G2TT
来源类型Discussion paper
规范类型论文
来源IDDP6007
DP6007 The Marginal Cost of Public Funds in Developing Countries: An Application to 38 African Countries
Emmanuelle Auriol; Michael Warlters
发表日期2006-12-24
出版年2006
语种英语
摘要We study a large data set of stock portfolios held by individuals and organizations in the Swedish stock market. The dividend yields on these portfolios are systematically related to investors' relative tax preferences for dividends versus capital gains. Tax-neutral investors earn 40 basis points higher dividend yield on their portfolios than investors which face higher effective taxation of dividends than capital gains. We conclude that there are dividend tax clienteles in the market. We also argue that the abundant portfolio holdings by closely-held corporations, despite triple taxation at a combined marginal tax rate as high as 77.5%, is a consequence of taxation.
主题Financial Economics
关键词Capital gains tax Dividend tax clienteles Stock ownership Tax incidence
URLhttps://cepr.org/publications/dp6007
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/534854
推荐引用方式
GB/T 7714
Emmanuelle Auriol,Michael Warlters. DP6007 The Marginal Cost of Public Funds in Developing Countries: An Application to 38 African Countries. 2006.
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