haku: @indexterm FINLAND / yhteensä: 889
viite: 242 / 889
| Tekijä: | Westerholm, J. |
| Otsikko: | The impact of transaction costs on turnover, asset prices and volatility: The cases of Sweden's and Finland's security transaction tax reductions |
| Lehti: | Liiketaloudellinen aikakauskirja
2003 : 2, p. 213-241 |
| Asiasana: | Securities Taxation Transaction costs Prices Volatility Models Case studies Finland Sweden Nordic countries |
| Kieli: | eng |
| Tiivistelmä: | Drastic changes in transaction (here as: t.) tax on securities trading in both Sweden and Finland give us a unique opportunity to study the effects of a purely exogenous change in t. costs. The impact on turnover can be predicted accurately using a simple model. Lower t. costs cause significant increases in turnover with an elasticity of approximately 1. The study applies an asset-pricing model that is able to predict asset price changes. The t. cost elasticity in asset prices is 0.20 for Sweden and 0.21 for Finland. Volatility in securities prices is significantly reduced when t. costs decrease. |
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