Author: Paul Kupiec (Economiste.)
Publisher:
ISBN:
Category :
Languages : en
Pages : 27
Book Description
On the Ramifications of a Securities Transaction Tax for the Function and Efficiency of Capital Markets
Author: Paul Kupiec (Economiste.)
Publisher:
ISBN:
Category :
Languages : en
Pages : 27
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 27
Book Description
On the Ramifications of a Securities Transactions Tax for the Function and Efficiency of Capital Markets
Author: Paul H. Kupiec
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 48
Book Description
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 48
Book Description
On the Ramifications of a Securities Transaction Tax for the Function and Efficiency of Capital Markets
On the Ramifications of a Securities Transactions Tax for the Function and Efficiency of Capital Markets
Author: Allen N. Berger
Publisher:
ISBN:
Category : Bank capital
Languages : en
Pages : 38
Book Description
Publisher:
ISBN:
Category : Bank capital
Languages : en
Pages : 38
Book Description
On the Ramifications of a Securities Transactions Tax for the Funcion and Efficiency of Capital Markets
Securities Transaction Taxes and Financial Markets
Author: Karl Friedrich Habermeier
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 36
Book Description
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 36
Book Description
Securities Transaction Taxes
Author: Catalyst Institute
Publisher: Irwin Professional Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 216
Book Description
You'll gain an understanding of all sides of this public policy debate - implementation issues, global concerns, and more - that will help you to gage the soundness of current arguments for and against STTs and to come to your own conclusions about their effectiveness.
Publisher: Irwin Professional Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 216
Book Description
You'll gain an understanding of all sides of this public policy debate - implementation issues, global concerns, and more - that will help you to gage the soundness of current arguments for and against STTs and to come to your own conclusions about their effectiveness.
Securities Transaction Taxes and Financial Markets
Author: Karl Habermeier
Publisher:
ISBN:
Category :
Languages : en
Pages : 30
Book Description
This paper argues that securities transaction taxes throw sand not in the wheels, but into the engine of financial markets where the transformation of latent demands into realized transactions takes place. The paper considers the impact of transaction taxes on financial markets in the context of four questions. How important is trading? What causes price volatility? How are prices formed? How valuable is the volume of transactions? The paper concludes that transaction taxes or such equivalents as capital controls can have negative effects on price discovery, volatility, and liquidity and lead to a reduction in the informational efficiency of markets.
Publisher:
ISBN:
Category :
Languages : en
Pages : 30
Book Description
This paper argues that securities transaction taxes throw sand not in the wheels, but into the engine of financial markets where the transformation of latent demands into realized transactions takes place. The paper considers the impact of transaction taxes on financial markets in the context of four questions. How important is trading? What causes price volatility? How are prices formed? How valuable is the volume of transactions? The paper concludes that transaction taxes or such equivalents as capital controls can have negative effects on price discovery, volatility, and liquidity and lead to a reduction in the informational efficiency of markets.
Securities Transaction Tax and Market Quality - The Case of France
Author: Martin Haferkorn
Publisher:
ISBN:
Category :
Languages : en
Pages : 39
Book Description
The French Securities Transaction Tax (also referred as French Tobin Tax) implementation on August 1st, 2012, is considered a landmark development within financial markets regulation. However, until today the controversy about possible drawbacks and applicability of a Securities Transaction Tax (STT) has not reached a conclusion and consequences for market quality and market efficiency are yet to be thoroughly assessed. In this light a rigorous assessment on the STT's effect on market quality and market efficiency is highly desirable as it provides guidance for academics, regulators and practitioners alike. On the basis of a comparison of the French CAC40 with the German DAX, we provide evidence that trading volume significantly drops after the introduction of the STT. Even though the French proposal exempts professional liquidity providing activities, we find increased spreads and a strong decline in top order book depth resulting in additional costs for market participants beside the transaction tax. Most alerting, as the tax affects trading on all French listing venues, we find this deterioration in market efficiency threatening inter-market information transmission by impairing price coordination among the European fragmented markets.
Publisher:
ISBN:
Category :
Languages : en
Pages : 39
Book Description
The French Securities Transaction Tax (also referred as French Tobin Tax) implementation on August 1st, 2012, is considered a landmark development within financial markets regulation. However, until today the controversy about possible drawbacks and applicability of a Securities Transaction Tax (STT) has not reached a conclusion and consequences for market quality and market efficiency are yet to be thoroughly assessed. In this light a rigorous assessment on the STT's effect on market quality and market efficiency is highly desirable as it provides guidance for academics, regulators and practitioners alike. On the basis of a comparison of the French CAC40 with the German DAX, we provide evidence that trading volume significantly drops after the introduction of the STT. Even though the French proposal exempts professional liquidity providing activities, we find increased spreads and a strong decline in top order book depth resulting in additional costs for market participants beside the transaction tax. Most alerting, as the tax affects trading on all French listing venues, we find this deterioration in market efficiency threatening inter-market information transmission by impairing price coordination among the European fragmented markets.
Securities Transaction Taxes
Author: Andrew Wen-Chuan Lo
Publisher:
ISBN:
Category : Finance
Languages : en
Pages : 57
Book Description
Publisher:
ISBN:
Category : Finance
Languages : en
Pages : 57
Book Description