| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10275 |
| 来源ID | Working Paper 10275 |
| Tax-Motivated Trading by Individual Investors | |
| Zoran Ivkovich; James Poterba; Scott Weisbenner | |
| 发表日期 | 2004-02-02 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | We use data on the stock trades of a large number of individual investors to study how tax incentives affect the realization of capital gains and losses. We compare investors' realizations in their taxable and tax-deferred accounts, which allows us to identify tax-motivated trading. We reach three conclusions. First, we find a strong lock-in effect for capital gains in taxable accounts relative to tax-deferred accounts. The capital gains lock-in effect is stronger for large than for small transactions, and it intensifies at longer holding periods. Second, we find tax-loss selling throughout the calendar year, though it is most pronounced in December, particularly if the investor has realized capital gains elsewhere in the portfolio during the year. Third, we observe substantial heterogeneity in individual investors' propensity to trade. Controlling for this heterogeneity, however, does not alter the relationship between a stock's past performance and the realization decision. |
| 主题 | Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w10275 |
| 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/567904 |
| 推荐引用方式 GB/T 7714 | Zoran Ivkovich,James Poterba,Scott Weisbenner. Tax-Motivated Trading by Individual Investors. 2004. |
| 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 | ||
| w10275.pdf（551KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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