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Effects of securities transaction taxes on depth and bid-ask spread

Dupont, Dominique Y. and Lee, Gabriel (2007) Effects of securities transaction taxes on depth and bid-ask spread. Economic Theory 31 (2), pp. 393-400.

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Other URL: http://www.springerlink.com/content/ml61350253655452/?p=ac5aa65cabe843868529508d5b84b619&pi=0


Abstract

This note investigates the effects of introducing a transaction tax on depth and bid-ask spread using a static model where a competitive market maker faces informed and liquidity traders. When the degree of information asymmetry is low, an increase in the transaction tax can result into a smaller rise in the selling price and the depth may even increase in some cases.When information asymmetry is ...

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Item type:Article
Date:May 2007
Institutions:Business, Economics and Information Systems > Institut für Volkswirtschaftslehre und Ökonometrie > Lehrstuhl für Immobilienökonomie (Prof. Dr. Gabriel Lee)
Business, Economics and Information Systems > Institut für Immobilienenwirtschaft / IRE|BS > Lehrstuhl für Immobilienökonomie (Prof. Dr. Gabriel Lee)
Identification Number:
ValueType
10.1007/s00199-006-0097-3DOI
Keywords:Asymmetric information; Securities transaction taxes; Liquidity
Dewey Decimal Classification:300 Social sciences > 330 Economics
Status:Published
Refereed:Yes, this version has been refereed
Created at the University of Regensburg:Unknown
Item ID:441
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