Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/57351 
Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
CFS Working Paper No. 2011/18
Verlag: 
Goethe University Frankfurt, Center for Financial Studies (CFS), Frankfurt a. M.
Zusammenfassung: 
Since World War II, direct stock ownership by households has largely been replaced by indirect stock ownership by financial institutions.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.
Schlagwörter: 
Capital Gains Tax
Income Tax
Stock Ownership
Bond Ownership
Inflation
Bracket Creep
Pension Funds
JEL: 
G10
G20
H22
H30
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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