Search Results - subject_exact:"Kapitaleinkommensteuer"

Investor valuation, taxation, and time varying expected returns

Bjerksund, Petter; Schjelderup, Guttorm - 2026

This paper analyzes the valuation of publicly traded stocks subject to capital income and wealth taxation when expected returns are time-varying. We show that, in an efficient capital market, investor valuation coincides with the market price under a broad class of tax systems, including accrued...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015654699

Wealth taxation, capital gains taxation and the inequality-mobility trade-off

Langenhove, Christophe van; Lorenz, Jan; Schulz-Gebhard, Jan - 2026

We compare wealth taxes and capital gains taxes in a random growth model with idiosyncratic investment risk. At equal tax revenue, wealth taxes generate higher wealth inequality but also higher wealth mobility than capital gains taxes. The mechanism operates through variance: wealth taxes shift...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015608613

Factor income taxation and the governance dividend

Masi, Tania; Savoia, Antonio; Sen, Kunal - 2026

An influential literature suggests that the rise of taxation should come with a 'governance dividend': the quality of government should improve, because the taxpaying citizenry will subject the ruler to increased scrutiny. While this fits the history of nowadays advanced economies, it is less...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015612454

Distortions for nothing : optimal taxation of (un)distributed profits

Lehmann, Etienne; Zanoutene, Eddy - 2026

We study the optimal taxation of corporate and dividend income when entrepreneurs can use retained earnings to reduce their tax burden. We show that eliminating dividend taxes while increasing the corporate income tax (CIT) to keep investment unchanged raises total tax revenue. Our simulations...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015592346

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Distortions for nothing : optimal taxation of (un)distributed profits*

Lehmann, Etienne; Zanoutene, Eddy - 2026

Book / Working Paper

Distortions for nothing : optimal taxation of (un)distributed profits*

Lehmann, Etienne; Zanoutene, Eddy - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015619031

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Distortions for nothing : optimal taxation of (un)distributed profits

Lehmann, Etienne; Zanoutene, Eddy - 2026

Book / Working Paper

Putting the "finance" into "public finance" : a theory of capital gains taxation

Aguiar, Mark; Moll, Benjamin; Scheuer, Florian - 2026 - First version: May 2024, this version: February 2026

Standard optimal capital tax theory abstracts from modeling asset prices, making it unsuitable for thinking about capital gains and wealth taxation. We study optimal redistributive taxation in an environment with asset price movements, adopting the modern finance view that asset prices fluctuate...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015596733

The potential and utility of land value taxation : a theoretical framework and simulation for China

Hou, Yilin; Kumhof, Michael; Shao, Lei - 2026

This paper develops an analytical framework for examining land taxation in the context of contemporary urban economies. We dissect the China case for simulation, comparing two model-based scenarios where revenue losses from consumption taxes are replaced by higher income taxes and land taxes. We...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015596752

Optimal taxation in the automation era

Nakatani, Ryota; Miyamoto, Hiroaki - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015638664

Differential capital taxation and risk premia : a separation result

Menoncin, Francesco; Panteghini, Paolo - 2026

The article studies differential capital taxation - distinct rates on interest income and risky profits - in a continuous-time representative-agent general equilibrium model with complete markets. It derives closed-form expressions for the equilibrium risk-free rate and the market price of risk....

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015638859

Dual income taxation and top income shares

Ceraolo, Michele; Iacono, Roberto; Rios-Avila, Fernando - 2026

This paper investigates the distributional consequences of Dual Income Taxation (DIT), a system that taxes labour income progressively while applying a flat rate to capital income. We make two complementary contributions. First, we classify income tax systems across 20 advanced economies from...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015638985

Risky investment, tax competition, and wealth inequality

Tamai, Toshiki - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015647089

Does global financial transparency improve tax compliance in developing countries?

