| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7827 |
| 来源ID | Working Paper 7827 |
| Capital Gains Holding Periods and Equity Trading: Evidence from the 1998 Tax Act | |
| Jennifer L. Blouin; Jana Smith Raedy; Douglas A. Shackelford | |
| 发表日期 | 2000-08-01 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | This paper exploits an unusually powerful setting to explore a choice many individual investors face regularly the decision to sell today or postpone selling until lower rates are available in the future. We examine trading volume and stock returns around the 1998 reduction in the holding period required for individual investors to receive the most favorable long-term capital gains tax rate. For firms whose initial public shareholders were affected by the legislation, we find trading volume increasing and share returns decreasing in past price performance on the day the legislation was publicly disclosed. The results are consistent with capital gains holding periods distorting markets sufficiently that if investors are permitted to liquidate appreciated positions at favorable rates, enough will sell immediately to move prices. To our knowledge, this is the first study linking trading volume and security prices to a change in capital gains holding periods. |
| 主题 | Public Economics ; Taxation ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w7827 |
| 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/565406 |
| 推荐引用方式 GB/T 7714 | Jennifer L. Blouin,Jana Smith Raedy,Douglas A. Shackelford. Capital Gains Holding Periods and Equity Trading: Evidence from the 1998 Tax Act. 2000. |
| 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 | ||
| w7827.pdf（336KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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