Optimal Tax Timing with Asymmetric Long-Term/Short-Term Capital Gains Tax
构建了一个考虑长期与短期资本利得税率不对称及损失抵扣有限性的最优税务时机模型，解释了投资者为何会递延短期损失和大量长期利得与损失。
We develop an optimal tax-timing model that takes into account asymmetric long-term and short-term tax rates for positive capital gains and limited tax deductibility of capital losses. In contrast to the existing literature, this model can help explain why many investors not only defer short-term capital losses to long term but also defer large long-term capital gains and losses. Because the benefit of tax deductibility of capital losses increases with the short-term tax rates, effective tax rates can decrease as short-term capital gains tax rates increase.