Publikation:

Taxation, Transfer Income and Stock Market Participation

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2015

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Jensen, Bjarne Astrup

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http://nbn-resolving.de/urn:nbn:de:bsz:352-0-261377
DOI (zitierfähiger Link)
https://doi.org/10.1093/rof/rfu008
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Review of Finance. 2015, 19(2), pp. 823-863. ISSN 1572-3097. eISSN 1573-692X. Available under: doi: 10.1093/rof/rfu008

Zusammenfassung

This article studies the impact of a redistributive tax system on consumption, portfolio decisions, and asset prices in a dynamic general equilibrium model. Poorer agents, which receive more in transfers than they pay in taxes, optimally reduce their exposure to equity, because the transfer income the receive is subject to stock market risk. This article thus provides a novel explanation for the low stock market participation rtes of poorer investors.

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330 Wirtschaft

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ISO 690FISCHER, Marcel, Bjarne Astrup JENSEN, 2015. Taxation, Transfer Income and Stock Market Participation. In: Review of Finance. 2015, 19(2), pp. 823-863. ISSN 1572-3097. eISSN 1573-692X. Available under: doi: 10.1093/rof/rfu008
BibTex
@article{Fischer2015Taxat-29754,
  year={2015},
  doi={10.1093/rof/rfu008},
  title={Taxation, Transfer Income and Stock Market Participation},
  number={2},
  volume={19},
  issn={1572-3097},
  journal={Review of Finance},
  pages={823--863},
  author={Fischer, Marcel and Jensen, Bjarne Astrup}
}
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