Transaction Costs and Volatility on Warsaw Stock Exchange : Implications for Financial Transaction Tax

• Autorzy: Michał Zator
• Języki publikacji: EN

Abstrakty

EN

We present the concept of financial transaction tax (Tobin tax, FTT) and describe its potential consequences. We analyse the relation between transaction costs and volatility of prices by presenting empirical evidence from Warsaw Stock Exchange and exploiting the natural experiment of varying tick size. A higher tick size (and thus increased transaction costs) seems to be connected to higher volatility. Since increased transaction costs may be a proxy for the effect of FTT, our findings may be interpreted as an evidence against the stabilizing role of the tax. (original abstract)

Słowa kluczowe

EN

Transaction cost; Tobin tax; Stock exchange dealings; Stock market; Financial transaction tax (FTT)

PL

Koszty transakcyjne; Podatek Tobina; Transakcje giełdowe; Giełda papierów wartościowych; Podatek od transakcji finansowych

• Czasopismo: Bank i Kredyt
• Rocznik: 2014
• Numer: nr 4
• Strony: 349--372

Twórcy

autor

Michał Zator

• Uniwersytet Ekonomiczny we Wrocławiu

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