DOBLE IMPOSICIÓN, "EFECTO CLIENTELA" Y AVERSIÓN AL RIESGO

Antonio Bustos Gisbert () and Francisco Pedraja Chaparro ()
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Antonio Bustos Gisbert: Universidad Complutense de Madrid
Francisco Pedraja Chaparro: Universidad de Extremadura

Hacienda Pública Española / Review of Public Economics, 2001, vol. 159, issue 4

Abstract: This paper is aimed at studying robustness in the so-called clientele effect. After having developed the basic characteristics of the global analysis, two different elements which have effects on tax policy are analysed. On one hand, we assume that business saving produces a gain, but in this case, the shareholder obtains an income about which there is no certainty because there is some risk. On the other hand, we have changed the assumption according to which the stock market reflects the theoretical value of shares; in this sense we take for granted that appreciation of companies assets in the equities market reflect a specific mixture of the theoretical and the resulting value from capitalising distributed profits. Classification-JEL : H2, D8, G3.

Keywords: Clientele effect; risk aversion; double taxation. (search for similar items in EconPapers)
Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:hpe:journl:y:2001:v:159:i:4:a:30

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