TRANSACTION TAXES AND THE BEHAVIOR OF THE SWEDISH STOCK-MARKET
成果类型：
Article
署名作者：
UMLAUF, SR
刊物名称：
JOURNAL OF FINANCIAL ECONOMICS
ISSN/ISSBN：
0304-405X
DOI：
10.1016/0304-405X(93)90005-V
发表日期：
1993
页码：
227-240
关键词：
摘要：
This paper studies the effects of transaction taxes on the behavior of Swedish equity returns during the 1980-1987 period. Sweden provides an excellent laboratory-style setting for such a study, as taxes were imposed for political purposes rather than to alter the behavior of the stock market. Volatility did not decline in response to the introduction of taxes although stock price levels and turnover did. Large proportions of trading activity migrated overseas to London when the tax rate was increased to 2% in 1986.
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