|
EconStor >
arqus - Arbeitskreis Quantitative Steuerlehre >
arqus Diskussionsbeiträge zur Quantitativen Steuerlehre >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/55849
|
| | |
| Title: | | The effect of Germany's repeal of the corporate capital gains tax: Evidence from the disposal of corporate minority holdings  |
| Authors: | | Rünger, Silke |
| Issue Date: | | 2012 |
| Series/Report no.: | | Arqus-Diskussionsbeiträge zur quantitativen Steuerlehre 126 |
| Abstract: | | Germany's repeal of the corporate capital gains tax for the disposal of domestic holdings was expected to substantially change the system of corporate network holdings and corporate control. Based on a general divestiture model, we show that the probability of a disposal increased after the tax reform. Using a unique data set with no need to proxy for the disposal of corporate equity holdings, we analyze 354 German minority holdings over the period 1999-2007. We find significant higher disposal rates for 2002, the year the reform became effective. Further analyses reveal that this effect can be attributed to non-listed parent companies outside the financial sector, i.e. companies mainly ignored in prior research. Thus, our results also help to explain why prior research using event studies failed to detect a widespread market reaction of German firms. |
| Subjects: | | corporate capital gains lock-in effect corporate equity holdings Germany |
| JEL: | | G11 G34 H25 H32 |
| Document Type: | | Working Paper |
| Appears in Collections: | | arqus Diskussionsbeiträge zur Quantitativen Steuerlehre
|
| |
| | |
Download bibliographical data as:
BibTeX
|
| |
Share on:http://hdl.handle.net/10419/55849
|
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.
|