Experimental Evidence on the Effects of Tax Incentives on Risky Security Prices.
通过实验市场研究税收激励（资本利得优惠和资本损失无限扣除）对风险证券价格的影响，发现税收优惠证券价格高于同等风险的非优惠证券，但结果依赖于税率大小。
Abstract The price of an asset is influenced by both its riskiness and its tax treatment. This study examines the effects of risk and tax treatment on asset prices by conducting an experimental market. Two different forms of tax incentives are examined: preferential treatment of capital gains and an unlimited deduction for capital losses. The study found that securities with favorable tax treatment were higher priced than equally risky, non-tax-favored securities. There was no difference in the price of a high-risk, tax-favored security and a lower-risk, fully-taxable (benchmark) security when the tax-favored security received only one tax benefit. Risky securities receiving favorable capital gain and loss treatment were higher priced than the benchmark security. However, these results are dependent upon the actual magnitudes of the tax rates studied.