Costs and benefits of financial regulation: Short-selling bans and transaction taxes
نویسندگان
چکیده
منابع مشابه
Costs and benefits of financial regulation: Short-selling bans and transaction taxes
We quantify the effects of financial regulation in an equilibrium model with delegated portfolio management. Fund managers trade stocks and bonds in an orderdriven market, subject to transaction taxes and constraints on short-selling and leverage. Results are obtained on the equilibrium properties of portfolio choice, trading activity, market quality and price dynamics under the different regul...
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ژورنال
عنوان ژورنال: Journal of Banking & Finance
سال: 2015
ISSN: 0378-4266
DOI: 10.1016/j.jbankfin.2014.10.014