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http://hdl.handle.net/10419/59878
  

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dc.contributor.authorBlaufus, Kayen_US
dc.contributor.authorMöhlmann, Axelen_US
dc.date.accessioned2012-07-11en_US
dc.date.accessioned2012-07-20T08:03:11Z-
dc.date.available2012-07-20T08:03:11Z-
dc.date.issued2012en_US
dc.identifier.urihttp://hdl.handle.net/10419/59878-
dc.description.abstractThis paper studies behavioral responses to taxes in financial markets. It is motivated by recent puzzling empirical evidence of taxable municipal bond yields significantly exceeding the level expected relative to tax exempt bonds. A behavioral explanation is a tax aversion bias, the phenomenon that people perceive an additional burden associated with tax payments. We conduct market experiments on the trading of differently taxed and labeled securities. The data show an initial overvaluation of tax payments that diminishes when subjects gain experience. The tax deduction of expenses is valued more than an equivalent tax exemption of earnings. We find that the persistence of the tax aversion bias critically depends on the quality of feedback. This suggests that tax aversion predominantly occurs in one-time, unfamiliar financial decisions and to a lesser extent in repetitive choices.en_US
dc.language.isoengen_US
dc.publisherArbeitskreis Quantitative Steuerlehre (arqus) Berlinen_US
dc.relation.ispartofseriesArqus-Diskussionsbeiträge zur quantitativen Steuerlehre 133en_US
dc.subject.jelD03en_US
dc.subject.jelG32en_US
dc.subject.jelH20en_US
dc.subject.jelH3en_US
dc.subject.ddc330en_US
dc.subject.keywordBehavioral financeen_US
dc.subject.keywordBehavioral taxationen_US
dc.subject.keywordInvestor psychologyen_US
dc.subject.keywordTax aversionen_US
dc.subject.keywordExperimenten_US
dc.titleSecurity returns and tax aversion bias: Behavioral responses to tax labelsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn719202701en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:arqudp:133-
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