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Securities Transaction Taxes And Market Quality Of Equity And Futures Markets
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Book Synopsis Securities Transaction Taxes and Market Quality of Equity and Futures Markets by : George H. K. Wang
Download or read book Securities Transaction Taxes and Market Quality of Equity and Futures Markets written by George H. K. Wang and published by . This book was released on 2018 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses arguments for and against a securities transaction tax (STT) and evaluates the pros and cons based on a review of empirical evidence concerning the impact of STTs on equity and futures markets (i.e., trading volume, bid-ask spreads, and price volatility) and market efficiency in various countries. I find that an STT would likely reduce trading volume and increase trading cost, but may not reduce price volatility. The size of potential STT revenue depends on the STT's impact on market activity. A sizable STT on futures and equity markets would not only fail to generate the expected tax revenue, it would also likely hurt the international competitiveness of US equity and futures markets.
Book Synopsis Securities Transaction Taxes by : Catalyst Institute
Download or read book Securities Transaction Taxes written by Catalyst Institute and published by Irwin Professional Publishing. This book was released on 1994 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Transaction Tax and Market Quality of the Taiwan Stock Index Futures by : Robin K. Chou
Download or read book Transaction Tax and Market Quality of the Taiwan Stock Index Futures written by Robin K. Chou and published by . This book was released on 2006 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: On May 1, 2000, the Taiwan government reduced the tax levied on futures transactions on the Taiwan Futures Exchange from 5 to 2.5 basis points. This event provides us with a unique opportunity to test empirically the impact of a tax rate reduction on trading volume, bid-ask spreads, and price volatility. Intraday and daily time series data from May 1, 1999 to April 30, 2001 are tested in a three equation structural model. Our findings show that transaction taxes have a negative impact on trading volume and bid-ask spreads, as we find that trading volume increased and bid-ask spreads decreased in the period following the reduction in the transaction tax. Our analysis is not consistent with the argument that the imposition of a transaction tax may reduce price volatility, since there are no significant changes in price volatility after the tax reduction. We further find that, although the reduction in the transaction tax did reduce tax revenues, the proportional decrease in tax revenues is less than the 50% reduction in the tax rate. Finally, tax revenues in the second and third year after the tax reduction increased, as compared to the year before the tax reduction.
Book Synopsis Securities Transaction Taxes by : R. Glenn Hubbard
Download or read book Securities Transaction Taxes written by R. Glenn Hubbard and published by . This book was released on 1993 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Securities Transaction Taxes and Financial Markets by : Karl Friedrich Habermeier
Download or read book Securities Transaction Taxes and Financial Markets written by Karl Friedrich Habermeier and published by . This book was released on 2001 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Securities Transaction Tax and Market Quality - The Case of France by : Martin Haferkorn
Download or read book Securities Transaction Tax and Market Quality - The Case of France written by Martin Haferkorn and published by . This book was released on 2013 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis On the Ramifications of a Securities Transactions Tax for the Function and Efficiency of Capital Markets by : Paul H. Kupiec
Download or read book On the Ramifications of a Securities Transactions Tax for the Function and Efficiency of Capital Markets written by Paul H. Kupiec and published by . This book was released on 1992 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Two Exogenous Issues Related to Market Quality by : Anna Pomeranets
Download or read book Two Exogenous Issues Related to Market Quality written by Anna Pomeranets and published by . This book was released on 2011 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: I examine two exogenous issues and their impact on market quality. The first is the New York State imposed Securities Transaction Tax (STT). Over the last two decades there has been an ongoing debate among academics, politicians and regulators, across various jurisdictions, on the impact a STT has on market quality. I contribute to this debate by examining eight changes in the level of a STT, include all firms trading on the New York Stock Exchange (NYSE) and American Stock Exchange (AMEX) to test the impact on volatility and liquidity, and employ a dataset that offers the opportunity to study the impact of a STT on market share. Overall, there is no impact of a STT on volatility, contrary to proponents of the tax suggesting that a STT reduces volatility. I also find that spreads are directly related to a STT as spreads widen (tighten) when there is an increase (decrease) in the level of the tax. In addition, I find support for the hypothesis that a STT in New York State drives volume to regional exchanges. These findings confirm what opponents of the STT suggest: a STT does not decrease volatility, increases spreads and is accompanied by a decline in market share on the local exchange. The second issue I study is the impact of forced consolidation. There is a general lack of agreement among academics as to the optimal level of consolidation in markets. This paper contributes to the ongoing debate by examining the impact of the SEC mandated consolidation of US markets on various measures of market quality. The overall findings suggest that consolidation improves market quality. In particular I find that volatility, effective spreads, and Amihud's illiquidity measure all decline following the imposition of three consolidating systems on US markets in the 1970s: the Consolidated Tape System, the Inter-market Trading System, and the Consolidated Quote System. My findings are robust to changes in firm-specific variables, market wide trends, and the endogeneity of control variables. Given recent announcements concerning consolidation efforts on both sides of the Atlantic, this paper has immediate policy implications.
