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| Author: | Bolster, P. J. Lindsey, L. B. Mitrusi, A. |
| Title: | Tax-induced trading: the effect of the 1986 tax reform act on stock market activity. |
| Journal: | Journal of Finance
1989 : JUN, VOL. 44:2, p. 327-344 |
| Index terms: | STOCK MARKETS INVESTMENT ANALYSIS TAXATION TRADE USA |
| Language: | eng |
| Abstract: | The end of favourable tax treatment for long-term capital gains caused investors to reassess traditional tax-induced trading strategies. Trading behavior in December 1986 and January 1987 is compared with previous years. The results indicate that 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. |
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