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- W1570357770 abstract "implications for implicit taxes on stocks (with varying dividend yields) and municipalbonds that differ from the extant literature and might explain the failure of empiricalstudies to support the predictions of single-marginal clientele models. In particular,implicit taxes on equity possess an inverted trapezoid shape (non-monotonic) as a functionof dividend yield. Municipal bond implicit taxes depend on a variety of details of theequity market.I will proceed as follows. Section I reviews the literature on tax clientele modelsin finance and empirical studies on the effect of taxes on stock and municipal bond returnsand prices. Section II develops a model of relative returns and clientele portfolios in amarket with stocks (with a distribution of dividend yields), taxable bonds, and municipalbonds. Section III derives equilibrium implicit taxes on equity and relates these predictionsto the empirical literature, while Section IV derives equilibrium implicit taxes on municipalbonds. Section V concludes the paper. The Appendix contains proofs of all thepropositions in the paper.I. Literature on tax clienteles, implicit taxes, and tax capitalizationNumerous studies have considered the effect of taxes on fi nancial marketequilibrium, both in terms of rates of return and price levels. The two principal focuses ofthe literature have been tax-free municipal bonds and corporate equity, especially withrespect to variation in dividend payments.Traditional mod els of municipal bond yields assume that a clientele arbitragesmunicipal bonds and taxable bonds (U.S. Treasury or corporate). Since municipal bondsgenerate no tax liability on the interest they generate, these models predict that municipal" @default.
- W1570357770 created "2016-06-24" @default.
- W1570357770 creator A5009428858 @default.
- W1570357770 date "2001-01-01" @default.
- W1570357770 modified "2023-09-26" @default.
- W1570357770 title "Tax Clienteles and Implicit Taxes: Interaction of Multiple Clienteles in Financial Markets" @default.
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- W1570357770 doi "https://doi.org/10.2139/ssrn.286320" @default.
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