TY - JOUR
T1 - The share market boom and the recent disinflation in the OECD countries
T2 - The tax-effects, the inflation-illusion and the risk-aversion hypotheses reconsidered
AU - Madsen, Jakob B.
PY - 2002/2/12
Y1 - 2002/2/12
N2 - This paper tests the tax-effect, the inflation-illusion and the risk-aversion hypotheses using pooled cross-section and time series data for the OECD countries for the postwar and the Great Depression periods. The estimates suggest that share markets suffer from inflation illusion and fail to incorporate into share prices the tax penalties that are associated with inflation due to depreciation at historical costs.
AB - This paper tests the tax-effect, the inflation-illusion and the risk-aversion hypotheses using pooled cross-section and time series data for the OECD countries for the postwar and the Great Depression periods. The estimates suggest that share markets suffer from inflation illusion and fail to incorporate into share prices the tax penalties that are associated with inflation due to depreciation at historical costs.
UR - http://www.scopus.com/inward/record.url?scp=0036163546&partnerID=8YFLogxK
U2 - 10.1016/S1062-9769(01)00117-X
DO - 10.1016/S1062-9769(01)00117-X
M3 - Article
AN - SCOPUS:0036163546
VL - 42
SP - 115
EP - 141
JO - The Quarterly Review of Economics and Finance
JF - The Quarterly Review of Economics and Finance
SN - 1062-9769
IS - 1
ER -