (Bell and Jenkinson, 2002) reached a different conclusion |
| Beschreibung: | 1 Online-Ressource (30 p) |
| ISBN: | 1451867689 9781451867688 |
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| index_date | 2024-07-03T20:13:24Z |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Bond, Stephen Verfasser aut The Effects of Dividend Taxeson Equity Prices A Re-Examination of the 1997 U.K. Tax Reform Bond, Stephen Washington, D.C International Monetary Fund 2007 1 Online-Ressource (30 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 07/204 We re-examine the extent to which personal taxes on dividends are capitalized into the equity prices of domestic firms, using data from around the time of the 1997 U.K. dividend tax reform, which removed a significant tax credit for an important group of investors: U.K. pension funds. The tax-adjusted CAPM suggests that the impact should depend on an average of dividend tax rates across all investors, and that U.K. pension funds should reduce their holdings of the previously tax-favored asset: U.K. equities. Given that U.K. pension funds are small relative to the total size of the world capital market, a small open economy-type argument implies that the main effect of the reform would be to reduce U.K. pension funds'' ownership of U.K. equities, with little impact on their price. We present evidence which is consistent with these hypotheses. We discuss why previous research (Bell and Jenkinson, 2002) reached a different conclusion Online-Ausg Devereux, Michael B. Sonstige oth Klemm, Alexander Sonstige oth http://elibrary.imf.org/view/IMF001/08686-9781451867688/08686-9781451867688/08686-9781451867688.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Bond, Stephen The Effects of Dividend Taxeson Equity Prices A Re-Examination of the 1997 U.K. Tax Reform |
| title | The Effects of Dividend Taxeson Equity Prices A Re-Examination of the 1997 U.K. Tax Reform |
| title_auth | The Effects of Dividend Taxeson Equity Prices A Re-Examination of the 1997 U.K. Tax Reform |
| title_exact_search | The Effects of Dividend Taxeson Equity Prices A Re-Examination of the 1997 U.K. Tax Reform |
| title_exact_search_txtP | The Effects of Dividend Taxeson Equity Prices A Re-Examination of the 1997 U.K. Tax Reform |
| title_full | The Effects of Dividend Taxeson Equity Prices A Re-Examination of the 1997 U.K. Tax Reform Bond, Stephen |
| title_fullStr | The Effects of Dividend Taxeson Equity Prices A Re-Examination of the 1997 U.K. Tax Reform Bond, Stephen |
| title_full_unstemmed | The Effects of Dividend Taxeson Equity Prices A Re-Examination of the 1997 U.K. Tax Reform Bond, Stephen |
| title_short | The Effects of Dividend Taxeson Equity Prices |
| title_sort | the effects of dividend taxeson equity prices a re examination of the 1997 u k tax reform |
| title_sub | A Re-Examination of the 1997 U.K. Tax Reform |
| url | http://elibrary.imf.org/view/IMF001/08686-9781451867688/08686-9781451867688/08686-9781451867688.xml |
| work_keys_str_mv | AT bondstephen theeffectsofdividendtaxesonequitypricesareexaminationofthe1997uktaxreform AT devereuxmichaelb theeffectsofdividendtaxesonequitypricesareexaminationofthe1997uktaxreform AT klemmalexander theeffectsofdividendtaxesonequitypricesareexaminationofthe1997uktaxreform |