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- Publisher Website: 10.1287/mnsc.2015.2268
- Scopus: eid_2-s2.0-84994854356
- WOS: WOS:000390678200010
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Article: Speculative investors and transactions tax: Evidence from the housing market
Title | Speculative investors and transactions tax: Evidence from the housing market |
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Authors | |
Keywords | Housing market Informed traders Noise traders Speculators Transaction tax Volatility |
Issue Date | 2016 |
Citation | Management Science, 2016, v. 62, n. 11, p. 3254-3270 How to Cite? |
Abstract | This paper examines the impact of a policy change in transaction tax on speculators. The policy intervention took place in Singapore's housing market; it effectively raised the transaction cost in a segment favored by short-term speculators. Relative to the unaffected control sample, we find that the rise in transaction cost, equivalent to a two- to three-percentage-point increase in transaction tax, reduced speculative trading in the treatment segment by 75% and raised its price volatility by 18%. It also significantly reduced price informativeness. We further show that the results are likely due to a relatively greater withdrawal by informed speculators than by destabilizing speculators following the transaction cost increase. |
Persistent Identifier | http://hdl.handle.net/10722/309232 |
ISSN | 2023 Impact Factor: 4.6 2023 SCImago Journal Rankings: 5.438 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Fu, Yuming | - |
dc.contributor.author | Qian, Wenlan | - |
dc.contributor.author | Yeung, Bernard | - |
dc.date.accessioned | 2021-12-15T03:59:48Z | - |
dc.date.available | 2021-12-15T03:59:48Z | - |
dc.date.issued | 2016 | - |
dc.identifier.citation | Management Science, 2016, v. 62, n. 11, p. 3254-3270 | - |
dc.identifier.issn | 0025-1909 | - |
dc.identifier.uri | http://hdl.handle.net/10722/309232 | - |
dc.description.abstract | This paper examines the impact of a policy change in transaction tax on speculators. The policy intervention took place in Singapore's housing market; it effectively raised the transaction cost in a segment favored by short-term speculators. Relative to the unaffected control sample, we find that the rise in transaction cost, equivalent to a two- to three-percentage-point increase in transaction tax, reduced speculative trading in the treatment segment by 75% and raised its price volatility by 18%. It also significantly reduced price informativeness. We further show that the results are likely due to a relatively greater withdrawal by informed speculators than by destabilizing speculators following the transaction cost increase. | - |
dc.language | eng | - |
dc.relation.ispartof | Management Science | - |
dc.subject | Housing market | - |
dc.subject | Informed traders | - |
dc.subject | Noise traders | - |
dc.subject | Speculators | - |
dc.subject | Transaction tax | - |
dc.subject | Volatility | - |
dc.title | Speculative investors and transactions tax: Evidence from the housing market | - |
dc.type | Article | - |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1287/mnsc.2015.2268 | - |
dc.identifier.scopus | eid_2-s2.0-84994854356 | - |
dc.identifier.volume | 62 | - |
dc.identifier.issue | 11 | - |
dc.identifier.spage | 3254 | - |
dc.identifier.epage | 3270 | - |
dc.identifier.eissn | 1526-5501 | - |
dc.identifier.isi | WOS:000390678200010 | - |