| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6007 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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