Capital Gains and the Capital Asset Pricing Model
| 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.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 | en_NZ | |
| dc.identifier.uri | https://ir.wgtn.ac.nz/handle/123456789/18571 | |
| 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.anzsrcforV2 | 350199 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 |
