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Doble Imposición, "Efecto Clientela" Y Aversión Al Riesgo

Author

Listed:
  • Antonio Bustos Gisbert

    () (Universidad Complutense de Madrid)

  • Francisco Pedraja Chaparro

    () (Universidad de Extremadura)

Abstract

This paper is aimed at studying robustness in the so-called clientele effect. After having developed the basic characteristics of the global analysis, two different elements which have effects on tax policy are analysed. On one hand, we assume that business saving produces a gain, but in this case, the shareholder obtains an income about which there is no certainty because there is some risk. On the other hand, we have changed the assumption according to which the stock market reflects the theoretical value of shares; in this sense we take for granted that appreciation of companies assets in the equities market reflect a specific mixture of the theoretical and the resulting value from capitalising distributed profits. Classification-JEL : H2, D8, G3.

Suggested Citation

  • Antonio Bustos Gisbert & Francisco Pedraja Chaparro, 2001. "Doble Imposición, "Efecto Clientela" Y Aversión Al Riesgo," Hacienda Pública Española, IEF, vol. 159(4), December.
  • Handle: RePEc:hpe:journl:y:2001:v:159:i:4:a:30
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    References listed on IDEAS

    as
    1. Peter Hoeller & Markku Wallin, 1991. "Energy Prices, Taxes and Carbon Dioxide Emissions," OECD Economics Department Working Papers 106, OECD Publishing.
    2. de Bovenberg, A Lans & Mooij, Ruud A, 1994. "Environmental Levies and Distortionary Taxation," American Economic Review, American Economic Association, pages 1085-1089.
    3. James Banks & Richard Blundell & Arthur Lewbel, 1997. "Quadratic Engel Curves And Consumer Demand," The Review of Economics and Statistics, MIT Press, pages 527-539.
    4. Lawrence H. Goulder, 1994. "Energy Taxes: Traditional Efficiency Effects and Environmental Implications," NBER Chapters,in: Tax Policy and the Economy, Volume 8, pages 105-158 National Bureau of Economic Research, Inc.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Clientele effect; risk aversion; double taxation.;

    JEL classification:

    • H2 - Public Economics - - Taxation, Subsidies, and Revenue
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • G3 - Financial Economics - - Corporate Finance and Governance

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