Die Entscheidung über den Verkauf von Wertpapieren unter der Abgeltungssteuer und auf Basis subjektiver Erwartungen

Nippel, Peter; Podlech, Nils

doi:10.1007/s11573-011-0460-0

Cited by 4 publications

(2 citation statements)

References 28 publications

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“…Because capital gains crucially depend on the duration of an investment, we investigate investment decisions with exit flexibility. Despite the body of empirical literature on capital gains taxes and trading behavior (Bogart and Gentry 1995;Ivković et al 2005;Ayers et al 2008;Haesner and Schanz 2013) and the body of theoretical studies accounting for loss-offset opportunities in this context (Constantinides 1983;Stiglitz 1983;Nippel and Podlech 2011;Ehling et al 2013), all of these studies focused on listed corporations. However, little attention has been paid to the impact of capital gains taxation on both investment in corporate shares in general and the holding period under different tax systems.…”

Section: Prior Literaturementioning

confidence: 99%

Hold or sell? How capital gains taxation affects holding decisions

et al. 2016

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Investments with exit flexibility require decisions regarding both the investment and holding period. Because selling an investment often leads to taxable capital gains, which crucially depend on the duration of an investment, we investigate the impact of capital gains taxation on exit timing under different tax systems. We observed that capital gains taxation delays exit decisions but loses its decision relevance for very long holdings. Often the optimal exit time, which indicates the maximal present value of future cashflows, cannot be determined analytically. However, we identify the breakeven exit time that guarantees present values exceeding those of an immediate sale. While, after-taxes, an immediate sale is often optimal, long holding periods might also be attractive for investors depending on the degree of income and corporate tax integration. A classic corporate tax system often indicates holdings over more than 100 periods. By contrast, a shareholder relief system indicates the earliest breakeven exit time and thus the highest level of exit timing flexibility. Surprisingly, high retention rates are likely to accelerate sales under a classic corporate system. Additionally, the worst exit time, which should be avoided by investors, differs tremendously across tax systems. For an integrated tax system with full imputation, the worst time is reached earlier than under partial or non-integrated systems. These results could help to predict investors' behavior regarding changes in capital gains taxation and thus are of interest for both investors and tax policymakers. Furthermore, the results emphasize the need to control for the underlying tax system in cross-country empirical studies.

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Section: Prior Literaturementioning

confidence: 99%

Hold or sell? How capital gains taxation affects holding decisions

et al. 2016

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“…As capital gains crucially depend on the duration of an investment we investigate investment decisions with exit flexibility. Despite the body of empirical literature on capital gains taxes and trading behavior (Bogart and Gentry 1995;Ivković et al 2005;Ayers et al 2008;Haesner and Schanz 2013) and theoretical studies that account for loss-offset opportunities in this context (Constantinides 1983;Stiglitz 1983;Nippel and Podlech 2011;Ehling et al 2013 ) all of these studies mainly focus on listed corporations. Yet only little attention has been paid to the impact of capital gains taxation on both investment in corporate shares in general and the holding period under different tax systems.…”

Section: Introductionmentioning

confidence: 99%

Impact of Capital Gains Taxation on the Holding Period of Investments Under Different Tax Systems

et al. 2015

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. the worst exit time which should be avoided by investors. We find that while often an immediate sale is optimal longer holding periods may be beneficial under certain conditions. Terms of use: Documents inBeyond the well-known impact of the retention policy we clarify that the minimal holding period particularly depends on the degree of income and corporate tax integration. We find, e.g., a high retention rate to extend the minimum holding period under a shareholder relief tax system but is likely to accelerate sales under a classic corporate tax system. These results help to anticipate the economic implications of capital gains taxes on investment.Obviously, depending on the underlying tax system the after-tax profitability of long-term and sustainable investments is particularly affected by capital gains taxes. These results are interesting for both investors and tax politicians.

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Die Abgeltungsteuer auf Kursgewinne und der Steuerstundungseffekt in der Unternehmensbewertung

Hoffmann

Nippel

2012

Z Betriebswirtsch

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Die Entscheidung über den Verkauf von Wertpapieren unter der Abgeltungssteuer und auf Basis subjektiver Erwartungen

Cited by 4 publications

References 28 publications

Hold or sell? How capital gains taxation affects holding decisions

Hold or sell? How capital gains taxation affects holding decisions

Impact of Capital Gains Taxation on the Holding Period of Investments Under Different Tax Systems

Die Abgeltungsteuer auf Kursgewinne und der Steuerstundungseffekt in der Unternehmensbewertung

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