Johannesen, Niels; Larsen, Lauge; Riedel, Nadine - 2026

In a coordinated effort to curb tax evasion, governments systematically exchange information about bank accounts with foreign owners. We study the compliance effects of the policy in the context of South Africa using information reports on one million foreign bank accounts linked to income and...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015651862

How much and how fast do investors respond to equity premium changes? : evidence from wealth taxation

Fagereng, Andreas; Guiso, Luigi; Ring, Marius A. K. - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015668633

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How much and how fast do investors respond to equity premium changes? : evidence from wealth taxation

Fagereng, Andreas; Guiso, Luigi; Ring, Marius A. K. - 2023

Book / Working Paper

How much and how fast do investors respond to equity premium changes? : evidence from wealth taxation

Fagereng, Andreas; Guiso, lg; Ring, Marius A. K. - 2023

Book / Working Paper

Verotuksen rajoilla : näkökulmia suomen korkeisiin rajaveroihin

Kuusi, Tero; Kotamäki, Mauri; Kirkko-Jaakkola, Mikael - 2026

We examine the effects of Finland's highest marginal income tax rates by integrating traditional analytical frameworks, recent empirical evidence, and dynamic macroeconomic mechanisms that shape income formation and the economy's growth potential. Based on our comprehensive assessment, the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015667319

Taxing wealth or capital income? : the impact of political ideology on property tax policy in Spain : a quasi-experimental study

Tubío-Sánchez, José María; Lago Peñas, Santiago; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015668506

The cost of inattention : deadline and media effects on implicit taxes

Eichfelder, Sebastian; Hundsdoerfer, Jochen; … - 2026

We provide evidence that the capitalization of taxes in share prices depends on investor attention and can create additional implicit taxes for inattentive investors. Interpreting a German capital gains tax reform as a natural experiment, we identify investor attention by the temporal distance...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015638602

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The cost of inattention : deadline and media effects on implicit taxes

Eichfelder, Sebastian; Hundsdoerfer, Jochen; … - 2025

Book / Working Paper

Measuring fiscal asymmetry : effective tax rates on capital and labour in 29 European countries, 1998-2021

Zhang, Ye; Van Overbeke, Toon - 2026

We introduce a harmonised dataset of effective tax rates on capital (ETRC) and labour (ETRL) for 29 European countries covering 1998-2021. Building on and extending the investment-centred approach of Acemoglu et al. (2020), the dataset combines statutory provisions with observed revenue and...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015668282

Taxing wealth unlocks capital gains : an efficiency rationale for wealth taxes

Ocampo Díaz, Sergio; Schjelderup, Guttorm; Zoutman, … - 2026

Realization-based capital income taxation generates capital lock-in because investors have an incentive to delay tax payments. This generates inefficiency as investors forgo investment opportunities that require them to realize capital gains. We show that wealth taxation can unlock capital,...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015675099

The free dividend fallacy in the Chinese stock market : evidence from stock pricing behavior around ex-dividend day

Chang, Jeffery Jinfan; Du, Huancheng; Ni, Xiaoran; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016069953

Coordinating bank dividend and capital regulation

Federico, Salvatore; Modena, Andrea; Regis, Luca - 2026 - This version: 14th July 2026

This paper examines how state-dependent dividend restrictions (taxes and bans) and capital requirements influence a bank's optimal capital buffers accumulation and risk-taking decisions. In the model, the bank distributes dividends and issues costly equity to maximise shareholder value, while...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015673281

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Coordinating bank dividend and capital regulation

Federico, Salvatore; Modena, Andrea; Regis, Luca - 2025

Book / Working Paper

Asset ambiguity, reporting flexibility, and strategic declarations : evidence from audit announcements and a dividend tax cut

Kastoryano, Stephen - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016072281

Capital gains taxation and asset price volatility

Belda, Pau - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016081577

Determinants of portfolio performance after taxes

Aw, Edward N. W.; Chen, Sanjun; Hamilton, Trevor; Xie, Hong - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015654289

Wealth taxation : the key to unlocking capital gains

Schjelderup, Guttorm; Zoutman, Floris T. - 2025

This paper analyzes how a wealth tax affects investor portfolio choice when a realization-based capital gains tax is present. We develop a two-period model with heterogeneous investors and show that while a capital gains tax distorts portfolio choice by encouraging investors to postpone...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015548876

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Wealth taxation : the key to unlocking capital gains

