MARGINAL STOCKHOLDER TAX RATES AND THE CLIENTELE EFFECT

This paper has been presented at the Econometric Society Meetings, Fall 1968 and Operations Research and Management Science Meetings, May 1, 1969. The research for this paper was started at the Harvard Seminar on Research in Finance, sponsored by the Ford Foundation in 1967 and continued support was provided by the Office of Research, Schools of Business, New York University. Computational assistance was provided by William O'Neill and Constantine Fliakos. We would like to thank Michael Keenan and William O'Neill for helpful comments and suggestions.