From 3b66629287786077a7737a715334c19d6d2caa1e Mon Sep 17 00:00:00 2001
From: Chen Yang <yc4646@gmail.com>
Date: Fri, 1 Aug 2025 09:57:41 +0800
Subject: [PATCH] Removed one paper.

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         </li><br>
 
-        <li>Portfolio Selection with Time-Varying Taxation (with Xianhao Zhu).<br>
-            Working Paper. <span class="links">[<a class="paperlink" href="" onclick="toggleAbstract('abs_TaxTimeVarying');return false">Abstract</a>]</span><br>
-            <div class="fade-in" style="display:none" id="abs_TaxTimeVarying">
-                <hr>
-                The capital gains tax rate has fluctuated significantly over time, leading to substantial changes in
-                    investors' optimal strategies, as documented by the empirical studies. This paper proposes a novel
-                    continuous-time portfolio selection framework with a time-varying capital gains tax rate. Featuring
-                    differential tax rate announcement time and implementation time, our framework is able to capture
-                    the investors' anticipation over a potential future tax rate change before its announcement, as well
-                    as their reaction to an announced tax change yet to be implemented. The optimal investment strategy
-                    embodies the interaction between the time-varying tax rate and the lock-in and diversification
-                    effects proposed in the existing literature. Furthermore, our findings provide theoretical support
-                    for the permanent and transitory effects of tax rate changes documented in the empirical studies.
-                    The strength of the transitory effect depends on the size of the tax rate change, and the tax rate
-                    uncertainty mostly affects the transitory effect and has a negligible impact on the permanent
-                    effect. Moreover, the permanent effect vanishes under a zero interest rate while the transitory
-                    effect persists. 
-            </div>
-        </li><br>
-
         <li>Periodic Evaluation with Non-Concave Utility (with <a class="authorlink"
                 href="https://scholar.google.com/citations?user=OzeF8T0AAAAJ&hl" target="_blank">Cong Qin</a> and <a class="authorlink"
                 href="https://www.ma.ic.ac.uk/~hz/"> Harry Zheng</a>).<br>