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- W2143738640 endingPage "485" @default.
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- W2143738640 abstract "We investigate the extent to which capitalization of expected capital gains taxes and the lock-in effect induced by the capital gains tax rate differential simultaneously impact the pricing and underpricing of initial public offerings (IPOs). Using a large sample of IPOs from 1987 to 2010, we estimate regressions of offer prices and first-day underpricing on tax rates. Supporting tax capitalization, IPO offer prices decrease in long-term capital gains taxes. Supporting lock-in, IPO underpricing increases in the long-term and short-term tax rate differential. These effects are consistent with capital gains taxes simultaneously reducing IPO proceeds and exacerbating IPO underpricing." @default.
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- W2143738640 date "2016-04-01" @default.
- W2143738640 modified "2023-10-02" @default.
- W2143738640 title "The effect of capital gains taxes on the initial pricing and underpricing of IPOs" @default.
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- W2143738640 doi "https://doi.org/10.1016/j.jacceco.2015.10.004" @default.
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