Professor at the Paris School of Economics (PSE) and Director of the Institut des politiques publiques (IPP), Antoine Bozio holds a PhD in Economics from EHESS (Paris). Between 2006 and 2011, he worked in London at the Institute of Fiscal Studies (IFS). He is currently Associate Professor at the Paris School of Economics (PSE, EHESS) and the director of the Institut des Politiques Publiques (IPP), a research centre jointly developed by the PSE and the CREST. Following the model of the IFS, the IPP aims to promote quantitative analysis and evaluation of public policy in France using cutting edge research methods in economics. In 2017 he received the award of the best French economist under the age of 40. Antoine is also an International Research Fellow at the IFS in London.
His research interests focus on taxation, pension systems and social policies.
Follow the money! Why dividends overreact to flat-tax reforms
We estimate behavioral responses to dividend taxation using recent French reforms: a rate hike and, five years later, a cut. Exploiting tax data at household and firm-level, we find very large dividend tax elasticities to both reforms. Individuals who control firms adjust dividend receipts instantaneously, accounting for most of the aggregate dividend reaction. Investment is insensitive to dividend taxation, except in small firms whose reaction is moderately negative. Dividend adjustments are instead driven by corporate saving, as owner-managers treat firms as tax-free saving vehicles. Small businesses’ profits decline following dividend tax increases, suggesting firms also serve as tax-free consumption vehicles.
(Laurent Bach, Antoine Bozio, Brice Fabre, Arthur Guillouzouic, Claire Leroy and Clément Malgouyres)
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