Taxation, Transfer Income and Stock Market Participation

被引：9

作者：

Fischer, Marcel ^{[1
]}

Jensen, Bjarne Astrup ^{[1
]}

机构：

[1] Copenhagen Business Sch, Copenhagen, Denmark

来源：

REVIEW OF FINANCE | 2015年 / 19卷 / 02期

关键词：

ASSET PRICES; DYNAMIC EQUILIBRIUM; COSTS; CONSUMPTION; PREFERENCES; RETURNS; EQUITY;

D O I：

10.1093/rof/rfu008

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

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 they receive is subject to stock market risk. This article thus provides a novel explanation for the low stock market participation rates of poorer investors.

引用

收藏

页码：823 / 863

页数：41

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