Tax Regimes and the Demand for Risky Assets: Some Experimental Market Evidence.
通过实验市场研究不同税收制度下风险资产的需求，发现市场机制导致税收利益从买方转移到卖方，这一结果未被先前理论预测。
Abstract The demand for risky assets, under various tax regimes, Is examined using an experimental market. Both aggregate/market and individual portfolio holdings are generally consistent with theoretical predictions. However, the market mechanism results In a shifting of tax benefits (or costs) from buyers to sellers, a result not predicted by previous theory. Tax policy implications are discussed.