Costs and benefits of financial regulation: Short-selling bans and transaction taxes
通过一个委托资产组合管理的均衡模型，量化了卖空禁令和交易税对投资组合选择、交易活动、市场质量和价格动态的影响，发现这些措施既不像一些政客认为的那样有益，也不像许多从业者担心的那样有害。
We quantify the effects of financial regulation in an equilibrium model with delegated portfolio management. Fund managers trade stocks and bonds in an order-driven market, subject to transaction taxes and \nconstraints on short-selling and leverage. Results are obtained on the equilibrium properties of portfolio \nchoice, trading activity, market quality and price dynamics under the different regulations. We find that \nthese measures are neither as beneficial as some politicians believe nor as damaging as many practitioners fear.