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Tax changes and asset pricing: time-series evidence
In: NBER working paper series 11756
Stochastic taxation and asset pricing in dynamic general equilibrium
In: NBER working paper series 9301
Tax Changes and Asset Pricing
In: American economic review, Band 99, Heft 4, S. 1356-1383
ISSN: 1944-7981
The tax burden on equity securities has varied substantially over time and remains a source of continuing policy debate. This paper investigates whether investors were compensated for the tax burden of equity securities over the period between 1913 and 2006. Taxes on equity securities vary over time due to changes in dividend and capital gains tax rates and due to changes in corporate payout policies. Equity taxes also vary across firms due to persistent differences in propensities to pay dividends. The results indicate an economically plausible and statistically significant tax capitalization over time and cross-sectionally. (JEL G10, G12, H22, H24, N21, N22)
Stochastic taxation and asset pricing in dynamic general equilibrium
In: Journal of economic dynamics & control, Band 30, Heft 3, S. 511-540
ISSN: 0165-1889
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Tax Changes and Asset Pricing: Time-Series Evidence
In: NBER Working Paper No. w11756
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Currency Management by International Fixed Income Mutual Funds
In: Nanyang Business School Research Paper No. 20-29
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Working paper
Currency Management by International Fixed Income Mutual Funds
In: NBER Working Paper No. w29082
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Tax-Efficient Asset Management: Evidence from Equity Mutual Funds
In: NBER Working Paper No. w21060
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Spillover Effects in Mutual Fund Companies
In: NBER Working Paper No. w17292
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Working paper
Government debt and corporate leverage ; international evidence
We empirically investigate the impact of government debt on corporate financing decisions in an international setting. We show a negative relation between government debt and corporate leverage using data on 40 countries between 1990–2014. This negative relation is stronger for government debt that is financed domestically, for firms that are larger and more profitable, and in countries with more developed equity markets. To address potential endogeneity concerns, we use an instrumental variable approach based on military spending and a quasi-natural experiment based on the introduction of the Euro currency. Our findings suggest that government debt crowds out corporate debt. ; authorsversion ; published
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