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      <record key="001" att1="001" value="148111" att2="148111">001   148111</record>
      <field key="037" subkey="x">englisch</field>
      <field key="050" subkey="x">Forschungsbericht</field>
      <field key="076" subkey="">Ökonomie</field>
      <field key="079" subkey="y">http://www.ihs.ac.at/publications/eco/es-132.pdf</field>
      <field key="079" subkey="z">Dupont, Dominique Y. - et al., Effects of Securities Transaction Taxes on Depth and Bid-Ask Spread (pdf)</field>
      <field key="079" subkey="y">http://ideas.repec.org/p/ihs/ihsesp/132.html</field>
      <field key="079" subkey="z">Institute for Advanced Studies. Economics Series; 132 (RePEc)</field>
      <field key="100" subkey="">Dupont, Dominique Y.</field>
      <field key="103" subkey="">University of Twente, School of Management and Technology, Department of Finance and Accounting</field>
      <field key="104" subkey="a">Lee, Gabriel S.</field>
      <field key="107" subkey="">Department of Economics and Finance, Institute for Advanced Studies</field>
      <field key="331" subkey="">Effects of Securities Transaction Taxes on Depth and Bid-Ask Spread</field>
      <field key="403" subkey="">1. Ed.</field>
      <field key="410" subkey="">Wien</field>
      <field key="412" subkey="">Institut für Höhere Studien</field>
      <field key="425" subkey="">2003, May</field>
      <field key="433" subkey="">17 pp.</field>
      <field key="451" subkey="">Institut für Höhere Studien; Reihe Ökonomie; 132</field>
      <field key="451" subkey="h">Kunst, Robert M. (Ed.) ; Fisher, Walter (Assoc. Ed.) ; Ritzberger, Klaus (Assoc. Ed.)</field>
      <field key="461" subkey="">Economics Series</field>
      <field key="517" subkey="c">from the Table of Contents: Introduction; Model; Equilibrium with discrete distributions; Equilibrium with continuous</field>
      <field key="dis" subkey="t">ributions; Conclusion;</field>
      <field key="542" subkey="">1605-7996</field>
      <field key="544" subkey="">IHSES 132</field>
      <field key="700" subkey="">G14</field>
      <field key="700" subkey="">D82</field>
      <field key="720" subkey="">Asymmetric information</field>
      <field key="720" subkey="">Securities transaction taxes</field>
      <field key="720" subkey="">Liquidity</field>
      <field key="753" subkey="">Abstract: This paper investigates the effects of transaction taxes on depth and bid-ask spread under asymmetric information. The</field>
      <field key="pap" subkey="e">r uses a static model where a monopolistic market maker faces liquidity and informed traders. Introducing transaction taxes</field>
      <field key="cou" subkey="l">d, surprisingly, lead to increase in depth. Under some distributional assumptions, when market conditions are favorable to</field>
      <field key="the" subkey="">dealer, the spread responds less than proportionally to an increase in the transaction tax while the depth actually increases</field>
      <field key=". I" subkey="n">contrast, when market conditions are unfavorable to the dealer, the spread widens more than proportionally and the depth</field>
      <field key="dec" subkey="r">eases, potentially to zero, in response to an increase in the transaction tax. Our model sheds light on the disagreement in</field>
      <field key="the" subkey="">empirical literature on the relative magnitude of transaction costs on trading volume.;</field>
    </SEQUENTIAL>
  </section>