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Dividend and Capital Gains Taxation in a Cross-Section of Firms

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abstract This paper analyzes the general equilibrium effects of the new view on dividend taxation. It embeds the nucleus theory of firm development of Sinn (1991) into a framework of monopolistic competition with new firm creation.

Dividend and capital gains taxes affect the outcome in two dimensions:
First, a differential treatment of dividends and capital gains distorts the
allocation of capital across firms. Second, dividend as well as capital gains taxes are anticipated at the start-up stage of firms. The capitalization is shown to depress firm creation and aggregate capital accumulation.
   
type working paper (English)
   
keywords
   
date of appearance 2003
review not reviewed
   
citation Dietz, M. (2003). Dividend and Capital Gains Taxation in a Cross-Section of Firms.