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@@ -98,7 +98,7 @@ Portfolio Selection; Market Frictions; FinTech; Market Microstructure; Stochasti
     <b>submitted</b>. [<a href="" onclick="toggleAbstract('abs_TaxTC');return false">Abstract</a>|<a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4952040" target="_blank">SSRN</a>]<br>
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-        <i>We develop a dynamic portfolio model incorporating capital gains tax (CGT), year-end taxation, and transaction costs. We find that transaction costs affect loss deferrals much more than gain deferrals, and such effects are asymmetric in the presence of accumulated realized gains and losses. Our model can help explain the puzzle that even when investors face equal long-term/short-term CGT rates or almost zero interest rates, they may still defer realizing large capital losses. In addition, it provides several unique, empirically testable predictions.</i>
+        <i>We develop a dynamic portfolio model incorporating capital gains tax (CGT), transaction costs, and year-end taxation. We find that even tiny transaction costs can lead to significant deferral of large losses and transaction costs affect loss deferrals much more than gain deferrals. Our model can thus help explain the puzzle that even when investors face  equal long-term/short-term CGT rates, they may still defer realizing large capital losses for an extended period of time, displaying the disposition effect. In addition, we find misestimating transaction costs is costly. We also provide several unique, empirically testable predictions and shed light on recently proposed tax policy changes.</i>
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