Book Synopsis Securities Transaction Taxes for U.S. Financial Markets by : Robert Pollin
Download or read book Securities Transaction Taxes for U.S. Financial Markets written by Robert Pollin and published by . This book was released on 2008 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the viability of security transaction excise taxes (STETs) as one policy tool for promoting a more stable financial environment, specifically with respect to the U.S. economy. Contrary to a large recent critical literature, we show that a STET can be designed without creating large distortions between segments of the financial market. We also show that a modest STET for the U.S. - beginning with a 0.5 percent tax on equity trades and scaled appropriately for other financial instruments - would generate substantial new government revenues, on the order of $100 billion per year.
Book Synopsis Does Securities Transaction Tax Distort Market Microstructure? Evidence from Indian Stock Market by : Dhananjay Sahu
Download or read book Does Securities Transaction Tax Distort Market Microstructure? Evidence from Indian Stock Market written by Dhananjay Sahu and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Tapping into the quot;psychologyquot; of the market, speculators resort to quot;noise-tradingquot; rather trading on the basis of the real value of the stock and this behavior has the potential to distort the market microstructure as evidenced in most developed and developing financial markets. The popular international practice of curbing such quot;noise-tradingquot; has been the introduction of securities transaction tax on a broad range of financial transactions. In consonance with the international practice and the general philosophy that financial stability should be treated as public good, Indian policy makers have introduced securities transaction tax in October, 2004 despite divergent opinions on the effect of STT on financial markets. The objective of this paper is to examine the impact of STT on market volatility and liquidity in Indian stock market. The data comprises of eleven frequently traded equity instruments listed at National Stock Exchange, India and spans over a period of 2 years before and 2 years after the introduction of securities transaction tax. Owing to the heteroscedasticity behavior of time series data, ARCH family of model is used to study the impact. The results indicate that the introduction of securities transaction tax has had no impact on market volatility and also it does not distort the liquidity in Indian stock market. Further, the result also implies an interesting fact that the informational efficiency of the market is not affected by the introduction of STT.
Book Synopsis Taxing Financial Transactions by : Ms.Thornton Matheson
Download or read book Taxing Financial Transactions written by Ms.Thornton Matheson and published by International Monetary Fund. This book was released on 2011-03-01 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: In reaction to the recent financial crisis, increased attention has recently been given to financial transaction taxes (FTTs) as a means of (1) raising revenue for a variety of possible purposes and/or (2) helping to curb financial market excesses. This paper reviews existing theory and evidence on the efficacy of an FTT in fulfilling those tasks, on its potential impact, and on key issues to be faced in designing taxes of this kind.
