题　目：Capital Gains Tax Wedge As A Tobin’s Tax and the Inhibition of Informed Trading

嘉　宾：黄立 Ph.D. Candidate, City University of Hong Kong

主持人：夏立军 教授 上海交通大学安泰经济与管理学院

时　间：2022年12月01日（周四）09:00-10:30

地　点：腾讯会议(校内师生如需会议号和密码，请发送电邮至diana_@sjtu.edu.cn获取)

内容简介:

A widening of the wedge between short-term and long-term capital gains tax rates is equivalent to imposing a Tobin’s tax on investors’ short-term trading, discouraging informed arbitrage. I find a significant reduction in sell-minus-buy order imbalance among institutional traders, relative to individual traders, after the enactment of TRA1997 which widened the capital gains tax wedge due to a long-term rate cut. Stock price synchronicity increases in the tax wedge. This effect enhances in tax-sensitive institutional ownership in the presence of short-term gains. The transparency of firms’ information environment can mitigate the tax wedge effect on stock price synchronicity. I conclude that the tax wedge is an impediment to informed arbitrage, impeding the incorporation of private information.

演讲人简介：

HUANG Li (黄立), City University of Hong Kong

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