DISCUSSION OF Taxes as a Determinant of Foreign-Owned Property-Liability Insurers' Investment Strategies in the United States.
本文评论了Ke等人关于税收影响外资保险公司投资策略的研究，指出其提供了全球税制影响投资者行为的证据，对税收政策辩论有重要意义。
Abstract The article presents a comment on the research paper by Bin Ke, Edmund Outslay and Kathy R. Petroni, analyzing taxes as a determinant of foreign-owned property-liability insurers' investment strategies in the U.S. The author remarks that he found the paper to be particularly appealing because it provides evidence regarding the impact, if any, of worldwide tax system on investor behavior. This type of study is important because many tax policy debates are buttressed by claims that there is no evidence that a proposed modification in policy has discernible effect. Much of the power of the research design is derived from the data analyzed, and as a result, the analyses in the paper are straightforward and intuitive. The author also comments about where the paper could be improved. He remarks that in the introduction, the authors note that the study provides evidence regarding the role of deferral in investment decisions. Further investigation might provide additional evidence that the results are due to tax deferral rather than to differences in pretax yields on taxable and tax-exempt securities.