作者：Babina, Tania; Jotikasthira, Chotibhak; Lundblad, Christian; Ramadorai, Tarun
作者单位：Columbia University; Southern Methodist University; University of North Carolina; University of North Carolina Chapel Hill; Imperial College London; Center for Economic & Policy Research (CEPR)
摘要：We evaluate the impacts of tax policy on asset returns using the U.S. municipal bond market. In theory, tax-induced ownership segmentation limits risk sharing, creating downward-sloping regions of the aggregate demand curve for the asset. In the data, cross-state variation in tax privilege policies predicts differences in in-state ownership of local municipal bonds; the policies create incentives for concentrated local ownership. High tax privilege states have muni bond yields that are more se...
作者：Jegadeesh, Narasimhan; Mangipudi, Chandra Sekhar
作者单位：Emory University
摘要：Recent evidence indicates that market model alphas are stronger predictors of mutual fund flows than alphas with other models. Some recent papers have interpreted this evidence to mean that CAPM is the best asset pricing model, but some others have interpreted it as evidence against investor sophistication. We evaluate the merits of these mutually exclusive interpretations. We show that no tenable inference about the validity of any asset pricing model can be drawn from this evidence. Rejectin...
