Access the full text.
Sign up today, get DeepDyve free for 14 days.
Beaver Beaver (Autumn, 1968)
“The Information Content of Annual Earnings Announcements,” Empirical Research in Accounting: Selected Studies, 1968Journal of Accounting Research
F. WhitmarshTheodore (1972)
When to Sell Securities Short Against the BoxFinancial Analysts Journal, 28
R. Ball, P. Brown (1968)
An empirical evaluation of accounting income numbersJournal of Accounting Research, 6
Gemmill (1956)
The Effect of the Capital Gains Tax on Asset PricesNational Tax Journal, IX
R. Haugen, D. Wichern (1973)
THE DIAMETRIC EFFECTS OF THE CAPITAL GAINS TAX ON THE STABILITY OF STOCK PRICESJournal of Finance, 28
Whitmarsh Whitmarsh (MayJune, 1972)
“When to Sell Short Against the Box,”Financial Analysts Journal, 28
E. Fama, L. Fisher, M. Jensen, Richard Roll (1969)
The Adjustment of Stock Prices to New InformationCapital Markets: Market Efficiency eJournal
Myron Scholes (1972)
The Market for Securities: Substitution Versus Price Pressure and the Effects of Information on Share PricesThe Journal of Business, 45
Holt (1962)
The Lock-in Effect of the Capital Gains TaxNational Tax Journal, XV
David (1964)
Economic Effects of the Capital Gains TaxAmerican Economic Review, IX
B. Sprinkel, B. West (1962)
Effects of Capital Gains Taxes on Investment DecisionsThe Journal of Business, 35
L. Fisher (1966)
Some New Stock-Market IndexesThe Journal of Business, 39
T. Mayor (1968)
Short Trading Activities and the Price of Equities: Some Simulation and Regression ResultsJournal of Financial and Quantitative Analysis, 3
C. Holt, John Shelton (1961)
THE IMPLICATIONS OF THE CAPITAL GAINS TAX FOR INVESTMENT DECISIONSJournal of Finance, 16
W. Beaver (1968)
The Information Content Of Annual Earnings Announcements
Fama (1969)
The Adjustment of Stock Prices to New InformationInternational Economic Review, X
Somers Somers (September, 1948)
“An Economic Analysis of the Capital Gains Tax,”National Tax Journal, I
Wallich Wallich (June, 1965)
“Taxation of Capital Gains in the Light of Recent Economic Developments,”National Tax Journal, XVIII
Richman Richman (September, 1963)
“Reconsideration of the Capital Gains Tax Rate—A Comment.”National Tax Journal, XVI
Somers Somers (December, 1960)
“Reconsideration of the Capital Gains Tax,”National Tax Journal, XIII
Sidney Siegel (1956)
Nonparametric statistics for the behavioral sciences
RO. 1 MARCH 1977 CAPITAL GAINS TAXATION AND YEAR-END STOCK MARKET BEHAVIOR EDWARD DYL* A. I. INTRODUCTION THE ECONOMIC EFFECTS OF capital gains taxation have been the subject of considerable discussion. Most authors have concluded that the current system of capital gains taxation has an undesirable effect on stock price movements because it offers an incentive for investors to realize capital losses and to defer capital gains.â This view is summarized by Haugen and Wichern [7, p. 9871, who note: Economists have long been aware of the destabilizing property of the capital gains tax, commonly referred to as the âlocked-inâ effect.. .The tax acts to increase the supply of securities in a falling market and reduce the supply of securities in a rising market, increasing the magnitude of the fluctuation in both directions. This traditional view of the effects of capital gains taxation on stock prices denies that securities are perfect substitutes and, rather, asserts that taxation-motivated transactions cause a movement along a downward sloping demand schedule.â Thus, this view directly contradicts the widely accepted proposition that the capital markets are efficient. In addition, the traditional view of the effect of capital gains taxation on the stock market
The Journal of Finance – Wiley
Published: Mar 1, 1977
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.