The study examines the shift in taxation of open-ended fixed-income funds in Brazil from a realization basis to an accrual basis (locally known as come-cotas), which was introduced in 1998 and more recently extended to include private closed-end funds and offshore trusts through the enactment of...

This working paper examines how individuals morally, ethically, and emotionally evaluate extreme wealth disparities in their countries. Using cross-sectional data from the 2019 International Social Survey Programme (ISSP) Social Inequality V module, I compare two groups of EU countries with...

This paper shows that a transaction tax makes trades in decentralized markets more information sensitive and enlarges the range of information costs for which the equilibrium exhibits private information acquisition and endogenous adverse selection. A transaction tax reduces the probability of...

In the United States, exchange-traded funds can defer capital gains taxes of their investors by taking advantage of a legal loophole. To quantify the impact of this tax loophole on investor portfolios, we study a rank-dependent expected utility model. We develop an approximation formula for the...

Investors with taxable portfolios sometimes delay the sale of appreciated stock to defer capital gains taxes. While this strategy does help to reduce taxes, it can cause the portfolio to become more concentrated over time, leading to higher overall volatility and lower long-term returns. This...

This study delves into the financial strategies of Italian Serie A football clubs, focusing on the relationship between revenues obtained through the sale of players' tags and those from broadcasting and media rights. Using Resource Dependence Theory (RDT) as lens, this research aims to...

Using panel data on a 20% random sample of Canadian taxpayers, we study behavioral responses to the cancellation of a lifetime capital gains exemption that resulted in increased capital gains taxation for some individuals. The unique setting allows us to distinguish between short-term avoidance...

The European Union needs to raise significant resources to finance a just green transition. At the same time, there is a widespread fiscal regressivity in many EU countries. Indeed, recent empirical evidence shows that the tax systems of many EU members are characterized by low degrees of...

The Korean government decided, in 2016, to introduce a capital gains tax (CGT) on Kospi derivatives, both to secure tax revenue and to restrict speculative trading. We take advantage of a delay between the taxation of Kospi and Mini-Kospi derivatives to apply Difference-in-Differences to assess...

In this essay, Gamage and Walczak share their opening statements in their debate over Quinn v. Washington, the recent Washington Supreme Court decision upholding a state tax on capital gains as an excise tax

Prior studies of the relevance of long-term capital gains for stock prices rely on the evidence from the 1997 tax cut in the U.S. The key component of the tax-sensitive ownership in these studies is individual ownership; its average is reported to be as high as 66.7%. The sharp increase in...

The European Union needs to raise significant resources to finance a just green transition. At the same time, there is a widespread fiscal regressivity in many EU countries. Indeed, recent empirical evidence shows that the tax systems of many EU members are characterized by low degrees of...

Co-investment, often seen as a remedy for agency problems, may incentivize managers to cater to own preferences. We provide evidence that mutual fund managers with considerable co-investment stakes alter risk-taking decisions to prioritize their own tax interests. By exploiting the enactment of...

We analyze a multi-period model of capital gains taxation with endogenous prices. Relative to an economy without taxation, a capital gains tax tends to lower prices and increase returns. Abstracting from tax redistribution policies, we find that a taxable investor's welfare falls, a nontaxable...

Die Arbeit untersucht die uneinheitliche Rechtslage der Veräußerungsgewinnbesteuerung im privaten Bereich. Während Veräußerungsgewinne aus Kapitalanlagen stets besteuert werden, bleiben Gewinne aus der Veräußerung von Immobilien und anderen Wirtschaftsgütern - vorbehaltlich einer...

Tax incentives favouring homeownership are widely used in developed economies. Homeownership is often thought to bring a number of positive contributions, from the promotion of households' saving to enhanced community engagement. However, housing tax incentives are also considered as a major...

This paper shows that a transaction tax makes trades in decentralized markets more information sensitive and enlarges the range of information costs for which the equilibrium exhibits private information acquisition and endogenous adverse selection. A transaction tax reduces the probability of...

In the United States, exchange-traded funds can defer capital gains taxes of their investors by taking advantage of a legal loophole. To quantify the impact of this tax loophole on investor portfolios, we study a rank-dependent expected utility model. We develop an approximation formula for the...

After lively debates on whether there was too much trading on the Korean derivatives market, the Korean government decided to introduce, in 2016, a capital gains tax on Kospi 200 futures and options. The stated goals were both to secure tax revenue and to restrict speculative trading. This tax...

The favorable taxation of capital gains has seen extensive ex post celebration and condemnation, but the ex-ante reason for the taxation’s enactment has largely been forgotten. This Article, written one hundred years after the capital gains tax preference was first enacted in 1921, responds to...

In this paper, we model the interaction of inflation with the tax on nominal capital gains, examining the contribution of this interaction to aggregate fluctuations. Our innovation is to combine monetary policy shocks with non-indexed taxes in a model in which the central bank implements policy...

Using panel data on a 20% random sample of Canadian taxpayers, we study behavioral responses to the cancellation of a lifetime capital gains exemption that resulted in increased capital gains taxation for some individuals. The unique setting allows us to distinguish between short-term avoidance...

This paper uses a general equilibrium model to simulate both the effects of a preferential capital-gains tax rate on total income tax revenues and the effects of a revenue-neutral substitution between a capital gains preference and marginal income tax rates on economic efficiency and the...

This paper uses a direct-projections approach to estimate the effect of capital gains taxation on realizations at the state level, and then develops a framework for determining revenue-maximizing rates at the federal level. We find that the elasticity of revenues with respect to the tax rate...

We examine the determinants of venture capital fundraising in the U.S. over the past twenty-five years. We study industry aggregate, state-level, and firm-specific fundraising to determine if macroeconomic, regulatory, or performance factors affect venture capital activity. We find that shifts...

After reviewing recent work on the feasibility of taxing capital gains on accrual or in an equivalent manner. This paper develops and presents simulations of a model of household behavior. aimed at assessing the efficiency effects of this and other tax reforms, The model accounts for the...