Transaction taxes and the behavior of the Swedish stock market

Article Abstract:

Stock market volatility did not decrease in Sweden following imposition of transaction taxes, but when the taxes were raised to the 2% level, much trading activity was shifted out of the country, to the London stock exchange. A study evaluates effects of the politically-motivated imposition of transaction taxes in Sweden in the period 1980 (pre-tax) to 1987. Taxation has been suggested by some as a means of decreasing stock market volatility, but the analysis indicates such measures may increase volatility in some situations. Ensuing lower levels of trading activity in Sweden resulted in the revenues realized from the transaction taxes being totally offset by loss of revenues from capital gains taxes.

Security and commodity exchanges, Finance, taxation, & monetary policy, Noncommercial research organizations, Taxation, Sweden, Stock transfer

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The costs and determinants of order aggressiveness

Article Abstract:

Research is presented into the cost effectiveness of aggressively undertaken orders to sell stock compared against orders where a passive role is taken.

Methods, Stocks

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Eighths, sixteenths and market depth: changes in tick size and liquidity provision on the New York Stock Exchange

Article Abstract:

Research is presented describing the impact of changes to the tick size limit on stock price liquidity at the New York Stock Exchange.

Financial markets, New York Stock Exchange Beta Index

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