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• W1569229544 abstract "As financial engineering becomes more sophisticated, taxing income from capital becomes increasingly difficult. A crucial issue for tax policy makers, then, is the case - or difficulty - of implementing tax-advantaged transactions. We offer the first empirical study of a high profile strategy known as tax-free which offers economic benefits of a sale without triggering tax. We explore one method of hedging, in which the taxpayer issues publicly-traded exchangeable securities, known by acronyms such as DECS and PHONES. We focus on such offerings between 1993 and 2001, identifying 61 transactions that account for $24 billion in proceeds. Using these publicly-available data, we offer empirical evidence about various frictions that might discourage taxpayers from hedging with exchangeable securities. In so doing, we shed light on why taxpayers might prefer to hedge through private over-the-counter transaction with derivatives dealers. The main reason is that an offering of exchangeable securities is announced in advance and implemented all at once, triggering an almost five percent decline in the underlying stock price before the hedge is implemented." @default.
• W1569229544 created "2016-06-24" @default.
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• W1569229544 creator A5065003234 @default.
• W1569229544 date "2002-09-01" @default.
• W1569229544 modified "2023-09-24" @default.
• W1569229544 title "Frictions and Tax-Motivated Hedging: An Empirical Exploration of Publicly-Traded Exchangeable Securities" @default.
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