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CEIS - Centre for International Studies on Economic Growth >
Quaderni >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/2108/159
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Full metadata record
| DC Field | Value | Language |
|---|
| contributor.author | Swan, Peter L. | - |
| contributor.author | Westerholm, Joakim | - |
| date.accessioned | 2005-12-01T15:29:45Z | - |
| date.available | 2005-12-01T15:29:45Z | - |
| date.issued | 2001-04 | - |
| identifier.uri | http://hdl.handle.net/2108/159 | - |
| description.abstract | Drastic changes in transaction tax on securities trading in both Sweden and Finland give us a unique opportunity to study the effects of a purely exogenous change in transaction costs. The impact on turnover can be predicted accurately using a simple model. Lower transaction costs cause significant increases in turnover with an elasticity of approximately –1. We apply an asset-pricing model that is able to predict asset price changes. The transaction cost elasticity in asset prices is –0.20 for Sweden and –0.21 for Finland. Volatility in securities prices is significantly reduced when transaction costs decrease. We find that the security transaction tax changes are crucial for the increase in activity and prices that are observed on both markets | en |
| format.extent | 352948 bytes | - |
| format.mimetype | application/pdf | - |
| language.iso | en | en |
| publisher | CEIS | en |
| relation.ispartofseries | Quaderni CEIS; 144 | - |
| subject | security transaction tax | en |
| subject | transaction cost | en |
| subject | transaction cost elasticity | en |
| subject.classification | SECS-P/01; Economia politica | en |
| title | The Impact of transaction costs on turnover and asset prices: the cases of Sweden’s and Finland’s security transaction tax reductions | en |
| type | Article | en |
| subject.jel | G12; Asset pricing | en |
| subject.jel | G28; Government policy and regulation | en |
| Appears in Collections: | Quaderni
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Files in This Item:
| File |
Description |
Size | Format |
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| 144.pdf | | 344Kb | Adobe PDF | View/Open |
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