On 28th November OxTalks will move to the new Halo platform and will become 'Oxford Events' (full details are available on the Staff Gateway).
There will be an OxTalks freeze beginning on Friday 14th November. This means you will need to publish any of your known events to OxTalks by then as there will be no facility to publish or edit events in that fortnight. During the freeze, all events will be migrated to the new Oxford Events site. It will still be possible to view events on OxTalks during this time.
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The removal of an intertemporal tax discontinuity in Germany provides us with a natural experiment to study the causal effect of taxes on individual stock-trading behavior and the disposition effect. Using individual investor transactions data, we find substantial spikes in selling probabilities around the intertemporal tax discontinuity and no such spikes after the abolishment. In all pre-reform years, the disposition effect is reversed (unusual large) to the left (right) of the tax discontinuity. Using bunching methods, non-parametric regressions, and changes in effective tax rates, we find that investors reduce their effective tax rate by 11.3% due to behavioral responses.
(Florian Buhlmann, Philipp Doerrenberg, Benjamin Loos & Johannes Voget)
