Portfolio Choice and Transactions Taxes

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2003
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Haberer, Markus
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Zusammenfassung

In a simple portfolio choice model of two assets a foreign exchange transactions tax is implemented. We show that the graph in the ¹-¾2- range is still a parabola and delineate its characteristics for altering tax rates. We presumed a risk avers investor seeking to minimize investment risks by international diversification of two uncorrelated assets. The main finding is that setting up a portfolio under the new tax condition leads to a higher transaction volume on international fi- nancial markets. In contrast, the transactions tax has got a stabilizing character when adjusting the portfolio to increased foreign investment risks.

Zusammenfassung in einer weiteren Sprache
Fachgebiet (DDC)
330 Wirtschaft
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International Financial Markets, Portfolio Choice, Transactions Tax, Risk Diversification, Tobin Tax
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ISO 690HABERER, Markus, 2003. Portfolio Choice and Transactions Taxes
BibTex
@techreport{Haberer2003Portf-11941,
  year={2003},
  series={CoFE-Diskussionspapiere / Zentrum für Finanzen und Ökonometrie},
  title={Portfolio Choice and Transactions Taxes},
  number={2003/09},
  author={Haberer, Markus}
}
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