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| Author: | Balcer, Y. Judd, K. L. |
| Title: | Effects of capital gains taxation on life-cycle investment and portfolio management. |
| Journal: | Journal of Finance
1987 : JUL, VOL. 42:3, p. 743-758 |
| Index terms: | PORTFOLIO MANAGEMENT CAPITAL GAINS TAX INVESTMENT |
| Language: | eng |
| Abstract: | The impact of capital income taxation on total savings and the demand for corporate financial instruments is examined. The results suggest that investors may hold both debt and equity in the face of effective collection on capital gains taxation even in a flat tax system. It is found that accrual and realization taxes will have substantially different effects on saving and consumption behavior, making it unlikely that the tax structure can be summarized by any single equivalent accrual tax rate. |
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