Intertemporal Tax Discontinuities
定义了跨期税收不连续性（ITD），即不同时点实现的收益适用不同税率，并研究了ITD在公司业绩披露时对市场行为的影响，发现ITD可能降低交易量并放大价格波动。
We define an intertemporal tax discontinuity (ITD) as a circumstance in which different tax rates are applied to gains realized at one point in time versus some other point in time. We study the effects of ITDs on market behaviors at the time of disclosures of firm performance, assuming that all investors who trade firm equities are subject to tax. The results of our paper suggest that relative to an economy in which ITDs are absent, ITDs may dampen trading volume and amplify price changes at the time of disclosure.