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Tobias R. Rühl and Michael Stein |
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''The impact of financial transaction taxes: Evidence from Italy'' |
( 2014, Vol. 34 No.1 ) |
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This study gives first evidence on the consequences of the introduction of a transaction tax in Italian financial markets in 2013. We discuss the consequences of this tax on trading volume, volatility, and trading costs of FTSE MIB stocks. The structure of the tax introduction gives us the opportunity to see the particular consequences of a market-wide tax on high-frequency trading behavior. |
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Keywords: Market Microstructure, Financial Transaction Tax, Bid-Ask Spreads |
JEL: G2 - Financial Institutions and Services: General |
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Manuscript Received : Jan 03 2014 | | Manuscript Accepted : Jan 14 2014 |
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