| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10971 |
| DP10971 Heterogenous Taxes and Limited Risk Sharing: Evidence from Municipal Bonds | |
| Christian T Lundblad; Chotibhak Jotikasthira | |
| 发表日期 | 2015-12-06 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Heterogeneity in the taxation of asset returns can create ownership clienteles. Using a simple model, we demonstrate that an important consequence of tax-induced ownership segmentation is to limit risk-sharing, creating regions of the aggregate demand curve for the asset that are "downward-sloping.'' As a result, the constraints of the ownership clientele impact the asset price response to variations in asset supply, and make the asset's price more sensitive to movements in idiosyncratic risk. We test these predictions on U.S. municipal bonds, where cross-state variation in state tax privilege results in different levels of in-state ownership. In states with high tax-induced ownership segmentation, we find greater susceptibility of municipal bond yields to supply variation and heightened sensitivity of muni yields to local political uncertainty. |
| 主题 | Financial Economics ; Public Economics |
| 关键词 | Clientele effects Fire sales Government debt Municipal bonds Ownership segmentation Public finance Taxes |
| URL | https://cepr.org/publications/dp10971 |
| 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/539800 |
| 推荐引用方式 GB/T 7714 | Christian T Lundblad,Chotibhak Jotikasthira. DP10971 Heterogenous Taxes and Limited Risk Sharing: Evidence from Municipal Bonds. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
