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Capital Gains and the Capital Asset Pricing Model

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dc.contributor.author Lally, Martin
dc.contributor.author van Zijl, Tony
dc.date.accessioned 2007-11-19T19:41:22Z
dc.date.accessioned 2022-07-05T01:18:28Z
dc.date.available 2007-11-19T19:41:22Z
dc.date.available 2022-07-05T01:18:28Z
dc.date.copyright 2001
dc.date.issued 2001
dc.identifier.uri https://ir.wgtn.ac.nz/handle/123456789/18571
dc.description.abstract This paper shows that, in the presence of differential taxation of ordinary income and capital gains, use of the Officer (1994) version of the Capital Asset Pricing Model can result in significant misestimation of the cost of equity capital. In particular, with a high dividend yield, the cost of equity may be underestimated by four percentage points. Underestimation is of particular significance in the context of setting output prices for regulated utility firms. en_NZ
dc.format pdf en_NZ
dc.language.iso en_NZ
dc.publisher Te Herenga Waka—Victoria University of Wellington en_NZ
dc.relation.ispartofseries No. 1 en_NZ
dc.relation.ispartofseries Working Paper en_NZ
dc.subject Income tax en_NZ
dc.subject Capital gains tax en_NZ
dc.subject Revenue generation en_NZ
dc.subject Estimation en_NZ
dc.title Capital Gains and the Capital Asset Pricing Model en_NZ
dc.type Text en_NZ
vuwschema.contributor.unit Centre for Accounting, Governance and Taxation Research en_NZ
vuwschema.contributor.unit School of Accounting and Commercial Law en_NZ
vuwschema.subject.anzsrcfor 150199 Accounting, Auditing and Accountability not elsewhere classified en_NZ
vuwschema.subject.marsden 340203 Finance Economics en_NZ
vuwschema.type.vuw Working or Occasional Paper en_NZ
vuwschema.subject.anzsrcforV2 350199 Accounting, auditing and accountability not elsewhere classified en_NZ

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