lukestein’s avatarlukestein’s Twitter Archive—№ 4,714

    1. …in reply to @oz_ince
      @oz_ince Thanks! Saying they were “irrational” would probably be way too strong… as a comparison, you might believe in dividend clientele’s (eg finance.wharton.upenn.edu/~allenf/download/Vita/dividends.pdf) without thinking it “irrational” for a taxable investor to hold a dividend-paying stock. 1/
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  1. …in reply to @lukestein
    @oz_ince But you raise an interesting question about whether we should expect a tax-driven “volatility clientele” effect to be stronger when tax rates and nominal rates are high. My intuition accords with yours: I think we would! 2/
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    1. …in reply to @lukestein
      @oz_ince Note this has some connection to the panel tests we run. 3/3
      oh my god twitter doesn’t include alt text from images in their APIoh my god twitter doesn’t include alt text from images in their APIoh my god twitter doesn’t include alt text from images in their API
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