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Kompletter Metadatensatz
DublinCore-Feld | Wert | Sprache |
---|---|---|
dc.contributor.author | Rapp, Marc Steffen | en |
dc.contributor.author | Schwetzler, Bernhard | en |
dc.date.accessioned | 2011-07-18T08:59:20Z | - |
dc.date.available | 2011-07-18T08:59:20Z | - |
dc.date.issued | 2008 | - |
dc.identifier.uri | http://hdl.handle.net/10419/48419 | - |
dc.description.abstract | We are interested in the effect of capital income taxes upon security prices when investors face locally segmented stock markets and a global bond market. Therefore, we analyze an equilibrium model of an economy with binomial uncertainty, an exogenous risk-free interest rate and a representative stand-in household. In this setting, the pricing effect for domestic securities is shown to be a function in three determinants: the covariance between pre-tax payoffs of securities and the aggregated market portfolio, the exogenous pre-tax interest rate and the effect of taxation (and redistribution) on the aggregate welfare of the stand-in household. We find that taxation of capital income is nondistorting if tax proceeds are immediately redistributed within the cohort of capital market participants. If, however, taxation represents a policy tool to transfer wealth from capital market participants to non-market participants, the level of the statutory tax rate is reflected in equilibrium security prices and taxation affects households portfolio decisions, which in turn may affect investment decision of firms. | en |
dc.language.iso | eng | en |
dc.publisher | |aTechnische Universität München, Center for Entrepreneurial and Financial Studies (CEFS) |cMünchen | en |
dc.relation.ispartofseries | |aWorking Paper |x2008-08 | en |
dc.subject.jel | G12 | en |
dc.subject.jel | G18 | en |
dc.subject.jel | H24 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | equilibrium security prices | en |
dc.subject.keyword | capital income tax | en |
dc.subject.keyword | equity premium | en |
dc.subject.stw | Kapitalertragsteuer | en |
dc.subject.stw | Optimale Besteuerung | en |
dc.subject.stw | Steuerwirkung | en |
dc.subject.stw | Preisniveau | en |
dc.subject.stw | Externer Effekt | en |
dc.subject.stw | Zins | en |
dc.subject.stw | Theorie | en |
dc.title | Equilibrium security prices with capital income taxes and an exogenous interest rate | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 577320858 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
dc.identifier.repec | RePEc:zbw:cefswp:200808 | en |
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