Effects of Capital Gains Taxation on Life-Cycle Investment and Portfolio Management
研究资本收入税（包括应计税和已实现资本利得税）对总储蓄和企业金融工具需求的影响，发现即使在单一税率下，投资者也可能同时持有债务和股权，且两种税对储蓄和消费行为影响不同。
We examine the impact of capital income taxation, both accrual forms of taxation and taxation of realized capital gains, on total savings and the demand for corporate financial instruments. We find that investors may hold both debt and equity in the face of effective collection of capital gains taxation even in a flat tax system. We also find that the two taxes will have substantially different effects on saving and consumption behavior, making it unlikely that the tax structure can be summarized by any single equivalent accrual tax rate.