scholarly journals The Impact of the Public Fund Securities Transaction Tax Exemption on Arbitrage Trading

2020 ◽  
Vol 49 (1) ◽  
pp. 1-39 ◽  
Author(s):  
Woo Baik Lee ◽  
Jong Won Park
Keyword(s):  
Public Fund ◽  
The Public ◽  
Securities Transaction Tax ◽  
Arbitrage Trading ◽  
Transaction Tax ◽  
The Impact

Impact of ETF Listing on the Returns Generated by Underlying Stocks: Indian Evidence

2021 ◽  
pp. 0258042X2199101
Author(s):  
Prabhdeep Kaur ◽  
Jaspal Singh
Keyword(s):  
Event Study ◽  
Abnormal Returns ◽  
Price Impact ◽  
Exchange Traded Funds ◽  
Study Analysis ◽  
Jel Codes ◽  
Securities Transaction Tax ◽  
Underlying Stocks ◽  
Transaction Tax ◽  
The Impact

The advent of exchange traded funds (ETFs) has rendered index trading much affordable compared to their futures counterparts. The present study attempts to examine the impact of ETF listing on the price of the constituent securities of the index that it aims to track. The sample comprises of all the equity ETFs listed in India from 1 January 2002 to 31 March 2019. Event study analysis has been used to examine whether listing of ETFs bore any price impact on the constituent stocks of ETFs. To account for robustness, both parametric and non-parametric tests have been employed. The estimates obtained from event study analysis revealed that the constituent stocks generated insignificant returns for the period extending from January 2002 to March 2009 and April 2009 to March 2013 but positive and significant cumulative average abnormal returns (CAARs) post ETF listing for the period ranging from April 2013 to March 2019, thus providing evidence in support of positive price impact. The permission granted to pension funds, insurers and Employees’ Provident Fund Organisation (EPFO) to invest their funds in ETFs as well as reduction in Securities Transaction Tax (STT) account for the observed price differential. An analysis of the factors accounting for the variation in valuation effects ascertained that the stocks that were traded thinly prior to ETF listing and those forming part of ETFs with larger asset base experienced positive price impact following ETF listing. JEL Codes: G11, G14

Do Tobin taxes help stop stock price bubbles?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Lucy F. Ackert ◽  
Li Qi ◽  
Wenbo Zou
Keyword(s):  
Stock Price ◽  
Trading Volume ◽  
Asset Markets ◽  
Content Type ◽  
Price Bubbles ◽  
Naturally Occurring ◽  
Securities Transaction Tax ◽  
Experimental Asset Markets ◽  
Transaction Tax ◽  
The Impact

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.

Evaluation of the impact of public investment programs on social and economic performance of territories

2019 ◽  
pp. 109-123
Author(s):  
I. E. Limonov ◽  
M. V. Nesena
Keyword(s):  
Bayesian Modeling ◽  
Positive Impact ◽  
Public Investment ◽  
Difference In Differences ◽  
The Public ◽  
Export Activity ◽  
Regional Investment ◽  
The Difference ◽  
The Impact ◽  
Development Institution

The purpose of this study is to evaluate the impact of public investment programs on the socio-economic development of territories. As a case, the federal target programs for the development of regions and investment programs of the financial development institution — Vnesheconombank, designed to solve the problems of regional development are considered. The impact of the public interventions were evaluated by the “difference in differences” method using Bayesian modeling. The results of the evaluation suggest the positive impact of federal target programs on the total factor productivity of regions and on innovation; and that regional investment programs of Vnesheconombank are improving the export activity. All of the investments considered are likely to have contributed to the reduction of unemployment, but their implementation has been accompanied by an increase in social inequality.

#INCLUSION – THE IMPACT OF SOCIAL MEDIA COMMUNICATION ON THE LEGITIMACY OF ARMED FORCES

2019 ◽  
pp. 43-60
Author(s):  
EVA MOEHLECKE DE BASEGGIO ◽  
OLIVIA SCHNEIDER ◽  
TIBOR SZVIRCSEV TRESCH
Keyword(s):  
Social Media ◽  
Political Communication ◽  
Structural Equation ◽  
Armed Forces ◽  
Equation Model ◽  
Media Communication ◽  
The Public ◽  
Political Legitimation ◽  
Social Media Communication ◽  
The Impact

The Swiss Armed Forces (SAF), as part of a democratic system, depends on legitimacy. Democracy, legitimacy and the public are closely connected. In the public sphere the SAF need to be visible; it is where they are controlled and legitimated by the citizens, as part of a deliberative discussion in which political decisions are communicatively negotiated. Considering this, the meaning of political communication, including the SAF’s communication, becomes obvious as it forms the most important basis for political legitimation processes. Social media provide a new way for the SAF to communicate and interact directly with the population. The SAF’s social media communication potentially brings it closer to the people and engages them in a dialogue. The SAF can become more transparent and social media communication may increase its reputation and legitimacy. To measure the effects of social media communication, a survey of the Swiss internet population was conducted. Based on this data, a structural equation model was defined, the effects of which substantiate the assumption that the SAF benefits from being on social media in terms of broadening its reach and increasing legitimacy values.

