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Sauter, Nicolas; Winter, Joachim (2010): Do investors respond to tax reform? Evidence from a natural experiment in Germany. In: Economics Letters, Vol. 108, Nr. 2: S. 193-196
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Abstract

We present new evidence for the importance of taxation in households’ investment decisions. A difference-in-difference analysis shows that a tax reform in Germany which revoked the tax exemption of life insurance returns triggered a significant increase in demand prior to the reform.