Capital Gains Realizations of the Rich and Sophisticated
Capital Gains Realizations of the Rich and Sophisticated
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富人和成熟人士的资本收益变现
DOI：
10.1257/aer.90.2.276
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发表时间：
2000
期刊：
影响因子：
--
通讯作者：
Jonathan Siegel
中科院分区：
文献类型：
--
作者：
A. Auerbach;Jonathan Siegel
本文试图通过考虑更多地参与战略避税活动的投资者是否对税率有不同的反应，将资本利得实现行为的理论和实证研究更加紧密地结合起来。我们发现，与其他投资者相比，此类投资者对永久性税率变化的反应要小得多。换句话说，他们对资本利得税率的反应很大程度上反映了时机，这与他们更严格地遵守强调基于税率差异套利的避税策略是一致的。这一发现适用于两种可供选择的变现行为规范，其中之一表明，与之前的小组研究相比，对资本利得税率的永久反应更大。
This paper attempts to bring theoretical and empirical research on capital gains realization behavior closer together by considering whether investors who appear to engage more in strategic tax avoidance activity also respond differently to tax rates. We find that such investors exhibit significantly smaller responses to permanent tax rate changes than other investors. Put another way, a larger part of their response to capital gains tax rates reflects timing, consistent with their closer adherence to tax avoidance strategies emphasizing arbitrage based on tax rate differentials. This finding holds for two alternative specifications of realization behavior, one of which suggests larger permanent responses to capital gains tax rates than those of previous panel studies.