This paper studies the effect of the U.S. Securities and Exchange Commission´s R31 fees, a low-rate transaction tax, on large-capitalization U.S. stock trading. The SEC altered the fee rate 15 times between 2001 and 2010, creating a series of natural experiments with which to measure the effect...

This paper provides an empirical study of the effect of a transaction tax on share prices, using changes in the rate of stamp duty in the UK as quasi-experiments. Because the impact of a stamp duty is expected to depend on how frequently particular shares are traded, we employ a...