Financial transaction tax, liquidity, and informational efficiency: Evidence from Italy

被引：4
|
作者：
Galvani, Valentina [1 ]
Ackman, Matthew [2 ]
机构：
[1] Univ Alberta, Dept Econ, Edmonton, AB, Canada
[2] Bank Canada, Ottawa, ON, Canada
来源：
HELIYON | 2021年 / 7卷 / 03期
关键词：
Liquidity; Financial Transaction Tax; Amihud (2002) liquidity measure; Italian equity market; Economics; Finance; International economics; Legislation; Public economics; MARKET LIQUIDITY; ASK; SEARCH; IMPACT;
D O I：
10.1016/j.heliyon.2021.e06416
中图分类号：
O [数理科学和化学]; P [天文学、地球科学]; Q [生物科学]; N [自然科学总论];
学科分类号：
07 ; 0710 ; 09 ;
摘要：
This study investigates whether the liquidity of medium-sized and large caps has been differently affected by the Italian Financial Transaction Tax, among the firms subject to the tax. We evaluate changes in mean and median bid-ask spreads and Amihud (2002) liquidity for aggregate market indexes and at the firm level. After the implementation of the tax, spreads have widened more for medium- than for large-caps, whereas the Amihud liquidity measure remained unaltered for the vast majority of the firms.
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收藏
页数：10
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