In "Le capital au XXIème siècle" plädiert Thomas Piketty für eine drakonische Kapitalbesteuerung, um das Auseinanderdriften der Vermögen zu stoppen. Aber wegen ihrer schädlichen Anreizwirkung sind die von ihm anvisierten Steuersätze zu hoch. Eine Kombination aus niedrigeren Steuersätzen...

We argue that the impact of capital gains taxation on asset pricing depends on the tax awareness of market participants. While institutional investors should be generally well-informed about tax regulations, private investors have only limited tax knowledge and resources. As a result, market...

We argue that the tax capitalization effect is a function of the attention of market participants. Market reactions can therefore be driven not only by the announcement dates of tax events but also by factors influencing the dissemination of tax information, such as deadlines and media reports....