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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w9674 |
来源ID | Working Paper 9674 |
Diversification and the Taxation of Capital Gains and Losses | |
Richard J. Rendleman, Jr.; Douglas A. Shackelford | |
发表日期 | 2003-05-12 |
出版年 | 2003 |
语种 | 英语 |
摘要 | Current U.S. law nets the total portfolio of realized capital gains and losses to compute capital gains taxes. Prior research, however, typically ignores the implication of this provision, i.e., the marginal tax rate for a specific gain or loss depends on the taxpayer's total portfolio of realized gains and losses. We find that these nettings introduce complexity into the relation between share values and capital gains taxes, creating an incentive to diversify. For firms with stock returns that are positively (negatively) correlated with those of the overall market, share values generally are decreasing (increasing) in the capital gains tax rate. |
主题 | Public Economics ; Taxation ; Financial Economics ; Portfolio Selection and Asset Pricing |
URL | https://www.nber.org/papers/w9674 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/567298 |
推荐引用方式 GB/T 7714 | Richard J. Rendleman, Jr.,Douglas A. Shackelford. Diversification and the Taxation of Capital Gains and Losses. 2003. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w9674.pdf(554KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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