Tax Avoidance, Welfare Transfers, and Asset Prices

Preprint OPEN
Denis Gorea;
(2013)
  • Subject:
    acm: ComputingMilieux_GENERAL | ComputingMilieux_LEGALASPECTSOFCOMPUTING

Does tax avoidance have any implications for financial markets? This paper quantifies the general equilibrium implications of tax avoidance by setting up an incomplete markets production economy model in which households pay capital gains taxes and have access to tax av... View more
  • References (20)
    20 references, page 1 of 2

    Brunnermeier, M. K., Sannikov, Y., 2012. A Macroeconomic Model with a Financial Sector. Working paper.

    Constantinides, G. M., 1983. Capital Market Equilibrium with Personal Tax. Econometrica 51 (3), 611{636.

    Dai, Z., Maydew, E., Shackelford, D. A., Zhang, H. H., 2008. Capital Gains Taxes and Asset Prices: Capitalization or Lock-in? Journal of Finance 63 (2), 709{742.

    Dammon, R. M., Spatt, C. S., Zhang, H. H., 2001. Optimal Consumption and Investment with Capital Gains Taxes. The Review of Financial Studies 14 (3), 583{616.

    DeMiguel, V., Uppal, R., 2005. Portfolio Investment with the Exact Tax Basis via Nonlinear Programming. Management Science 51, 277{290.

    Dybvig, P. H., Ross, S. A., 1986. Tax Clienteless and Asset Pricing. The Journal of Finance 41 (3), 751{762.

    Favilukis, J., 2013. Wealth Inequality, Stock Market Participation, and the Equity Premium. Journal of Financial Economics (forthcoming).

    Gallmeyer, M. F., Kaniel, R., Tompaidis, S., 2006. Tax management strategies with multiple risky assets. Journal of Financial Economics 80 (2), 243{291.

    Garlappi, L., Naik, L. V., Slive, J., 2001. Portfolio Selection with Multiple Assets and Capital Gains Taxes. Working paper.

    Gomes, F., Michaelides, A., 2008. Asset Pricing with Limited Risk Sharing and Heterogeneous Agents. Review of Financial Studies 21 (1), 415{448.

  • Related Organizations (2)
  • Metrics
Share - Bookmark