| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11469 |
| 来源ID | Working Paper 11469 |
| Taxation and the Evolution of Aggregate Corporate Ownership Concentration | |
| Mihir A. Desai; Dhammika Dharmapala; Winnie Fung | |
| 发表日期 | 2005-07-04 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | Legal rules, politics and behavioral factors have all been emphasized as explanatory factors in analyses of the determinants of the concentration of corporate ownership and stock market participation. An extension of standard tax clientele arguments demonstrates that changes in the progressivity of taxes can also significantly influence patterns of equity ownership. A novel index of the concentration of corporate ownership over the twentieth century in the U.S. provides the opportunity to quantitatively test for the role of taxes in shaping ownership concentration. The index of ownership concentration is characterized by considerable time series variation, with significant diffusion of ownership in the post WWII era and reconcentration in the late 1990s. Analysis of this index indicates that the progressivity of taxation significantly influences corporate ownership concentration and equity market participation as predicted by the model. This evidence supports the intuition of Berle and Means (1932) that taxation can significantly influence patterns of equity ownership. |
| 主题 | Financial Economics ; Corporate Finance ; Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w11469 |
| 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/569111 |
| 推荐引用方式 GB/T 7714 | Mihir A. Desai,Dhammika Dharmapala,Winnie Fung. Taxation and the Evolution of Aggregate Corporate Ownership Concentration. 2005. |
| 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 | ||
| w11469.pdf（805KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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