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Tax Changes and Asset Pricing: Time-Series Evidence / Clemens Sialm.
- Format:
- Book
- Author/Creator:
- Sialm, Clemens.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w11756.
- NBER working paper series no. w11756
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Tax Changes and Asset Pricing
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2005.
- Summary:
- 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.
- Notes:
- Print version record
- November 2005.
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