| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7767 |
| DP7767 Tax Arbitrage with Risk and Effort Aversion -- Swedish Lottery Bonds 1970-1990 | |
| Kristian Rydqvist | |
| 发表日期 | 2010-03-28 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | Swedish lottery bonds are valuable tax shelters before the tax reform of 1991. By trading around the coupon lottery, high-tax investors with capital gains from the stock market shift their tax liability to low-tax investors. The uncertainty of the coupon lottery and the effort of verifying the winning lottery bond numbers are a nuisance to tax traders. We investigate how the Treasury (issuer), market makers (banks), and lottery bond investors respond to those frictions. |
| 主题 | Financial Economics |
| 关键词 | Ex-dividend day Lottery number checking Rationing Tax arbitrage Turn-of-the-year effect Underpricing |
| URL | https://cepr.org/publications/dp7767 |
| 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/536604 |
| 推荐引用方式 GB/T 7714 | Kristian Rydqvist. DP7767 Tax Arbitrage with Risk and Effort Aversion -- Swedish Lottery Bonds 1970-1990. 2010. |
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