The NSW Government's 2020 proposal to replace stamp duty on all properties with an annual tax based on unimproved land values is estimated to increase home ownership by 6.6%, through changes in purchaser holding periods, a shift of tax burden from investors to owner-occupiers and a relaxed deposit constraint. The model of home ownership highlights the importance of purchasers' holding periods, with implications for the effects of tax reforms, institutional ownership of rental properties and population growth. The paper provides an easily calibrated model of home purchases that could be used to quantify home ownership effects of various tax reforms.
{"title":"Stamp Duty Reform and Home Ownership*","authors":"Michael Warlters","doi":"10.1111/1475-4932.12754","DOIUrl":"10.1111/1475-4932.12754","url":null,"abstract":"<p>The NSW Government's 2020 proposal to replace stamp duty on all properties with an annual tax based on unimproved land values is estimated to increase home ownership by 6.6%, through changes in purchaser holding periods, a shift of tax burden from investors to owner-occupiers and a relaxed deposit constraint. The model of home ownership highlights the importance of purchasers' holding periods, with implications for the effects of tax reforms, institutional ownership of rental properties and population growth. The paper provides an easily calibrated model of home purchases that could be used to quantify home ownership effects of various tax reforms.</p>","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"99 327","pages":"492-511"},"PeriodicalIF":1.2,"publicationDate":"2023-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87422568","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Using a quarterly survey of 23,000 Australian retail equity investors, we study the relationship between beliefs about risk and returns and stock market intentions regarding holding, buying and selling. We provide evidence that investor intentions regarding buying or selling are primarily characterised by risk and return expectations, but sensitivity to their beliefs about risk and returns is greater for the intention to sell than to buy. In contrast, demographic factors such as gender, income and age play a key role in the decision to hold rather than trade. The results have significant ramifications for stock market participation and trading intensity in Australia.
{"title":"Retail Investor Trading Intentions: New Evidence from Australia*","authors":"Sarantis Tsiaplias, Qi Zeng, Guay C. Lim","doi":"10.1111/1475-4932.12752","DOIUrl":"10.1111/1475-4932.12752","url":null,"abstract":"<p>Using a quarterly survey of 23,000 Australian retail equity investors, we study the relationship between beliefs about risk and returns and stock market intentions regarding holding, buying and selling. We provide evidence that investor intentions regarding buying or selling are primarily characterised by risk and return expectations, but sensitivity to their beliefs about risk and returns is greater for the intention to sell than to buy. In contrast, demographic factors such as gender, income and age play a key role in the decision to hold rather than trade. The results have significant ramifications for stock market participation and trading intensity in Australia.</p>","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"99 327","pages":"512-535"},"PeriodicalIF":1.2,"publicationDate":"2023-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-4932.12752","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91036735","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Foxconned: Imaginary Jobs, Bulldozed Homes & the Sacking of Local Government, by Lawrence Tabak (University of Chicago Press, 2021), xxi + 290 pp.","authors":"Robert Breunig","doi":"10.1111/1475-4932.12713","DOIUrl":"https://doi.org/10.1111/1475-4932.12713","url":null,"abstract":"","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"98 323","pages":"408-410"},"PeriodicalIF":1.2,"publicationDate":"2022-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91555277","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Women in the Workforce: What Everyone Needs to Know, by Laura M. Argys and Susan L. Averett. (Oxford University Press, New York, NY, 2022), 242 pp.","authors":"Declan Trott","doi":"10.1111/1475-4932.12711","DOIUrl":"https://doi.org/10.1111/1475-4932.12711","url":null,"abstract":"","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"98 323","pages":"416-418"},"PeriodicalIF":1.2,"publicationDate":"2022-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91555646","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"In Defense of Public Debt, by BarryEichengreen, AsmaaEl‐Ganainy, RuiEsteves and Kris James Mitchener (Oxford University Press, 2021), 320 pp. DOI: https://doi.org/10.1093/oso/9780197577899.001.0001.","authors":"Peter Skott","doi":"10.1111/1475-4932.12710","DOIUrl":"https://doi.org/10.1111/1475-4932.12710","url":null,"abstract":"","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"11 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2022-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72902715","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Behavioural Economics and Terrorism: Law Enforcement and Patterns of Behaviour, by Peter J.Phillips and GabrielaPohl (Routledge, 2021), vii + 217 pp.","authors":"E. Corner","doi":"10.1111/1475-4932.12712","DOIUrl":"https://doi.org/10.1111/1475-4932.12712","url":null,"abstract":"","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"21 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2022-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87554972","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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