NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Joshua Spizman

Loyola Marymount University
Hilton Center for Business
1 LMU Drive, MS 8385
Los Angeles, CA 90045-2659

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NBER Working Papers and Publications

October 2011Government Policy and Ownership of Financial Assets
with Kristian Rydqvist, Ilya A. Strebulaev: w17522
Since World War II, direct stock ownership by households across the globe has largely been replaced by indirect stock ownership by financial institutions.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 tax-deferred plans. 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.

Published: Government Policy and Ownership of Financial Assets, 2014 Journal of Financial Economics 111, 70-85 (with Kristian Rydqvist and Joshua Spizman)

 
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