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Taxation and Portfolio Structure: Issues and Implications
This paper provides an overview of how taxation affects household portfolio structure. It begins by outlining six aspects of portfolio behavior that may be influenced by the tax system. These are asset selection, asset allocation, borrowing, asset location in taxable and tax-deferred accounts, asset turnover, and whether to hold assets directly or through financial intermediaries. The analysis considers how ignoring tax considerations may bias estimates of how other variables, such as income ordoi:10.3386/w8223 fatcat:rqg4arrcjfauzaq2g3lpbwdtnq