The effectiveness of Financial Transaction Taxes (FTTs) for deterring speculative trading and improving market quality remains controversial. Studying the FTT imposed in 2012 on large-cap stocks traded on the Euronext Paris, we find that stocks subject to the FTT subsequently experience significantly decreased turnover and increased spreads relative to the untaxed peers. Further tests suggest that the FTT imposition induces investors to migrate their trades and results in less informativeness in the taxed stocks. Collectively our findings support the view that FTTs deter informed trades and reduce market quality.

中文翻译：

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金融交易税和市场质量：来自法国的证据†

金融交易税 (FTT) 在阻止投机交易和提高市场质量方面的有效性仍然存在争议。研究 2012 年对在巴黎泛欧交易所交易的大盘股实施的 FTT，我们发现受 FTT 约束的股票随后相对于未征税的同业经历了显着减少的营业额和增加的利差。进一步的测试表明，实施 FTT 会诱使投资者转移他们的交易，并导致征税股票的信息量减少。总的来说，我们的研究结果支持 FTT 阻碍知情交易并降低市场质量的观点。