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Contribution Details
| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | Capital Gains: Cash versus Stock in Swiss Mergers |
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| Institution | University of Zurich |
| Faculty | Faculty of Economics, Business Administration and Information Technology |
| Number of Pages | 43 |
| Date | 2015 |
| Abstract Text | This study examines whether differences in merger announcement returns between the payment methods cash and stock are attributable to capital gains taxation of private individuals. Previous research shows that premia of cash others are higher than those of stock others in countries where stock payments provide taxation beneits for target shareholders. We investigate a sample of 12,388 merger announcements in OECD countries during the period 1989-2014. We find that cash and stock offer premis do not statistically differ in countries without capital gains taxation including Switzerland. In addition, overall premia in cash-for-stock offers are smaller in these countries. |
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