رونق بازار سهم و کاهش تورم اخیر در کشورهای OECD: اثرات مالیات، توهم تورم و فرضیه ریسک گریزی تجدیدنظرشده

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.