Schjelderup, Guttorm; Zoutman, Floris T. - 2024

Book / Working Paper

Taxation of savings vehicles in Brazil and a proposal of a "top-up" income tax

Carvalho Junior, Pedro Humberto Bruno de - 2025

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...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015371897

Taxes and taxation : innovative approaches in corporate finance, investments, and dividend policy

Brusov, Petr N.; Filatova, Tatiana - 2026

Taxes Functions -- Capital Structure -- Capital Structure: Modigliani–Miller Theory -- Modern Theory of Capital Cost and Capital Structure: Brusov–Filatova–Orekhova Theory (BFO Theory) -- The Modigliani–Miller theory with arbitrary frequency of payment of tax on profit -- Modification of...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015587566

The aggregate consequences of local capital taxation

Bergeaud, Antonin; Brouillette, Jean-Félix; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015626801

The sufficient statistics approach applied to international tax policy

Zoutman, Floris T. - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015473067

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The sufficient statistics approach applied to international tax policy

Zoutman, Floris T. - 2025

Book / Working Paper

Firm-level responses to a canceled dividend tax increase

Holmberg, Johan; Selin, Håkan - 2025

An increase in the dividend tax on shares of Swedish closely-held corporations, scheduled for January 1, 2018, was canceled at short notice. In a difference-in-difference setting, we examine how firms reacted to the canceled reform. We find that dividends payments increased in 2016 and 2017 and...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015372671

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Firm-level responses to a canceled dividend tax increase

Holmberg, Johan; Selin, Hakan - 2025

Book / Working Paper

Tax news and intertemporal substitution

Holm, Martin Blomhoff; Jamilov, Rustam; Jasinski, Marek; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015644548

Bonus depreciation as instrument for structural economic policy : effects on investment and asset structure

Eichfelder, Sebastian; Knaisch, Jonas David; Schneider, … - 2025

We analyze how the expiration of a regional bonus depreciation regime in eastern Germany (Development Area Law, DAL) affected real investments and asset structures of establishments in the manufacturing sector. Our rich administrative data allow us not only to identify the aggregate effect, but...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015210235

An early capital taxation principle

Bloise, Gaetano; Reichlin, Pietro - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015666289

The behavior of stock prices around the ex-day during a dividend shortage

Ducret, Romain; Eugster, Nicolas; Isakov, Dušan; … - 2025 - This version: December 20, 2024

This paper investigates the behavior of stock prices around ex-dividend dates in Europe over the period 2018-2022. In the early months of the COVID-19 pandemic in 2020, a significant fraction of firms cut, suspended, or reduced their dividend payments, leading to a shortage. Using a...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015271826

Capital taxation, income shifting, and retained earnings : evidence from dividend tax reforms

Berman, Yonatan; Klor, Esteban F. - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015668089

The 2003 U.S. dividend tax cut, small business loan supply, and the real economy

Li, Oliver Zhen; Lin, Yupeng; Zhang, Keyuan - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016073367

Optimal taxation of capital income with heterogeneous rates of return

Gerritsen, Aart; Jacobs, Bas; Spiritus, Kevin; Rusu, … - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015358027

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Optimal taxation of capital income with heterogeneous rates of return

Gerritsen, Aart; Jacobs, Bas; Rusu, Alexandra V.; … - 2020

Book / Working Paper

Optimal taxation of capital income with heterogeneous rates of return

Gerritsen, Aart; Jacobs, Bas; Rusu, Alexandra V.; … - 2020

Book / Working Paper

Optimal Taxation of Capital Income with Heterogeneous Rates of Return

Gerritsen, Aart - 2020

Book / Working Paper

Optimal Taxation of Capital Income with Heterogeneous Rates of Return

Gerritsen, Aart - 2020

Book / Working Paper

Personal tax changes and financial well-being : evidence from the tax cuts and jobs act

Dobridge, Christine L.; Hsu, Joanne; Zabek, Mike - 2025

We estimate the effects of personal income tax decreases on financial well-being, including qualitative subjective assessments and quantitative measures. A plausibly causal design shows that tax decreases in the Tax Cuts and Jobs Act made survey respondents more likely to say they were “living...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015191756

