کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5098930 | 1376970 | 2012 | 16 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Life-cycle stock market participation in taxable and tax-deferred accounts
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کلمات کلیدی
موضوعات مرتبط
مهندسی و علوم پایه
ریاضیات
کنترل و بهینه سازی
پیش نمایش صفحه اول مقاله
چکیده انگلیسی
The stock market participation patterns differ significantly in taxable (TAs) and tax-deferred accounts (TDAs). This paper develops a quantitative life-cycle model to study the optimal stock market participation choice for households with assets in both TAs and TDAs. We find that differential costs of stock market participation in the two accounts explain the higher participation rate in TDAs early in life relative to TAs and the increasing stock market participation rate in TAs over the life cycle. We also show that the differential tax treatment between TAs and TDAs is responsible for the decline in the participation rate in TDAs late in life, while the basis-reset provision of the tax code is not quantitatively important.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 36, Issue 11, November 2012, Pages 1814-1829
Journal: Journal of Economic Dynamics and Control - Volume 36, Issue 11, November 2012, Pages 1814-1829
نویسندگان
Jie Zhou,