Taxes on Risky Returns — An Update

36 Pages Posted: 23 Jul 2014

See all articles by Wolfgang Buchholz

Wolfgang Buchholz

Universitaet Regensburg; CESifo (Center for Economic Studies and Ifo Institute)

Kai A. Konrad

Max Planck Institute for Tax Law and Public Finance; Centre for Economic Policy Research (CEPR); CESifo (Center for Economic Studies and Ifo Institute for Economic Research); IZA Institute of Labor Economics

Date Written: July 21, 2014

Abstract

This paper surveys the theory on taxes on risky returns that originated from Domar and Musgrave (1944). Emphasis is given to the role of complete capital markets and on capital market imperfections arising from limited liability, moral hazard and adverse selection.

Keywords: Risk Taking, Taxation, Capital Markets

JEL Classification: H22, H25

Suggested Citation

Buchholz, Wolfgang and Konrad, Kai A., Taxes on Risky Returns — An Update (July 21, 2014). Working Paper of the Max Planck Institute for Tax Law and Public Finance No. 2014-10, Available at SSRN: https://ssrn.com/abstract=2469268 or http://dx.doi.org/10.2139/ssrn.2469268

Wolfgang Buchholz

Universitaet Regensburg ( email )

D-93040 Regensburg, 93053
Germany

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5
Munich, DE-81679
Germany

Kai A. Konrad (Contact Author)

Max Planck Institute for Tax Law and Public Finance ( email )

Marstallplatz 1
Munich, 80539
Germany

HOME PAGE: http://www.tax.mpg.de/en/pub/home.cfm

Centre for Economic Policy Research (CEPR)

90-98 Goswell Road
London, EC1V 7RR
United Kingdom

CESifo (Center for Economic Studies and Ifo Institute for Economic Research)

Poschinger Str. 5
Munich, 81679
Germany

IZA Institute of Labor Economics

P.O. Box 7240
Bonn, 53072
Germany

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