Abstract We examine the effect of confirmed and tentative changes in long-term capital gains tax rates on direction and magnitude of tax-induced trading. Results show that investors have an asymmetric response to tax rate changes. For all tax events, investors adjust trading in losers more than in winners. Between tax events, investors respond more to a tax rate decrease than to a tax rate increase for both losing and winning stocks. Tax-induced trading activity shows that investors do not differentiate between unconfirmed and confirmed tax rate increases. Uncertainty about an impending tax rate change alters investors’ trading behavior and may affect government tax collections.

中文翻译：

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非对称税收诱导交易：资本利得税变化的影响

摘要 我们研究了长期资本利得税率的确认和暂定变化对税收诱导交易的方向和幅度的影响。结果表明，投资者对税率变化有不对称的反应。对于所有税务事件，投资者对失败者的交易比对赢家的调整幅度更大。在税收事件之间，投资者对亏损和盈利股票的税率降低的反应比对税率提高的反应更大。税收引发的交易活动表明，投资者不会区分未确认和已确认的税率增加。即将到来的税率变化的不确定性会改变投资者的交易行为，并可能影响政府税收。