Asset allocation over the life cycle : how much do taxes matter?

Zitieren

Dateien zu dieser Ressource

Dateien Größe Format Anzeige

Zu diesem Dokument gibt es keine Dateien.

FISCHER, Marcel, Holger KRAFT, Claus MUNK, 2013. Asset allocation over the life cycle : how much do taxes matter?. In: Journal of Economic Dynamics and Control. 37(11), pp. 2217-2240. ISSN 0165-1889. eISSN 1879-1743. Available under: doi: 10.1016/j.jedc.2013.05.012

@article{Fischer2013Asset-33716, title={Asset allocation over the life cycle : how much do taxes matter?}, year={2013}, doi={10.1016/j.jedc.2013.05.012}, number={11}, volume={37}, issn={0165-1889}, journal={Journal of Economic Dynamics and Control}, pages={2217--2240}, author={Fischer, Marcel and Kraft, Holger and Munk, Claus} }

<rdf:RDF xmlns:dcterms="http://purl.org/dc/terms/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:rdf="http://www.w3.org/1999/02/22-rdf-syntax-ns#" xmlns:bibo="http://purl.org/ontology/bibo/" xmlns:dspace="http://digital-repositories.org/ontologies/dspace/0.1.0#" xmlns:foaf="http://xmlns.com/foaf/0.1/" xmlns:void="http://rdfs.org/ns/void#" xmlns:xsd="http://www.w3.org/2001/XMLSchema#" > <rdf:Description rdf:about="https://kops.uni-konstanz.de/rdf/resource/123456789/33716"> <dcterms:isPartOf rdf:resource="https://kops.uni-konstanz.de/rdf/resource/123456789/46"/> <dc:contributor>Kraft, Holger</dc:contributor> <bibo:uri rdf:resource="https://kops.uni-konstanz.de/handle/123456789/33716"/> <dc:contributor>Fischer, Marcel</dc:contributor> <dc:creator>Fischer, Marcel</dc:creator> <dc:creator>Kraft, Holger</dc:creator> <dc:date rdf:datatype="http://www.w3.org/2001/XMLSchema#dateTime">2016-04-27T09:18:01Z</dc:date> <dspace:isPartOfCollection rdf:resource="https://kops.uni-konstanz.de/rdf/resource/123456789/46"/> <dcterms:issued>2013</dcterms:issued> <dcterms:available rdf:datatype="http://www.w3.org/2001/XMLSchema#dateTime">2016-04-27T09:18:01Z</dcterms:available> <dcterms:abstract xml:lang="eng">We study the welfare effect of tax-optimizing portfolio decisions in a life cycle model with unspanned labor income and realization-based capital gain taxation. For realistic parameterizations of our model, certainty equivalent welfare gains from fully tax-optimized portfolio decisions are less than 2% of present financial wealth and lifetime income compared to a heuristic portfolio policy ignoring the taxation of profits (capital gains, interest and dividend payments). Compared to a heuristic portfolio policy that only ignores the realization-based feature of capital gain taxation and instead assumes mark-to-market taxation, these gains are less than 0.5%. That is, our work provides a justification for ignoring taxes in life cycle portfolio choice problems – a wide-spread assumption in that literature. However, if capital gains are forgiven at death (as in the U.S.), investors with strong bequest motives face substantial welfare costs when not tax-optimizing their portfolio decisions towards the end of the life cycle.</dcterms:abstract> <dcterms:title>Asset allocation over the life cycle : how much do taxes matter?</dcterms:title> <foaf:homepage rdf:resource="http://localhost:8080/jspui"/> <dc:contributor>Munk, Claus</dc:contributor> <dc:creator>Munk, Claus</dc:creator> <void:sparqlEndpoint rdf:resource="http://localhost/fuseki/dspace/sparql"/> <dc:language>eng</dc:language> </rdf:Description> </rdf:RDF>

Das Dokument erscheint in:

KOPS Suche


Stöbern

Mein Benutzerkonto