El efecto de los anuncios de cambios en la legislación fiscal sobre las ganancias de capital en los precios de los activos financieros

This study looks at the effects of the announced changes in tax legislation on capital gains from prices and equity rotation in the stock market. The study focuses on the changes announced in 1990 in relation to the reform of personal taxation on income and wealth. The results tend to show the importance given by economic agents to tax conditions in stock-market trading.