| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7451 |
| 来源ID | Working Paper 7451 |
| Intertemporal Tax Discontinuities | |
| Douglas A. Shackelford; Robert E. Verrecchia | |
| 发表日期 | 1999-12-01 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | This paper defines an intertemporal tax discontinuity (ITD) as a circumstance in which different tax rates are applied to gains and losses realized at one point in time versus some other point in time, and studies the effects of ITDs on market behaviors at the time of disclosures of firm performance. The results show that ITDs either depress or amplify trading volume at the time of disclosure, depending upon whether the disclosure is 'good news' or 'bad news,' repectively, and lead to 'overreactions' in price changes independent of the 'news.' We propose empirical tests of one intertemporal tax discontinuity, the spread between short-term capital gains tax rates and long-term capital gains tax rates. We predict that stock responses to disclosures, such as quarterly earnings announcements, increase in the difference between short- term and long-term capital gains tax rates. |
| 主题 | Public Economics ; Taxation ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w7451 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/564990 |
| 推荐引用方式 GB/T 7714 | Douglas A. Shackelford,Robert E. Verrecchia. Intertemporal Tax Discontinuities. 1999. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w7451.pdf（1581KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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