Capital gains taxation and shareholder wealth in takeovers

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Show simple item record Bugeja, M Da Silva Rosa, R 2011-02-07T06:26:43Z 2010-01
dc.identifier.citation Accounting & Finance, 2010, 50 (2), pp. 241 - 262
dc.identifier.issn 0810-5391
dc.identifier.other C1 en_US
dc.description.abstract Before December 1999, the capital gains of shareholders who sold their shares into Australian takeovers have been taxable irrespective of payment method. Subsequently, shareholders can elect to rollover capital gains in equity takeovers. We examine the effect of this change on the association between target shareholder capital gains and bidder and target firm shareholder wealth. The results indicate that prior to the regulatory change, cash consideration results in higher target shareholder returns for non-taxation reasons. After the introduction of capital gains tax rollover relief, we find that target and acquiring firm shareholders earn lower returns when cash consideration is offered to shareholders with greater capital gains.
dc.publisher Blackwell Publishing Ltd
dc.relation.hasversion Accepted manuscript version en_US
dc.relation.isbasedon 10.1111/j.1467-629X.2009.00334.x
dc.title Capital gains taxation and shareholder wealth in takeovers
dc.type Journal Article
dc.parent Accounting & Finance
dc.journal.volume 2
dc.journal.volume 50
dc.journal.number 2 en_US
dc.publocation Oxford, UK en_US
dc.identifier.startpage 241 en_US
dc.identifier.endpage 262 en_US BUS.School of Accounting en_US
dc.conference Verified OK en_US
dc.for 150107 Taxation Accounting
dc.personcode 106487
dc.percentage 100 en_US Taxation Accounting en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US en_US
dc.location.activity en_US
dc.description.keywords * Capital gains taxation; * Mergers and acquisitions; * Method of payment en_US
dc.description.keywords * Capital gains taxation
dc.description.keywords * Mergers and acquisitions
dc.description.keywords * Method of payment
pubs.embargo.period Not known
pubs.organisational-group /University of Technology Sydney
pubs.organisational-group /University of Technology Sydney/Faculty of Business
pubs.organisational-group /University of Technology Sydney/Faculty of Business/School of Accounting
utslib.copyright.status Closed Access 2015-04-15 12:17:09.805752+10
utslib.collection.history Closed (ID: 3)

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