The abrogation of the “Impôt sur les opérations de bourse” did not foster the French stock market

Gunther Capelle-Blancard (1)

1 CES - Centre d'économie de la Sorbonne

Between 1893 and 2007, a securities transaction tax (“Impôts sur les opérations de bourse”) was levied on the French market. In this paper, I assess the impact of the tax abrogation. Using a difference-in-difference approach, I find no impact on market liquidity and volatility.

Mots clés: Financial transaction tax; Securities transaction tax; Tobin tax; Volatility; Liquidity; Financial regulation; Euronext

Domaines: Economies et finances

Gunther Capelle-Blancard. The abrogation of the “Impôt sur les opérations de bourse” did not foster the French stock market. Finance Research Letters, 2016, ⟨10.1016/j.frl.2016.03.024⟩. ⟨hal-01297093⟩