Costs and benefits of financial regulation: Short-selling bans and transaction taxes

被引：13

作者：

Lensberg, Terje ^{[1
]}

Schenk-Hoppe, Klaus Reiner ^{[1
,2
,3
]}

Ladley, Dan ^{[4
]}

机构：

[1] NHH Norwegian Sch Econ, Dept Finance, N-5045 Bergen, Norway

[2] Univ Leeds, Sch Business, Leeds LS2 9JT, W Yorkshire, England

[3] Univ Leeds, Sch Math, Leeds LS2 9JT, W Yorkshire, England

[4] Univ Leicester, Dept Econ, Leicester LE1 7RH, Leics, England

来源：

JOURNAL OF BANKING & FINANCE | 2015年 / 51卷

关键词：

Financial regulation; Portfolio management; Market microstructure; MARKET EQUILIBRIUM; SHORT-SALES; STOCK-MARKET; HONG-KONG; LIQUIDITY; CONSTRAINTS; UNCERTAINTY; INFORMATION; EVOLUTION; BEHAVIOR;

D O I：

10.1016/j.jbankfin.2014.10.014

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We quantify the effects of financial regulation in an equilibrium model with delegated portfolio management. Fund managers trade stocks and bonds in an order-driven 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 regulations. We find that these measures are neither as beneficial as some politicians believe nor as damaging as many practitioners fear. (C) 2014 The Authors. Published by Elsevier B.V.

引用

页码：103 / 118

页数：16

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