Tax-Motivated Trading by Individual Investors
通过对比个人投资者在应税和递延税账户中的股票交易，发现应税账户存在资本利得锁定效应，且大额交易和持有超12个月的股票更明显；同时全年都有税收损失出售行为。
We analyze stock trades made by individuals holding stock in both taxable and tax-deferred accounts. By comparing trades across these two types of accounts, we uncover a capital gains lock-in effect in taxable accounts. The lock-in effect is more pronounced for large stock transactions and for stocks held for at least 12 months. Over shorter horizons, the disposition effect outweighs the lock-in effect. Comparison of loss realizations in taxable and tax-deferred accounts yields evidence of tax-loss selling throughout the year. Effective accrual tax rates for stocks that experience substantial appreciation are substantially below the statutory tax rate on long-term gains.