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来源类型Working Paper
规范类型报告
DOI10.3386/w7532
来源IDWorking Paper 7532
Capital Gains Realizations of the Rich and Sophisticated
Alan J. Auerbach; Jonathan M. Siegel
发表日期2000-02-01
出版年2000
语种英语
摘要This paper attempts to bring theoretical and empirical research on capital gains realization behavior closer together by considering whether investors who appear to engage more in strategic tax avoidance activity also respond differently to tax rates. We find that such investors exhibit significantly smaller responses to permanent tax rate changes than other investors. Put another way, a larger part of their response to capital gains tax rates reflects timing, consistent with their closer adherence to tax avoidance strategies emphasizing arbitrage based on tax rate differentials. This finding holds for two alternative specifications of realization behavior, one of which suggests larger permanent responses to capital gains tax rates than those of previous panel studies.
主题Public Economics ; Taxation ; Financial Economics ; Portfolio Selection and Asset Pricing
URLhttps://www.nber.org/papers/w7532
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/565080
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Alan J. Auerbach,Jonathan M. Siegel. Capital Gains Realizations of the Rich and Sophisticated. 2000.
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