Purpose

This study aims to report on experimental asset markets designed to examine the impact of a levy on trade, as well as the taxation authority’s ability to raise tax revenue when markets are subject to mispricing. Some have suggested that a transaction tax will discourage irrational speculation and lead to more efficient markets, but others argue that a higher cost of trading will prove to be an impediment to trade with no useful outcomes.

Design/methodology/approach

The authors’ goal is to provide insight on the impact of a transaction tax in a very specific asset market. The authors chose this design because the robustness of the bubble and crash pattern points to an environment that is particularly appropriate for the study of the effectiveness of a transaction tax in promoting efficient pricing. Furthermore, in a laboratory, the authors can control for extraneous factors that are problematic in the study of naturally occurring environments.

Findings

The authors examine whether a securities transaction tax promotes efficiency in markets that are prone to mispricing and find little evidence that a tax on trade will reduce speculation.

Research limitations/implications

This study’s experimental environment is, of course, an abstraction of naturally occurring markets and it may be that the model excludes important aspects.

Social implications

The authors find that a tax on financial transactions allows the taxation authority to raise significant revenue with little impact on pricing or trading volume.

Originality/value

To the best of the authors’ knowledge, this study is the first systematic examination of a transaction tax on outcomes in a market that is prone to mispricing.

中文翻译：

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托宾税是否有助于阻止股价泡沫？

目的

本研究旨在报告旨在检验征税对贸易的影响的实验性资产市场，以及当市场出现定价错误时税务机关提高税收的能力。一些人认为交易税将阻止非理性投机并导致更有效的市场，但其他人则认为更高的交易成本将被证明是交易的障碍，没有有用的结果。

设计/方法/方法

作者的目标是深入了解交易税对特定资产市场的影响。作者之所以选择这种设计，是因为泡沫和崩溃模式的稳健性指向了一个特别适合研究交易税在促进有效定价方面的有效性的环境。此外，在实验室中，作者可以控制在研究自然发生的环境中存在问题的外来因素。

发现

作者研究了证券交易税是否提高了容易出现错误定价的市场的效率，并发现几乎没有证据表明对交易征税会减少投机。

研究限制/影响

当然，这项研究的实验环境是对自然发生的市场的抽象，并且该模型可能排除了重要方面。

社会影响

作者发现，对金融交易征税可以让税务机关在对定价或交易量几乎没有影响的情况下获得可观的收入。

原创性/价值

据作者所知，这项研究是第一次系统地检查交易税对容易出现定价错误的市场结果的影响。