The Impact of the Public Expenditure Cuts Policy on the Labor Market in Vietnam

2012 ◽  
pp. 22-46
Author(s):  
Huong Nguyen Thi Lan ◽  
Toan Pham Ngoc
Keyword(s):  
Labor Market ◽  
Computable General Equilibrium ◽  
Impact Evaluation ◽  
Public Expenditure ◽  
Computable General Equilibrium Model ◽  
Living Standard ◽  
Input Output ◽  
Policy Makers ◽  
The Public ◽  
The Impact

The purpose of this study is to evaluate the impact of public expenditure cuts on employment and income to support policies for the development of the labor mar- ket. Impact evaluation is of interest for policy makers as well as researchers. This paper presents a method – that is based on a Computable General Equilibrium model – to analyse the impact of the public expenditure cuts policy on employment and income in industries and occupations in Vietnam using macro data, the Input output table, 2006, 2008 and the 2010 Vietnam Household Living Standard Survey.

Public space of the trustworthiness of sociological knowledge: The case of electoral research

2020 ◽  
pp. 13-22
Author(s):  
OLEKSANDR STEGNII
Keyword(s):  
Public Space ◽  
Research Process ◽  
Negative Influence ◽  
Election Campaign ◽  
Sociological Research ◽  
Good Tool ◽  
Sociological Knowledge ◽  
The Public ◽  
Approval Ratings ◽  
The Impact

The paper analyses specific features of sociological data circulation in a public space during an election campaign. The basic components of this kind of space with regard to sociological research are political actors (who put themselves up for the election), voters and agents. The latter refer to professional groups whose corporate interests are directly related to the impact on the election process. Sociologists can also be seen as agents of the electoral process when experts in the field of electoral sociology are becoming intermingled with manipulators without a proper professional background and publications in this field. In a public space where an electoral race is unfolding, empirical sociological research becomes the main form of obtaining sociological knowledge, and it is primarily conducted to measure approval ratings. Electoral research serves as an example of combining the theoretical and empirical components of sociological knowledge, as well as its professional and public dimensions. Provided that sociologists meet all the professional requirements, electoral research can be used as a good tool for evaluating the trustworthiness of results reflecting the people’s expression of will. Being producers of sociological knowledge, sociologists act in two different capacities during an election campaign: as analysts and as pollsters. Therefore, it is essential that the duties and areas of responsibility for professional sociologists should be separated from those of pollsters. Another thing that needs to be noted is the negative influence that political strategists exert on the trustworthiness of survey findings which are going to be released to the public. Using the case of approval ratings as an illustration, the author analyses the most common techniques aimed at misrepresenting and distorting sociological data in the public space. Particular attention is given to the markers that can detect bogus polling companies, systemic violations during the research process and data falsification.

Russian Accounting Standard (PBU) 18/02: Principles on the balance method use

2020 ◽  
Vol 23 (12) ◽  
pp. 1356-1382
Author(s):  
E.V. Olomskaya ◽  
A.A. Aksent'ev
Keyword(s):  
Balance Method ◽  
Deferred Taxes ◽  
Accounting Standard ◽  
Scientific Methods ◽  
The Public ◽  
General Scientific ◽  
The Impact ◽  
Original Approach ◽  
Descriptive Method ◽  
Tax Accounting

Subject. This article discusses the methodological features of Russian Accounting Standard (PBU) 18/02 Income Tax Accounting when using the balance method to account for deferred taxes. It considers whether the clarification of permanent tax differences is justified, and it analyzes in detail the features of accounting for temporary differences and offers a visual and descriptive method for determining and correlating them in accounts. Objectives. The article aims to justify the reason for linking permanent tax differences to such accounting categories as Income and Expenses. It also aims to develop a methodological toolkit that simplifies the perception of the balance method and demonstrates the procedure for determining temporary differences. Methods. For the study, we used the methods of analysis, synthesis, observation, comparison, and other general scientific methods. Results. The article justifies the clarification of permanent differences from the position of accounting categories. It offers an original approach that helps visually classify temporary differences. The formalization of the balance method helped identify the logic of its reflection in accounting statements. Conclusions and Relevance. To ensure that accounting is not distorted due to the impact of taxation, it is necessary to develop a unified conceptual framework, as well as develop existing methods and introduce new ones that do not contradict the public concept of interaction between accounting and tax accounting. The research results are intended for training, scientific and practical activities of specialists in the field of accounting and audit, as well as students studying under this program, in order to study the features of applying the balance method for accounting for deferred taxes.

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