Tax‐Induced Trading: The Effect of the 1986 Tax Reform Act on Stock Market Activity
研究1986年税收改革法案取消长期资本利得优惠税率后，投资者交易行为的变化，发现1986年12月长期赢家股交易量显著上升，而长期输家股变化不大。
ABSTRACT The end of favorable tax treatment for long‐term capital gains caused investors to reassess traditional tax‐induced trading strategies. This study compares trading behavior in December 1986 and January 1987 with previous years. Our results indicate that these tax code changes had a powerful effect on trading behavior. Relative trading volume was considerably higher in December 1986 for long‐term winners but not significantly lower for long‐term losers. Results also indicate altered trading patterns based on short‐term gains in December 1986 and for long‐term winners in January 1987.