Intertemporal tax discontinuities
成果类型：
Article
署名作者：
Shackelford, DA; Verrecchia, RE
署名单位：
University of North Carolina; University of North Carolina Chapel Hill; University of Pennsylvania
刊物名称：
JOURNAL OF ACCOUNTING RESEARCH
ISSN/ISSBN：
0021-8456
DOI：
10.1111/1475-679X.00044
发表日期：
2002
页码：
205-222
关键词：
摘要：
We define an intertemporal tax discontinuity (ITD) as a circumstance in which different tax rates are applied to gains realized at one point in time versus some other point in time. We study the effects of ITDs on market behaviors at the time of disclosures of firm performance, assuming that all investors who trade firm equities are subject to tax. The results of our paper suggest that relative to an economy in which ITDs are absent, ITDs may dampen trading volume and amplify price changes at the time of disclosure.
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