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Taxation, risk-taking, and household portfolio behavior

In: Handbook of Public Economics

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Poterba, James M.

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Abstract

This chapter summarizes the current state of research on how taxation affects household decisions with respect to portfolio structure and asset trading. It discusses long-standing issues, such as the impact of differential taxation of income flows from stocks and bonds on the incentives for households to invest in these assets, and the effect of capital gains taxation on asset sales. It also addresses a range of emerging issues, such as the impact of taxation on the behavior of mutual funds and their investors, and the effect of tax changes and tax uncertainty on investor behavior. It concludes that taxation exerts a systematic influence on the nature of risk-taking and the structure of household portfolios. Research on the effects of taxation on portfolio structure is more advanced than work on the welfare costs of portfolio distortions.

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This chapter was published in: A. J. Auerbach & M. Feldstein (ed.) Handbook of Public Economics, , chapter 17, pages 1109-1171, 2002.

This item is provided by Elsevier in its series Handbook of Public Economics with number 3-17.

Handle: RePEc:eee:pubchp:3-17

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Related research
This chapter was published in the following book, which is listed on IDEAS:
A. J. Auerbach & M. Feldstein (ed.), 2002. "Handbook of Public Economics," Handbook of Public Economics, Elsevier, edition 1, volume 3, number 3, April. [Downloadable!] (restricted)
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H0 - Public Economics - - General

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  1. Ellen R. McGrattan & Edward C. Prescott, 2005. "Taxes, regulations, and the value of U.S. and U.K. corporations," Staff Report 309, Federal Reserve Bank of Minneapolis. [Downloadable!]
    Other versions:
  2. Marc Rapp, . "Security Income Taxes in a Dynamic Semi-Closed Economy," German Working Papers in Law and Economics 2006-1-1162, Berkeley Electronic Press. [Downloadable!]
  3. Stefania Albanesi, 2006. "Optimal Taxation of Entrepreneurial Capital with Private Information," NBER Working Papers 12419, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  4. Tullio Jappelli & Luigi Pistaferri, 2002. "Tax Incentives for Household Saving and Borrowing," CSEF Working Papers 83, Centre for Studies in Economics and Finance (CSEF), University of Salerno, Italy. [Downloadable!]
  5. Marc Rapp & Bernhard Schwetzler, . "Asset Prices in the Presence of a Tax Authority," German Working Papers in Law and Economics 2006-1-1167, Berkeley Electronic Press. [Downloadable!]
  6. James M. Poterba & Andrew Samwick, 1999. "Taxation and Household Portfolio Composition: U.S. Evidence from the 1980s and 1990s," NBER Working Papers 7392, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  7. William M. Gentry & R. Glenn Hubbard, 2002. "The Effects of Progressive Income Taxation on Job Turnover," NBER Working Papers 9226, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  8. Olivia S. Mitchell & John Piggott, 2004. "Unlocking Housing Equity in Japan," NBER Working Papers 10340, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  9. Tullio Jappelli & Luigi Pistaferri, 2001. "Tax Incentives and the Demand for Life Insurance: Evidence from Italy," CSEF Working Papers 52, Centre for Studies in Economics and Finance (CSEF), University of Salerno, Italy. [Downloadable!]
    Other versions:
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