gains, are gendered. Women, for example, being more risk averse than men, may have fewer capital gains because they invest … in fewer risky assets, which are the type of assets that produce the biggest capital gains. Risk aversion could produce …

this return inequality? I study capital taxation in an economy in which return rates endogenously correlate with wealth … lower marginal tax rates. The endogeneity of returns generates an inequality multiplier effect between wealth and its …

this return inequality? I study capital taxation in an economy in which return rates endogenously correlate with wealth … lower marginal tax rates. The endogeneity of returns generates an inequality multiplier effect between wealth and its …

We study the optimal taxation of risk-free and excess capital income with heterogeneous rates of return, alongside an … optimal nonlinear earnings tax. Households can hold three assets: one risk-free, one risky but diversifiable, and one a … private investment with idiosyncratic risk whose expected return differs among households. Contrary to expectations, the …

We derive cross-sectional implications of a capital gains tax rate change on the risk-return tradeoff on stock … investment and show that stocks with higher accrued capital gains experience a larger risk-return tradeoff improvement after a … capital gains tax rate cut. Stocks with higher dividend yields experience a larger increase (decrease) in the risk …

This study empirically examines the role of risk sharing between taxable investors and the government on the relation … weaker or even reverses when (i) a firm's systematic risk is high, (ii) the market risk premium is high, or (iii) the risk … around substantive increases and decreases in the risk parameters. We corroborate our findings in a single country setting …

We study the optimal taxation of risk-free and excess capital income with heterogeneous rates of return, alongside an … optimal nonlinear earnings tax. Households can hold three assets: one risk-free, one risky but diversifiable, and one a … private investment with idiosyncratic risk whose expected return differs among households. Contrary to expectations, the …