Tax changes and asset pricing
Subtitle: time-series evidence
By: Clemens Sialm.
Contributors: National Bureau of Economic Research.
Series: NBER working paper series ;; working paper 11756; Working paper series (National Bureau of Economic Research : Online) ;; working paper no. 11756.
Publisher: National Bureau of Economic Research
Published: 2005
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Subjects: Securities -- Taxation -- United States.; Stocks -- Prices -- United States.; Time-series analysis.
Description: "The effective tax rate on equity securities has fluctuated considerably in the U.S.  between 1917-2004.  This study investigates whether personal taxes on equity securities are related to stock valuations using the time-series variation in tax burdens.  The paper finds an economically and statistically significant relationship between asset valuations and personal tax rates.  Consistent with tax capitalization, stock valuations tend to be relatively low when tax burdens are relatively high"--National Bureau of Economic Research web site.
Notes: Includes bibliographical references.
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Mode of access: World Wide Web.