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作者：van Binsbergen, Jules H.; Koijen, Ralph S. J.
作者单位：University of Pennsylvania; University of London; London Business School
摘要：Schulz (2016) replicates the findings of van Binsbergen, Brandt, and Koijen (2012)-henceforth, BBK-and agrees that the average pretax returns on short-term dividend strips are higher than those of the index, but argues that the after-tax returns are not. He thus provides a possible economic interpretation of the results in BBK: taxes. Schulz (2016) estimates the differential tax rates of dividends versus capital gains from ex-dividend day returns. We show that these estimated tax rates are sus...
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作者：Akcigit, Ufuk; Baslandze, Salome; Stantcheva, Stefanie
作者单位：University of Chicago; National Bureau of Economic Research; Harvard University
摘要：We study the effect of top tax rates on superstar inventors' international mobility since 1977, using panel data on inventors from the US and European Patent Offices. We exploit the differential impact of changes in top tax rates on inventors of different qualities. Superstar inventors' location choices are significantly affected by top tax rates. In our preferred specification, the elasticity to the net-of-tax rate of the number of domestic superstar inventors is around 0.03, while that of fo...
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作者：Hurst, Erik; Keys, Benjamin J.; Seru, Amit; Vavra, Joseph
作者单位：University of Chicago; University of Chicago
摘要：Regional shocks are an important feature of the US economy. Households' ability to self-insure against these shocks depends on how they affect local interest rates. In the United States, most borrowing occurs through the mortgage market and is influenced by the presence of government-sponsored enterprises (GSE). We establish that despite large regional variation in predictable default risk, GSE mortgage rates for otherwise identical loans do not vary spatially. In contrast, the private market ...
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作者：Muralidharan, Karthik; Niehaus, Paul; Sukhtankar, Sandip
作者单位：University of California System; University of California San Diego; University of Virginia
摘要：Antipoverty programs in developing countries are often difficult to implement; in particular, many governments lack the capacity to deliver payments securely to targeted beneficiaries. We evaluate the impact of biometrically authenticated payments infrastructure (Smartcards) on beneficiaries of employment (NREGS) and pension (SSP) programs in the Indian state of Andhra Pradesh, using a large-scale experiment that randomized the rollout of Smartcards over 157 subdistricts and 19 million people....
