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首页> 外文学位 >THE EFFECT OF CHANGES IN TAX STRUCTURE ON THE BEHAVIOR OF RATIONAL INVESTORS IN MARKETS FOR RISKY ASSETS: AN EMPIRICAL STUDY OF THE IMPACT OF THE OMNIBUS BUDGET RECONCILIATION ACT OF 1987 ON THE INVESTORS IN PUBLICLY TRADED PARTNERSHIPS.
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THE EFFECT OF CHANGES IN TAX STRUCTURE ON THE BEHAVIOR OF RATIONAL INVESTORS IN MARKETS FOR RISKY ASSETS: AN EMPIRICAL STUDY OF THE IMPACT OF THE OMNIBUS BUDGET RECONCILIATION ACT OF 1987 ON THE INVESTORS IN PUBLICLY TRADED PARTNERSHIPS.

机译：税收结构的变化对有风险资产市场中理性投资者的行为的影响：一项关于1987年《统筹预算调整法》对公开交易伙伴关系中投资者影响的实证研究。

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摘要

This thesis investigates the impact of the Omnibus Reconciliation Act of 1987 (1987 Act) on investors in publicly traded partnerships. Sections 10211 and 10212 of the 1987 Act significantly affected the tax treatment of publicly traded partnerships by enacting Internal Revenue code section 7704 and adding subsection (k) to Section 469. In addition, the Joint Conference Committee changed the treatment of income and loss flowing through a publicly traded partnership.; This dissertation is an event study using seemingly unrelated regression (SUR) with regression on dummy variables developed by Zellner (1962). This study extends Zellner's model to allow an analysis of structural changes in the response to the 1987 Act, whereas traditional studies focus only on the immediate reactions. An analysis of abnormal returns is also used to provide additional information to complement the results from the structural change model. The sample used includes firms from several industries (e.g., real estate, oil and gas, cable TV, and hotels and motels). The sample was selected from a list provided by Robert A. Stanger & Co.; The results of this dissertation provide empirical evidence that there was a structural change in the behavior of the investors in publicly traded partnerships. In addition, the event date which had the most predictive accuracy was the date the Assistant Secretary of the Treasury testified at the House Ways and Means hearings on partnership taxation. The results also provide evidence of industry differences in the reaction of investors. Oil and gas industry investors were significantly different from all other industries. The most surprising result was that the long-term effect on the market price of a PTP was positive. This result was counter intuitive since the 1987 Act was detrimental to PTP investors' cash flow. This result is explained by the fact that the 1987 Act limited the number of PTPs which retain partnership characteristics for two purposes (i.e., no tax at the entity level). All PTPs formed after December 17, 1987 are taxed as if they were corporations.
机译：本文研究了1987年《综合和解法》（1987年法）对公开交易合伙企业中投资者的影响。 1987年法令第10211和10212条通过颁布《内部税收法》第7704条并将第（k）小节添加到第469条中，极大地影响了公开交易的合伙企业的税收待遇。此外，联席会议委员会更改了通过公开交易的合伙企业；这篇论文是一项事件研究，它使用了看似无关的回归（SUR）和Zellner（1962）开发的虚拟变量回归。这项研究扩展了Zellner的模型，可以分析对1987年法案的反应中的结构变化，而传统的研究仅关注即时反应。对异常收益的分析还用于提供其他信息，以补充结构变化模型的结果。所使用的样本包括来自多个行业的公司（例如房地产，石油和天然气，有线电视以及酒店和汽车旅馆）。该样品选自Robert A. Stanger＆Co.提供的清单。本文的结果提供了经验证据，证明了公开交易合伙企业中投资者行为的结构性变化。此外，具有最可预测性的事件发生日期是财政部助理部长在众议院筹款方式听证会上就合伙企业征税作证的日期。结果也提供了投资者反应中行业差异的证据。石油和天然气行业的投资者与所有其他行业都大不相同。最令人惊讶的结果是，对PTP市场价格的长期影响是积极的。由于1987年法令不利于PTP投资者的现金流量，因此此结果是反常理的。 1987年法令限制了保留两种性质的合伙性质的PTP（即在实体一级不征税），可以解释这一结果。 1987年12月17日之后成立的所有PTP都像公司一样被征税。

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  • 作者

    FRESE, PHILLIP BRUCE.;

  • 作者单位

    DREXEL UNIVERSITY.;

  • 授予单位 DREXEL UNIVERSITY.;
  • 学科 Business Administration Accounting.; Economics Finance.
  • 学位 PH.D.
  • 年度 1993
  • 页码 196 p.
  • 总页数 196
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 财务管理、经济核算;财政、金融;
  • 关键词

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