Kristian Rydqvist: Binghamton University, Postal: State University of New York, PO BOX 6000, Binghamton, NY 13902-6000, USA
Abstract: Swedish lottery bonds are valuable tax shelters before the tax reform of 1991. By trading around the coupon lottery, high-tax investors with capital gains from the stock market shift their tax liability to low-tax investors. The uncertainty of the coupon lottery and the effort of verifying the winning lottery bond numbers are a nuisance to tax traders. We investigate how the Treasury (issuer), market makers (banks), and lottery bond investors respond to those frictions.
31 pages, April 15, 2010
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