Capital gains taxation and shareholder wealth in takeovers

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Show simple item record Bugeja, Martin en_US Da Silva Rosa, Raymond en_US
dc.contributor.editor en_US 2011-02-07T06:26:43Z 2011-02-07T06:26:43Z 2010 en_US
dc.identifier 2009005803 en_US
dc.identifier.citation Bugeja Martin and Da Silva Rosa Raymond 2010, 'Capital gains taxation and shareholder wealth in takeovers', Blackwell Publishing Ltd, vol. 50, no. 2, pp. 241-262. en_US
dc.identifier.issn 0810-5391 en_US
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. en_US
dc.language en_US
dc.publisher Blackwell Publishing Ltd en_US
dc.relation.hasversion Accepted manuscript version en_US
dc.relation.isbasedon en_US
dc.title Capital gains taxation and shareholder wealth in takeovers en_US
dc.parent Accounting & Finance en_US
dc.journal.volume 50 en_US
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 en_US
dc.personcode 106487 en_US
dc.personcode 0000049213 en_US
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

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