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Author: Ajay Bhootra Publisher: ISBN: Category : Languages : en Pages :
Book Description
Prior studies have linked long-term reversals to the magnitude of locked-in capital gains, suggesting that reversals are driven by tax effects and not overreaction. We show that locked-in capital gains do not explain the reversals in winners when winner returns are based intangible information (Daniel and Titman, 2006). In fact, the reversals for intangible return winners are long-lasting and robust to controls for growth in assets and capital expenditures. To the extent that reversals associated with intangible information stem from investors' overreaction to intangible information, and given prior results linking reversals only to intangible information, our results suggest that overreaction still explains reversal patterns in US stock returns.
Author: Ajay Bhootra Publisher: ISBN: Category : Languages : en Pages :
Book Description
Prior studies have linked long-term reversals to the magnitude of locked-in capital gains, suggesting that reversals are driven by tax effects and not overreaction. We show that locked-in capital gains do not explain the reversals in winners when winner returns are based intangible information (Daniel and Titman, 2006). In fact, the reversals for intangible return winners are long-lasting and robust to controls for growth in assets and capital expenditures. To the extent that reversals associated with intangible information stem from investors' overreaction to intangible information, and given prior results linking reversals only to intangible information, our results suggest that overreaction still explains reversal patterns in US stock returns.
Author: Yuliang Wu Publisher: ISBN: Category : Languages : en Pages : 38
Book Description
This paper examines (i) whether value-growth characteristics have more power than past performance in predicting return reversals; and (ii) whether typical rational behaviour such as incentives to delay paying capital gain taxes can better explain long-term reversals than past performance. We find that value-growth characteristics generally provide better explanations for long-term stock returns than past performance. The evidence also shows that winners identified by capital gains dominate past performance winners in predicting reversals in the cross-sectional comparison. However, in the time-series analysis, when returns on capital gain winners are adjusted by the Fama and French (1996) risk factors, the predictive power of capital gain winners disappears. Our results show that capital gain winners are heavily featured as growth stocks. Return reversals in capital gain winners potentially reflect market price corrections for growth stocks. We conclude that investors' incentives to delay paying capital gain taxes cannot fully rationalise long-term reversals in the UK market. Our results also imply that the long-term return pattern potentially reflects a mixture of investor rational and irrational behaviour.
Author: Lakhmi C. Jain Publisher: Springer Nature ISBN: 3030468283 Category : Computers Languages : en Pages : 369
Book Description
This book aims to attract researchers and practitioners who are working in Information Technology and Computer Science. This edited book is about basics and high level concepts regarding Blockchain Technology and Application, Multimedia Security, Information Processing, Security of Network, Cloud and IoT, Cryptography and Cryptosystem, Learning and Intelligent Computing, Information Hiding. It is becoming increasingly important to develop adaptive, intelligent computing-centric, energy-aware, secure and privacy-aware mechanisms in high performance computing and IoT applications. The book serves as a useful guide for industry persons and also helps beginners to learn things from basic to advance in the area of better computing paradigm. Our aim is intended to provide a platform for researchers, engineers, academicians as well as industrial professionals from all over the world to present their research results in security related areas. We believe that this volume not only presents novel and interesting ideas but also will stimulate interesting discussions from the participants and inspire new ideas.
Author: Carol Corrado Publisher: University of Chicago Press ISBN: 0226116174 Category : Business & Economics Languages : en Pages : 602
Book Description
As the accelerated technological advances of the past two decades continue to reshape the United States' economy, intangible assets and high-technology investments are taking larger roles. These developments have raised a number of concerns, such as: how do we measure intangible assets? Are we accurately appraising newer, high-technology capital? The answers to these questions have broad implications for the assessment of the economy's growth over the long term, for the pace of technological advancement in the economy, and for estimates of the nation's wealth. In Measuring Capital in the New Economy, Carol Corrado, John Haltiwanger, Daniel Sichel, and a host of distinguished collaborators offer new approaches for measuring capital in an economy that is increasingly dominated by high-technology capital and intangible assets. As the contributors show, high-tech capital and intangible assets affect the economy in ways that are notoriously difficult to appraise. In this detailed and thorough analysis of the problem and its solutions, the contributors study the nature of these relationships and provide guidance as to what factors should be included in calculations of different types of capital for economists, policymakers, and the financial and accounting communities alike.
Author: International Monetary Fund. Fiscal Affairs Dept. Publisher: International Monetary Fund ISBN: 1498335926 Category : Business & Economics Languages : en Pages : 41
Book Description
Tax distortions are likely to have encouraged excessive leveraging and other financial market problems evident in the crisis. These effects have been little explored, but are potentially macro-relevant. Taxation can result, for example, in a net subsidy to borrowing of hundreds of basis points, raising debt-equity ratios and vulnerabilities from capital inflows. This paper reviews key channels by which tax distortions can significantly affect financial markets, drawing implications for tax design once the crisis has passed.
Author: Mr.Giovanni Dell'Ariccia Publisher: International Monetary Fund ISBN: 1484324897 Category : Business & Economics Languages : en Pages : 45
Book Description
We study bank portfolio allocations during the transition of the real sector to a knowledge economy in which firms use less tangible capital and invest more in intangible assets. We show that, as firms shift toward intangible assets that have lower collateral values, banks reallocate their portfolios away from commercial loans toward other assets, primarily residential real estate loans and liquid assets. This effect is more pronounced for large and less well capitalized banks and is robust to controlling for real estate loan demand. Our results suggest that increased firm investment in intangible assets can explain up to 20% of bank portfolio reallocation from commercial to residential lending over the last four decades.
Author: Steven M. Bragg Publisher: John Wiley & Sons ISBN: 0470593962 Category : Business & Economics Languages : en Pages : 913
Book Description
A wide-ranging source of information for the practicing accountant, The Ultimate Accountants' Reference, Third Edition covers accounting regulations for all aspects of financial statements, accounting management reports, and management of the accounting department, including best practices, control systems, and the fast close. It also addresses financing options, pension plans, and taxation options. The perfect daily answer book, accountants and accounting managers will turn to The Ultimate Accountants’ Reference, Third Edition time and again for answers to the largest possible number of accounting issues that are likely to arise.
Author: Mr.Victor Thuronyi Publisher: International Monetary Fund ISBN: 9781557755872 Category : Business & Economics Languages : en Pages : 534
Book Description
Edited by Victor Thuronyi, this book offers an introduction to a broad range of issues in comparative tax law and is based on comparative discussion of the tax laws of developed countries. It presents practical models and guidelines for drafting tax legislation that can be used by officials of developing and transition countries. Volume I covers general issues, some special topics, and major taxes other than income tax.
Author: Ajay Bhootra
Author: Ajay Bhootra
Author: Yuliang Wu
Author: Lakhmi C. Jain
Author: Carol Corrado
Author: International Monetary Fund. Fiscal Affairs Dept.
Author: Mr.Giovanni Dell'Ariccia
Author: 
Author: 
Author: Steven M. Bragg
Author: Mr.Victor Thuronyi