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Autor:innen: 
Erscheinungsjahr: 
2012
Schriftenreihe/Nr.: 
arqus Discussion Paper No. 126
Verlag: 
Arbeitskreis Quantitative Steuerlehre (arqus), Berlin
Zusammenfassung: 
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.
Schlagwörter: 
corporate capital gains
lock-in effect
corporate equity holdings
Germany
JEL: 
G11
G34
H25
H32
Dokumentart: 
Working Paper

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