000			01594nab a2200253 c 4500
999			_c146905 _d146905
003			ES-MaIEF
005			20221222123521.0
007			ta
008			221220t2022 -us||||| |||| 00| 0|eng d
040			_aES-MaIEF _bspa _cES-MaIEF
100			_aEichfelder, Sebastian _958233
245		0	_aThe impact of financial transaction taxes on stock markets _bshort-run effects, long-run effects, and reallocation of trading activity _c Sebastian Eichfelder, Mona Noack, and Felix Noth
500			_aResumen
504			_aBibliografía
520			_aWe investigate the French 2012 financial transaction tax (FTT) and find robust evidence for anticipation effects before the implementation date. Controlling for short-run effects, we only find weak evidence for a long-run reduction in trading activity. Thus, the main impact of the French FTT on trading activity is short-run. In line with liquidity clientele effects, we find a more potent effect for low-liquidity stocks and a reallocation of trading to high-liquidity stocks from the Supplemental Liquidity Provider (SLP) program. Finally, we find weak evidence for a persistent volatility reduction but no indication of a significant FTT impact on price efficiency.
650		4	_aIMPUESTOS _947460
650		4	_aTRANSACCIÓN TRIBUTARIA _959583
650		4	_aOPERACIONES FINANCIERAS _947873
650		4	_aINCIDENCIA Y TRASLACION _946552
700			_aNoack, Mona _970294
700			_aNoth, Félix _970295
773	0		_9168595 _oOP 233/2022/3 _tNational Tax Journal _w(IEF)86491 _x 0028-0283 _g v. 75, n. 3, september 2022, pp. 539-569
942			_cART