Capital gains lock-in and governance choices

• Main Authors: Dimmock, Stephen Geoffrey, Gerken, William C., Ivković, Zoran, Weisbenner, Scott J.
• 其他作者: Nanyang Business School
• 格式: Article
• 語言: English
• 出版: 2019
• 主題: Business::Finance; Mutual Fund; Proxy Voting
• 在線閱讀: https://hdl.handle.net/10356/105243; http://hdl.handle.net/10220/50312
• 機構: Nanyang Technological University

Differences in accrued gains and investors’ tax-sensitivity induce variation in a capital gains lock-in effect across mutual funds even for the same stock at the same time. Exploiting this variation, we show this effect influences funds’ governance decisions: higher capital gains decrease the likeli...