TY  - UNPD
A1  - Rydqvist, Kristian
A1  - Spizman, Joshua
A1  - Strebulaev, Ilya A.
T1  - The evolution of aggregate stock ownership : [Version December 2010]
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2011,18
N2  - Since World War II, direct stock ownership by households has largely been replaced by indirect stock ownership by financial institutions. We argue that tax policy is the driving force. Using long time-series from eight countries, we show that the fraction of household ownership decreases with measures of the tax benefits of holding stocks inside a pension plan. This finding is important for policy considerations on effective taxation and for financial economics research on the long-term effects of taxation on corporate finance and asset prices. JEL Classification: G10, G20, H22, H30 Keywords: Capital Gains Tax, Income Tax, Stock Ownership, Bond Ownership, Inflation, Bracket Creep, Pension Funds
T3  - CFS working paper series - 2011, 18 
KW  - capital gains tax
KW  - income tax
KW  - stock ownership
KW  - bond ownership
KW  - inflation
KW  - bracket creep
KW  - pension funds
Y1  - 2011
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/22702
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-115342
IS  - Version December 2010
ER  -