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Joshua D. Spizman's
Scholarly Papers
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Aggregate Statistics |
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Total
Downloads
31 |
Total
Citations
4 |
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1.
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Kristian Rydqvist
SUNY at Binghamton - School of Management Joshua D. Spizman
University of Central Florida - Department of Finance Ilya A. Strebulaev
Stanford University - Graduate School of Business
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02 Jul 09
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Last Revised:
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26 Oct 09
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31
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Abstract:
Since World War II, direct stock ownership by households has largely been replaced by indirect stock ownership by financial institutions. We argue that tax policy is the driving force. Using long time-series from eight countries, we show that the fraction of household ownership decreases with measures of the tax benefits of holding stocks inside a pension plan. This finding is important for policy considerations on effective taxation and for financial economics research on the long-term effects of taxation on corporate finance and asset prices.
Capital gains tax, income tax, stock ownership, inflation, bracket creep, pension funds
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2.
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Kristian Rydqvist
SUNY at Binghamton - School of Management Joshua D. Spizman
University of Central Florida - Department of Finance Ilya A. Strebulaev
Stanford University - Graduate School of Business
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| Posted: |
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26 Aug 09
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Last Revised:
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19 Sep 09
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0
(0)
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2
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Abstract:
Since World War II, direct stock ownership by households has largely been replaced by indirect stock ownership by financial institutions. We argue that tax policy is the driving force. Using long time-series from eight countries, we show that the fraction of household ownership decreases with measures of the tax benefits of holding stocks inside a pension plan. This finding is important for policy considerations on effective taxation and for financial economics research on the long-term effects of taxation on corporate finance and asset prices.
Bracket creep, capital gains tax, Income tax, Inflation, Pension funds, stock ownership
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