| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7375 |
| DP7375 The Distorting Arm's Length Principle | |
| Michael Devereux; Christian Keuschnigg | |
| 发表日期 | 2009-07-19 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | Since World War II, direct stock ownership by households has largely been replaced by indirect stock ownership by financial institutions. We argue that tax policy is the driving force. Using long time-series from eight countries, we show that the fraction of household ownership decreases with measures of the tax benefits of holding stocks inside a pension plan. This finding is important for policy considerations on effective taxation and for financial economics research on the long-term effects of taxation on corporate finance and asset prices. |
| 主题 | Financial Economics |
| 关键词 | Bracket creep Capital gains tax Income tax inflation Pension funds Stock ownership |
| URL | https://cepr.org/publications/dp7375 |
| 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/536212 |
| 推荐引用方式 GB/T 7714 | Michael Devereux,Christian Keuschnigg. DP7375 The Distorting Arm's Length Principle. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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