메뉴 건너뛰기




Volumn 1, Issue 3, 2005, Pages 327-348

Should short-term speculators be taxed, or subsidised?

Author keywords

Investment efficiency; Liquidity; Securities transaction tax; Short termism; Welfare

Indexed keywords


EID: 21844450627     PISSN: 16142446     EISSN: None     Source Type: Journal    
DOI: 10.1007/s10436-004-0009-0     Document Type: Article
Times cited : (5)

References (33)
  • 2
    • 1642369107 scopus 로고    scopus 로고
    • Beauty contests and iterated expectations in asset markets
    • Mimeo, London School of Economics
    • Allen, F., Morris, S., Shin, H.S.: Beauty contests and iterated expectations in asset markets. Mimeo, London School of Economics (2004)
    • (2004)
    • Allen, F.1    Morris, S.2    Shin, H.S.3
  • 3
    • 0041030600 scopus 로고    scopus 로고
    • Insider trading, investment, and liquidity: A welfare analysis
    • Bhattacharya, S., Nicodano, G.: Insider trading, investment, and liquidity: A welfare analysis. Journal of Finance 56, 1141-1156 (2001)
    • (2001) Journal of Finance , vol.56 , pp. 1141-1156
    • Bhattacharya, S.1    Nicodano, G.2
  • 5
    • 0003333758 scopus 로고
    • International experiences with securities transaction taxes
    • NBER working paper, #4587
    • Campbell, J., Froot, K.: International experiences with securities transaction taxes. NBER working paper, #4587 (1993)
    • (1993)
    • Campbell, J.1    Froot, K.2
  • 6
    • 8344248506 scopus 로고
    • Short-term performance pressures: Is there a consensus view?
    • Demirag, I.: Short-term performance pressures: Is there a consensus view? European Journal of Finance 1, 41-56 (1995)
    • (1995) European Journal of Finance , vol.1 , pp. 41-56
    • Demirag, I.1
  • 7
    • 0001531679 scopus 로고
    • The role of a stock market in a general equilibrium model with technological uncertainty
    • Diamond, P.: The role of a stock market in a general equilibrium model with technological uncertainty. American Economic Review 57, 759-776 (1967)
    • (1967) American Economic Review , vol.57 , pp. 759-776
    • Diamond, P.1
  • 9
    • 0040517082 scopus 로고    scopus 로고
    • Stock market efficiency and economic efficiency: Is there a connection?
    • Dow, J., Gorton, G.: Stock market efficiency and economic efficiency: Is there a connection? Journal of Finance 52, 1087-1129 (1997)
    • (1997) Journal of Finance , vol.52 , pp. 1087-1129
    • Dow, J.1    Gorton, G.2
  • 10
    • 0039423893 scopus 로고    scopus 로고
    • Should speculators be taxed?
    • Dow, J., Rahi, R.: Should speculators be taxed? Journal of Business 73, 89-108 (2000)
    • (2000) Journal of Business , vol.73 , pp. 89-108
    • Dow, J.1    Rahi, R.2
  • 11
    • 0345016952 scopus 로고    scopus 로고
    • Informed trading, investment, and welfare
    • Dow, J., Rahi, R.: Informed trading, investment, and welfare. Journal of Business 76, 430-454 (2003)
    • (2003) Journal of Business , vol.76 , pp. 430-454
    • Dow, J.1    Rahi, R.2
  • 12
    • 84977736638 scopus 로고
    • Disclosure decisions by firms and the competition for price efficiency
    • Fishman, M.J., Hagerty, K.M.: Disclosure decisions by firms and the competition for price efficiency. Journal of Finance 44, 633-646 (1989)
    • (1989) Journal of Finance , vol.44 , pp. 633-646
    • Fishman, M.J.1    Hagerty, K.M.2
  • 13
    • 84977717550 scopus 로고
    • Herd on the street: Informational inefficiencies in a market with short-term speculation
    • Froot, K.A., Scharfstein, D.S., Stein, J.C.: Herd on the street: informational inefficiencies in a market with short-term speculation. Journal of Finance 47, 1461-1484 (1992)
    • (1992) Journal of Finance , vol.47 , pp. 1461-1484
    • Froot, K.A.1    Scharfstein, D.S.2    Stein, J.C.3
  • 16
    • 0001692777 scopus 로고
    • The private and social value of information and the reward to inventive activity
    • Hirshleifer, J.: The private and social value of information and the reward to inventive activity. American Economic Review 61, 561-574 (1971)
    • (1971) American Economic Review , vol.61 , pp. 561-574
    • Hirshleifer, J.1
  • 17
    • 84993660281 scopus 로고
    • Security analysis and trading patterns when some investors receive information before others
