Stock Market Reactions to Legislated Tax Changes: Evidence from the United States, Germany, and the United Kingdom

Stock Market Reactions to Legislated Tax Changes: Evidence from the United States, Germany, and the United Kingdom

We study the effect of tax policy on stock market returns in the US, Germany, and the UK using GARCH models and a unique daily dataset of legislative tax changes during the pe-riod 1978 to 2018. We find that days of discretionary tax legislation during all stages of the process often matter for retu...

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Veröffentlicht in:MAGKS - Joint Discussion Paper Series in Economics (Band 47-2020)
Autoren: Hayo, Bernd, Mierzwa, Sascha
Format: Artikel
Sprache:Englisch
Veröffentlicht: Philipps-Universität Marburg 2020
Schlagworte:
Germany
legislative tax changes
Fiscal policy
Wirtschaft
United Kingdom
income tax
stock markets
business tax
indirect tax
United States
Economics
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MAGKS - Joint Discussion Paper Series in Economics

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