證券交易稅對股市的影響
Date Issued
2005
Date
2005
Author(s)
DOI
932416H002035
Abstract
This project studies the effect of stock transactions tax on the stock market. Understanding
this issue can benefit both policy makers and practitioners. There have been opposite
predictions made by economists. Keynes, Tobin, and Summers predict that transactions tax
can reduce volatility, while Kupiec and Stulz predict the opposite. London Stock Exchange
proposes to reduce the transaction tax because it can raise stock prices and increase trading
volumes. This project tries to provide answers to these questions. Our sample consists of 12
tax changes from 1994 to 2002 in 8 exchanges around the world. This project will examine
the annuncement return, changes in volatility and turnover after the tax change.
Publisher
臺北市：國立臺灣大學財務金融學系暨研究所
Type
report
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