Do Tax‐Deferred Exchanges Impact Purchase Price? Evidence from the Phoenix Apartment Market
研究了税收递延交换对凤凰城公寓交易价格的影响，发现交换参与者为获取替代资产支付了显著溢价，支持价格压力假说和税收资本化假说。
Many authors have commented on the compliance risk associated with tax‐deferred exchanges. However, no published studies explicitly address whether the risks associated with the exchange process impact the price at which exchanged assets trade. Using a unique data set that documents transactions for nondirect exchanges, this study examines the price impact of tax‐deferred exchanges on apartment transactions in the Phoenix, Arizona, market. Consistent with the price pressure hypothesis originally developed by Scholes (1972) and Kraus and Stoll (1972) and the tax capitalization hypothesis proposed by Oates (1969), the data show that exchange participants pay an economically significant premium to acquire replacement assets. A conventional hedonic price index is generated to investigate the rational bounds of the exchange premium.