Taxation, Transfer Income and Stock Market Participation

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FISCHER, Marcel, Bjarne Astrup JENSEN, 2015. Taxation, Transfer Income and Stock Market Participation. In: Review of Finance. 19(2), pp. 823-863. ISSN 1572-3097. eISSN 1573-692X. Available under: doi: 10.1093/rof/rfu008

@article{Fischer2015Taxat-29754, title={Taxation, Transfer Income and Stock Market Participation}, year={2015}, doi={10.1093/rof/rfu008}, number={2}, volume={19}, issn={1572-3097}, journal={Review of Finance}, pages={823--863}, author={Fischer, Marcel and Jensen, Bjarne Astrup} }

<rdf:RDF xmlns:dcterms="" xmlns:dc="" xmlns:rdf="" xmlns:bibo="" xmlns:dspace="" xmlns:foaf="" xmlns:void="" xmlns:xsd="" > <rdf:Description rdf:about=""> <dc:language>eng</dc:language> <dcterms:available rdf:datatype="">2015-02-04T09:24:44Z</dcterms:available> <foaf:homepage rdf:resource="http://localhost:8080/jspui"/> <dc:contributor>Fischer, Marcel</dc:contributor> <void:sparqlEndpoint rdf:resource="http://localhost/fuseki/dspace/sparql"/> <bibo:uri rdf:resource=""/> <dcterms:isPartOf rdf:resource=""/> <dcterms:abstract xml:lang="eng">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.</dcterms:abstract> <dcterms:rights rdf:resource=""/> <dc:creator>Jensen, Bjarne Astrup</dc:creator> <dc:rights>terms-of-use</dc:rights> <dc:contributor>Jensen, Bjarne Astrup</dc:contributor> <dc:date rdf:datatype="">2015-02-04T09:24:44Z</dc:date> <dc:creator>Fischer, Marcel</dc:creator> <dcterms:issued>2015</dcterms:issued> <dcterms:title>Taxation, Transfer Income and Stock Market Participation</dcterms:title> <dspace:isPartOfCollection rdf:resource=""/> </rdf:Description> </rdf:RDF>

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