《《Taxes and Investment》.pdfVIP

Review in Advance first posted online on August 28, 2012. (Changes may still occur before final publication online and in print.) Taxes and Investment Choice Robert M. Dammon and Chester S. Spatt Tepper School of Business, Carnegie Mellon University, Pittsburgh, g Pennsylvania 15213; email: rd19@, cspatt@ r o . s w y. e l i n v o e r e l s a u u n l n a a n . o w s r w e p w r m o F o r . f 2 d 1 / e 6 d 1 a / o 0 l 1 Annu. Rev. Financ. Econ. 2012. 4:10.1–10.19 Keywords n w n o o y The Annual Review of Financial Economics is tax clienteles, marginal tax rate, capital gains taxation, tax-timing D t i . s online at 4 r 2. e option, capital gains lock-in, asset location, taxes and asset pricing v 1 i This article’s doi: 0 n 2. U 10.1146/annurev-financial-110311-101819 Abstract n e o t a c t Copyright © 2012 by Annual Reviews. E S Taxes have a first-order effect on investors’