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Personal tax changes and financial well-being : evidence from the Tax Cuts and Jobs Act

Dobridge, Christine L.; Hsu, Joanne; Zabek, Mike - 2024

Book / Working Paper

Transcending boundaries and breaking social safety nets : how digital platforms reorganize the market and exacerbate economic insecurity

Liu, Tiantian - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016062964

Wealth taxation : the key to unlocking capital gains

Schjelderup, Guttorm; Zoutman, Floris T. - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015548876

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Wealth taxation : the key to unlocking capital gains

Schjelderup, Guttorm; Zoutman, Floris T. - 2024

Book / Working Paper

US general tariff and capital tax effects

Tyers, Rodney - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015394335

Income tax evasion and third-party reported consumption and wealth : implications for the optimal tax structure

Gerritsen, Aart - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015394859

The sufficient statistics approach applied to international tax policy

Zoutman, Floris T. - 2025

This paper extends the sufficient statistics approach to study international tax policy. International policy differs from domestic policies because i.) from the perspective of domestic policy makers the welfare weight on foreign agents lies below that of domestic agents, and ii.) behavioral...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015371991

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The sufficient statistics approach applied to international tax policy

Zoutman, Floris T. - 2025

Book / Working Paper

Personal tax changes and financial well-being : evidence from the tax cuts and jobs act

Dobridge, Christine L.; Hsu, Joanne; Zabek, Mike - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015191756

Show one more version 1

Personal tax changes and financial well-being : evidence from the Tax Cuts and Jobs Act

Dobridge, Christine L.; Hsu, Joanne; Zabek, Mike - 2024

Book / Working Paper

Optimal taxation of normal and excess returns to risky assets

Boadway, Robin W.; Spiritus, Kevin - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015394876

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Optimal taxation of normal and excess returns to risky assets

Boadway, Robin W.; Spiritus, Kevin - 2021

Book / Working Paper

Optimal Taxation of Normal and Excess Returns to Risky Assets

Boadway, Robin W.; Spiritus, Kevin - 2023

Book / Working Paper

Optimal Taxation of Normal and Excess Returns to Risky Assets

Boadway, Robin W.; Spiritus, Kevin - 2021

Book / Working Paper

On the optimal capital tax rate in overlapping generations models with capital-skill complementarity

Heer, Burkhard - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015463351

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On the optimal capital tax rate in overlapping generations models with capital-skill complementarity

Heer, Burkhard - 2025

Book / Working Paper

Optimal taxation of capital in the presence of declining labor share

Atesagaoglu, Orhan Erem; Yazici, Hakki - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015472962

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Optimal taxation of capital in the presence of declining labor share

Atesagaoglu, Orhan Erem; Yazici, Hakki - 2021

Book / Working Paper

Optimal taxation of capital in the presence of declining labor share

Atesagaoglu, Orhan Erem; Yazici, Hakki - 2021

Book / Working Paper

Fiscal Financing and Investment Irreversibility : The Role of Dividend Taxation

Ghilardi, Matteo - 2025

We examine the macroeconomic, asset pricing, and public debt consequences of deficit financing dividend taxation in a dynamic general equilibrium model featuring partial investment irreversibility. Dividend taxes interact directly with the occasionally-binding irreversibility constraint,...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015451992

The sovereign bond issuance and tax competition for portfolio investment : a political economy approach

Terai, Kimiko - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015432748

Taxing corporate or shareholder income

Berg, Kristoffer - 2025

As corporate income tax rates have fallen across the world, other capital taxes become more important. This paper studies the choice between income taxation at the corporate and shareholder level. I develop a sufficient-statistics framework to determine optimal tax reforms. The main result is...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015459670

Shaping Services Trade : The Heterogeneous Effects of Withholding Taxes

Liu, Li - 2025

This paper investigates the effects of withholding taxes on cross-border trade in services, using a newly compiled dataset covering the universe of bilateral service imports and withholding tax rates from 2005 to 2021. Employing a theoretical framework that highlights the role of withholding...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015612929