Personal Taxation, Pension Wealth, and Portfolio Composition
研究个人所得税和养老金财富如何影响家庭的投资组合选择，基于美国截面数据发现两者均有显著作用，忽略养老金会误解税收的影响。
This paper emphasizes the roles played by personal taxation and pension wealth in portfolio choice and composition. A theoretical discussion of the impacts of taxation and participation in social security and private pension systems on individual wealth allocation is followed by empirical evidence based on U.S. cross-section data. Both effects prove to be significant. Anticipated social security and private pension benefits exert a measurable influence on household portfolio allocation. Their omission from an asset demand model may lead to a misinterpretation of the impact of taxation on portfolio composition.