This paper studies the causal effects of personal investment taxes on stock returns and the financial decisions of companies. I exploit a change in legislation in 2013 which allowed stocks listed on the Alternative Investment Market, a sub-market of the London Stock Exchange, to be held in capital gains and dividend tax-exempt investment accounts for the first time. Using a difference-in-differences approach, I find that excess stock returns decreased by their pre-legislation change effective tax rate, and that firms adjusted their capital structure and increased their spending on dividends, capital, and labour, in-line with the “traditional view” of corporate investment.

中文翻译：

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个人税会影响投资决策和股票回报吗？


本文研究了个人投资税对股票回报和公司财务决策的因果影响。我利用了 2013 年的一项立法变化，该立法首次允许在伦敦证券交易所的子市场另类投资市场上市的股票持有资本利得和股息免税投资账户。使用双重差分方法，我发现超额股票回报因立法前改变有效税率而减少，并且公司调整了资本结构并增加了在股息、资本和劳动力方面的支出，这与公司投资的“传统观点”一致。