Buhlmann, Florian; Doerrenberg, Philipp; Voget, Johannes; … - 2020 - This version: May 13, 2020
We exploit a large reform of capital-gains taxation in Germany combined with portfolio-level daily panel data to study the causal effect of taxes on individual stock-trading behavior and the disposition effect. We find substantial spikes in selling probabilities around an intertemporal tax...