    • Hirshleifer, D., Subrahmanyam, A., Titman, S.: Security analysis and trading patterns when some investors receive information before others. Journal of Finance 49, 1665-1698 (1994)
    • (1994) Journal of Finance , vol.49 , pp. 1665-1698
    • Hirshleifer, D.1    Subrahmanyam, A.2    Titman, S.3
  • 18
    • 0030560539 scopus 로고    scopus 로고
    • Risk aversion, liquidity, and endogenous short horizons
    • Holden, C.W., Subrahmanyam, A.: Risk aversion, liquidity, and endogenous short horizons. Review of Financial Studies 9, 691-722 (1996)
    • (1996) Review of Financial Studies , vol.9 , pp. 691-722
    • Holden, C.W.1    Subrahmanyam, A.2
  • 20
    • 0000859303 scopus 로고
    • Continuous auctions and insider trading
    • Kyle, A.: Continuous auctions and insider trading. Econometrica 53, 1315-1336 (1985)
    • (1985) Econometrica , vol.53 , pp. 1315-1336
    • Kyle, A.1
  • 21
    • 84933490070 scopus 로고
    • Insider trading: Should it be prohibited?
    • Leland, H.: Insider trading: Should it be prohibited? Journal of Political Economy 100, 859-887 (1992)
    • (1992) Journal of Political Economy , vol.100 , pp. 859-887
    • Leland, H.1
  • 23
    • 0040515036 scopus 로고
    • Commentary: Using tax policy to curb speculative short-term trading
    • Ross, S.A.: Commentary: Using tax policy to curb speculative short-term trading. Journal of Financial Services Research 3, 116-119 (1989)
    • (1989) Journal of Financial Services Research , vol.3 , pp. 116-119
    • Ross, S.A.1
  • 24
    • 0007885105 scopus 로고
    • Securities transaction taxes: An overview of costs, benefits and unresolved questions
    • Schwert, G.W., Seguin, P.J.: Securities transaction taxes: An overview of costs, benefits and unresolved questions. Financial Analysts Journal 49, 27-35 (1993)
    • (1993) Financial Analysts Journal , vol.49 , pp. 27-35
    • Schwert, G.W.1    Seguin, P.J.2
  • 27
    • 0000256694 scopus 로고
    • Informed speculation and hedging in a noncooperative securities market
    • Spiegel, M., Subrahmanyam, A.: Informed speculation and hedging in a noncooperative securities market. Review of Financial Studies 5, 307-329 (1992)
    • (1992) Review of Financial Studies , vol.5 , pp. 307-329
    • Spiegel, M.1    Subrahmanyam, A.2
  • 28
    • 34249967937 scopus 로고
    • Using tax policy to curb speculative short-term trading
    • Stiglitz, J.: Using tax policy to curb speculative short-term trading. Journal of Financial Services Research 3, 101-115 (1989)
    • (1989) Journal of Financial Services Research , vol.3 , pp. 101-115
    • Stiglitz, J.1
  • 29
    • 0007631376 scopus 로고    scopus 로고
    • Transaction taxes and financial market equilibrium
    • Subrahmanyam, A.: Transaction taxes and financial market equilibrium. Journal of Business 71, 81-118 (1998)
    • (1998) Journal of Business , vol.71 , pp. 81-118
    • Subrahmanyam, A.1
  • 30
    • 0042762528 scopus 로고
    • When financial markets work too well: A cautious case for a securities transaction tax
    • Summers, L.H., Summers, V.P.: When financial markets work too well: A cautious case for a securities transaction tax. Journal of Financial Services Research 3, 261-286 (1989)
    • (1989) Journal of Financial Services Research , vol.3 , pp. 261-286
    • Summers, L.H.1    Summers, V.P.2
  • 31
    • 0001629593 scopus 로고
    • A proposal for international monetary reform
    • Tobin, J.: A proposal for international monetary reform. Eastern Economic Journal 4, 153-159 (1978)
    • (1978) Eastern Economic Journal , vol.4 , pp. 153-159
    • Tobin, J.1
  • 32
    • 0001544202 scopus 로고
    • Transaction taxes and the behavior of the swedish stock market
    • Umlauf, S.R.: Transaction taxes and the behavior of the swedish stock market. Journal of Financial Economics 33, 227-240 (1993)
    • (1993) Journal of Financial Economics , vol.33 , pp. 227-240
    • Umlauf, S.R.1
  • 33
    • 21844527325 scopus 로고
    • Short-term investment and the informational efficiency of the market
    • Vives, X.: Short-term investment and the informational efficiency of the market. Review of Financial Studies 8, 125-170 (1995)
    • (1995) Review of Financial Studies , vol.8 , pp. 125-170
    • Vives, X.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.