- 1 Introduction<br<2 The Model
- 2.1 Assumptions
- 2.2 Capital gains taxes and the lock-in effect
- 2.3 Private valuations vs. market prices
- 3 The Firm’s Capital Budgeting Problem
- 4 Personal Taxes, Investment, and Financing
- 4.1 Distortions in investment policy
- 4.2 The trade-off theory with personal taxes
- 4.3 Capital gains taxes and the timing of default
- 4.4 The relevance of personal taxes to capital budgeting
- 4.5 Managerial discretion and capital gains taxes
- 4.6 The effects of trading frictions
- 5 Empirical Analysis
- 5.1 Data and sample construction
- 5.2 Proxies for investors’ tax basis
- 5.3 Do personal taxes affect corporate investment?
- 5.4 Proxies for tax sensitive stock ownership
- 5.5 Do personal taxes affect external financing?
- 5.6 Managerial shareholdings and firms’ policy choices
- 6 Conclusion
- Appendix
- References
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