Book Synopsis Securities and Futures by : United States. General Accounting Office
Download or read book Securities and Futures written by United States. General Accounting Office and published by . This book was released on 1986 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Liquidity, Markets and Trading in Action by : Deniz Ozenbas
Download or read book Liquidity, Markets and Trading in Action written by Deniz Ozenbas and published by Springer Nature. This book was released on 2022 with total page 111 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book addresses four standard business school subjects: microeconomics, macroeconomics, finance and information systems as they relate to trading, liquidity, and market structure. It provides a detailed examination of the impact of trading costs and other impediments of trading that the authors call rictions It also presents an interactive simulation model of equity market trading, TraderEx, that enables students to implement trading decisions in different market scenarios and structures. Addressing these topics shines a bright light on how a real-world financial market operates, and the simulation provides students with an experiential learning opportunity that is informative and fun. Each of the chapters is designed so that it can be used as a stand-alone module in an existing economics, finance, or information science course. Instructor resources such as discussion questions, Powerpoint slides and TraderEx exercises are available online.
Book Synopsis The New Stock Market by : Merritt B. Fox
Download or read book The New Stock Market written by Merritt B. Fox and published by Columbia University Press. This book was released on 2019-01-08 with total page 612 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. stock market has been transformed over the last twenty-five years. Once a market in which human beings traded at human speeds, it is now an electronic market pervaded by algorithmic trading, conducted at speeds nearing that of light. High-frequency traders participate in a large portion of all transactions, and a significant minority of all trade occurs on alternative trading systems known as “dark pools.” These developments have been widely criticized, but there is no consensus on the best regulatory response to these dramatic changes. The New Stock Market offers a comprehensive new look at how these markets work, how they fail, and how they should be regulated. Merritt B. Fox, Lawrence R. Glosten, and Gabriel V. Rauterberg describe stock markets’ institutions and regulatory architecture. They draw on the informational paradigm of microstructure economics to highlight the crucial role of information asymmetries and adverse selection in explaining market behavior, while examining a wide variety of developments in market practices and participants. The result is a compelling account of the stock market’s regulatory framework, fundamental institutions, and economic dynamics, combined with an assessment of its various controversies. The New Stock Market covers a wide range of issues including the practices of high-frequency traders, insider trading, manipulation, short selling, broker-dealer practices, and trading venue fees and rebates. The book illuminates both the existing regulatory structure of our equity trading markets and how we can improve it.
Book Synopsis Trading and Electronic Markets: What Investment Professionals Need to Know by : Larry Harris
Download or read book Trading and Electronic Markets: What Investment Professionals Need to Know written by Larry Harris and published by CFA Institute Research Foundation. This book was released on 2015-10-19 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: The true meaning of investment discipline is to trade only when you rationally expect that you will achieve your desired objective. Accordingly, managers must thoroughly understand why they trade. Because trading is a zero-sum game, good investment discipline also requires that managers understand why their counterparties trade. This book surveys the many reasons why people trade and identifies the implications of the zero-sum game for investment discipline. It also identifies the origins of liquidity and thus of transaction costs, as well as when active investment strategies are profitable. The book then explains how managers must measure and control transaction costs to perform well. Electronic trading systems and electronic trading strategies now dominate trading in exchange markets throughout the world. The book identifies why speed is of such great importance to electronic traders, how they obtain it, and the trading strategies they use to exploit it. Finally, the book analyzes many issues associated with electronic trading that currently concern practitioners and regulators.
Book Synopsis Securities Market Issues for the 21st Century by : Merritt B. Fox
Download or read book Securities Market Issues for the 21st Century written by Merritt B. Fox and published by . This book was released on 2018 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Guide to Financial Markets by : Marc Levinson
Download or read book Guide to Financial Markets written by Marc Levinson and published by The Economist. This book was released on 2018-07-24 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: The revised and updated 7th edition of this highly regarded book brings the reader right up to speed with the latest financial market developments, and provides a clear and incisive guide to a complex world that even those who work in it often find hard to understand. In chapters on the markets that deal with money, foreign exchange, equities, bonds, commodities, financial futures, options and other derivatives, the book examines why these markets exist, how they work, and who trades in them, and gives a run-down of the factors that affect prices and rates. Business history is littered with disasters that occurred because people involved their firms with financial instruments they didn't properly understand. If they had had this book they might have avoided their mistakes. For anyone wishing to understand financial markets, there is no better guide.
