【本期主题】Optimal Tax-timing with Asymmetric Long-term/Short-term Capital Gains Tax

We develop an optimal tax timing model that takes into account asymmetric long-term/short-term tax rates for positive capital gains and limited tax deductibility of capital losses. In contrast to the existing literature, this model can help explain why many investors not only defer short-term capital losses to long term but also defer large long-term capital gains and losses. Because the benefit of tax deductibility of capital losses increases with the short-term tax rates, effective tax rates can decrease as short-term capital gains tax rates increase.

【报告人】戴民 新加坡国立大学教授、量化金融中心主任

【时 间】12月19日 上午10:00

【地 点】明德主楼0509室

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报告人简介：

Prof. Min Dai is currently the director of the Centre for Quantitative Finance and the deputy director of Risk Management Institute, National University of Singapore (NUS). Prior to joining NUS in 2004, he worked as a post-doc, lecturer, and associate professor at Peking University after receiving his PhD degree from Fudan University in 2000. His research focuses on mathematical finance,particularly on financial derivative pricing and optimal investment with market imperfections. Currently he is in the Editorial Board of Journal of Economic Dynamics and Control and Asia-Pacific Journal of Operational Research.

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