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CFS Working Paper Series, Universität Frankfurt a. M. >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/57351
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| Title: | | The evolution of aggregate stock ownership  |
| Authors: | | Rydqvist, Kristian Spizman, Joshua Strebulaev, Ilya |
| Issue Date: | | 2011 |
| Series/Report no.: | | CFS Working Paper 2011/18 |
| Abstract: | | Since World War II, direct stock ownership by households has largely been replaced by indirect stock ownership by financial institutions.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. |
| Subjects: | | Capital Gains Tax Income Tax Stock Ownership Bond Ownership Inflation Bracket Creep Pension Funds |
| JEL: | | G10 G20 H22 H30 |
| Persistent Identifier of the first edition: | | urn:nbn:de:hebis:30-115342 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CFS Working Paper Series, Universität Frankfurt a. M.
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