Hat die Einführung der Abgeltungsteuer Aktienkurse beeinflusst?

Sebastian Eichfelder () and Mona Lau ()

Wirtschaftsdienst, 2016, vol. 96, issue 2, 101-105

Abstract: This paper discusses findings of a current research project whose results indicate that the implementation of the German flat withholding tax on capital gains at the turn of the year 2008–09 led to a temporary but significant increase in trading volumes and share prices on the German stock market. As this capital gains tax reform had already been announced in 2007, corresponding market reactions imply a delayed dissemination of tax information. Hence, our results raise some doubt regarding the information-processing capacity of stock markets. This holds true especially in the following circumstances: 1) extensive trading activities of individual investors with limited information access and attention; 2) a strong focus by a large group of individual investors to a limited number of trading days (herd behaviour); and 3) limited liquidity in the market (e.g. stocks with a small market capitalisation). Copyright ZBW and Springer-Verlag Berlin Heidelberg 2016

Keywords: G02; G12; H24 (search for similar items in EconPapers)
Date: 2016
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DOI: 10.1007/s10273-016-1933-0

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