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• W1570757739 abstract "This study investigates the impact on the Canadian stock market of the February 28, 2000 reduction in the Canadian capital gains tax inclusion rate from three-quarters to two-thirds. Using Lang and Shackelford's (2000) model and Canadian sample firms within a five trading-day event window, the study tests the hypotheses that capital gains taxes are capitalized in stock prices and that dividend-paying status mitigates the impact. The results show positive reaction to the change, with nondividend-paying stocks outperforming dividend-paying stocks during the event window. We argue that this is indicative of capital gains tax capitalization. The results hold when firm size, profitability, and leverage are controlled for. These results are important because previous studies on capital gains taxes in Canada, such as one on the 1985 lifetime capital gains exemption, found mixed results. The study also contributes to the literature on the capitalization of taxes in firm price.RESUMELes auteurs s'interessent aux repercussions sur le marche boursier canadien de la decision du Canada, le 28 fevrier 2000, de ramener la proportion des gains en capital assujettie a l'impot de trois quarts a deux tiers. A l'aide du modele de Lang et Shackelford (2000) et d'un echantillon de societes canadiennes observees sur une periode de cinq jours de bourse, les auteurs testent les hypotheses selon lesquelles l'impot sur les gains en capital est capitalise dans le cours des actions et le fait que les titres rapportent des dividendes attenue cette capitalisation. L'etude revele une reaction positive a la baisse du taux d'inclusion plus forte dans le cas des actions ne rapportant pas de dividendes que dans celui des actions rapportant des dividendes, au cours de la periode d'observation. Selon les auteurs, ces resultats — qui persistent lorsque la taille, la rentabilite et le niveau d'endettement de l'entreprise sont controles — indiquent une capitalisation de l'impot sur les gains en capital. Cette constatation est importante, car les resultats des etudes precedentes sur le regime fiscal auquel sont assujettis les gains en capital au Canada, comme l'exoneration cumulative des gains en capital de 1985, n'etaient pas concluants. La presente etude enrichit egalement la documentation relative a la capitalisation de l'impot dans la valeur de l'entreprise." @default.
• W1570757739 created "2016-06-24" @default.
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• W1570757739 date "2007-11-01" @default.
• W1570757739 modified "2023-09-25" @default.
• W1570757739 title "Effects of Capital Gains Taxation Changes on Stock Prices: Evidence from the February 2000 Canadian Budget*/RÉPERCUSSIONS SUR LE COURS DES TITRES DES MODIFICATIONS APPORTÉES À L'IMPÔT SUR LES GAINS EN CAPITAL: CONSTATATIONS TIRÉES DU BUDGET CANADIEN DE FÉ" @default.
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• W1570757739 doi "https://doi.org/10.1506/ap.6.4.2" @default.
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