Tax-Loss Selling and the January Effect: Evidence from Municipal Bond Closed-End Funds
LAURA T. STARKS, LI YONG and LU ZHENG∗ THE JOURNAL OF FINANCE • VOL. LXI, NO. 6 • DECEMBER 2006 ABSTRACT This paper provides direct evidence supporting the tax-loss selling hypothesis as an explanation of the January effect. Examining turn-of-the-year return and volume patterns for municipal bond closed-end funds, which are held mostly by tax-sensitive … Read more
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