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http://hdl.handle.net/10419/23560
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| Title: | | Portfolio Choice and Transactions Taxes  |
| Authors: | | Haberer, Markus |
| Issue Date: | | 2003 |
| Series/Report no.: | | Discussion paper series / Universität Konstanz, Center of Finance and Econometrics (CoFE) 03/09 |
| Abstract: | | In a simple portfolio choice model of two assets a foreign exchange transactions tax is implemented. We show that the graph in the mu-sigma[square] 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 financial markets. In contrast, the transactions tax has got a stabilizing character when adjusting the portfolio to increased foreign investment risks. |
| Subjects: | | International Financial Markets Portfolio Choice Risk Diversification Tobin Tax Transactions Tax |
| JEL: | | O23 H29 H39 O16 G11 G15 G18 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CoFE-Diskussionspapiere, Universität Konstanz
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