Capital Gains Taxes and Asset Prices: Capitalization or Lock‐in?
研究资本利得税对资产价格的影响，发现资本化效应（税负降低需求）和锁定效应（税负减少供给）在不同时期和股票特征下可能分别主导，利用1997年纳税人减税法案验证了两种效应的存在。
ABSTRACT This paper demonstrates that the equilibrium impact of capital gains taxes reflects both the capitalization effect (i.e., capital gains taxes decrease demand) and the lock‐in effect (i.e., capital gains taxes decrease supply). Depending on time periods and stock characteristics, either effect may dominate. Using the Taxpayer Relief Act of 1997 as our event, we find evidence supporting a dominant capitalization effect in the week following news that sharply increased the probability of a reduction in the capital gains tax rate and a dominant lock‐in effect in the week after the rate reduction became effective.