Taxes have a first-order effect on investors' trading decisions and portfolio choices and on the equilibrium pricing of assets. In this review, we investigate how certain features of the tax code impact investors and asset markets. We begin by considering how tax heterogeneity across investors...

This review uses an economic lens to offer perspectives on securities regulation. We discuss several motives for regulation and highlight some facets of regulatory conflict, competition, and coordination as well as the range of required securities market disclosures. We discuss the roles of...