Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/57351
Authors: 
Rydqvist, Kristian
Spizman, Joshua
Strebulaev, Ilya
Year of Publication: 
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Since World War II, direct stock ownership by households has largely been replaced by indirect stock ownership by financial institutions.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: 
Document Type: 
Working Paper

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