The presentation discusses Digitalization and Taxation in various matters, i.e. 1) how it can help expanding tax base, 2) how it can help striking optimality between efficiency vs equity, and 3) also others issues regarding such tax policy as optimal tax policy and negative income tax. It will discuss how we can use reinforcement learning ABMs to justify the policy.
Morse Slides For Conference Board Merger Integration Program June 25, 2009morsemh
Slides presented to the Conference Board 2009 Post-Merger Integration Conference, Getting Past the Antitrust Hurdle, What has Changed? What is the Same? June 25, 2009, San Francisco, CA
The presentation discusses Digitalization and Taxation in various matters, i.e. 1) how it can help expanding tax base, 2) how it can help striking optimality between efficiency vs equity, and 3) also others issues regarding such tax policy as optimal tax policy and negative income tax. It will discuss how we can use reinforcement learning ABMs to justify the policy.
Morse Slides For Conference Board Merger Integration Program June 25, 2009morsemh
Slides presented to the Conference Board 2009 Post-Merger Integration Conference, Getting Past the Antitrust Hurdle, What has Changed? What is the Same? June 25, 2009, San Francisco, CA
Arrangements by which politically connected firms receive economic favors are a common feature around the world, but little is known of the form or effects of influence in business-government relationships. We argue that influence not only brings significant privileges for selected firms, but requires firms to relinquish certain control rights in exchange for subsidies and protection. We show that, under these conditions, political influence can actually harm firm performance. Enterprise surveys from approximately 8,000 firms in 40 developing countries indicate that influential firms benefit from lower administrative and regulatory barriers (including bribe taxes), greater pricing power, and easier access to credit. But these firms also provide politically valuable benefits to incumbents through bloated payrolls and greater tax payments. These firms are also less likely to invest and innovate, and suffer from lower productivity than their non-influential counterparts. Our results highlight a potential channel by which cronyism leads to persistent underdevelopment.
Learn what can you do to stay a step ahead of fraudsters without limiting revenue growth. Prevent Financial Fraud in your organization with the help of HLB HAMT
Arrangements by which politically connected firms receive economic favors are a common feature around the world, but little is known of the form or effects of influence in business-
government relationships. We present a simple model in which influence requires firms to provide goods of political value in exchange for economic privileges. We argue that political influence improves the business environment for selected firms, but restricts their ability to fire workers. Under these conditions, if political influence primarily lowers fixed costs over variable costs, then favored firms will be less likely to invest and their productivity will suffer, even if they earn higher profits than non-influential firms. We rely on the World Bank's Enterprise Surveys of approximately 8,000 firms in 40 developing countries, and control for a number of biases present in the data. We find that influential firms benefit from lower administrative and regulatory barriers (including bribe taxes), greater pricing power, and easier access to credit. But these firms also provide politically valuable benefits to incumbents through bloated payrolls and greater tax payments. Finally, these firms are worse-performing than their non-influential counterparts. Our results highlight a potential channel by which cronyism leads to persistent underdevelopment.
Corporate and shareholder sentiment towards MA has rebounded since the dark days of 2008. Low borrowing costs have coaxed many new buyers, including acquisitive Chinese conglomerates, into the market. The prices of prized assets have risen accordingly. It remains a sellers market in technology-driven deals, particularly in the consumer-goods, financial services, and media and telecommunications sectors.
ForwardThinking is a look ahead at the latest knowledge and insights available from Grant Thornton LLP. It includes a collection of our research, thought leadership and a schedule of upcoming webcasts and events.
An overview of the status of state advertising tax legislation, what to expect going forward, and how to fight it.
Wright Andrews, Partner, Butera & Andrews
Bennet Kelley, Founder, Internet Law Center (Twitter @internetlawcent)
Arrangements by which politically connected firms receive economic favors are a common feature around the world, but little is known of the form or effects of influence in business-government relationships. We argue that influence not only brings significant privileges for selected firms, but requires firms to relinquish certain control rights in exchange for subsidies and protection. We show that, under these conditions, political influence can actually harm firm performance. Enterprise surveys from approximately 8,000 firms in 40 developing countries indicate that influential firms benefit from lower administrative and regulatory barriers (including bribe taxes), greater pricing power, and easier access to credit. But these firms also provide politically valuable benefits to incumbents through bloated payrolls and greater tax payments. These firms are also less likely to invest and innovate, and suffer from lower productivity than their non-influential counterparts. Our results highlight a potential channel by which cronyism leads to persistent underdevelopment.
Learn what can you do to stay a step ahead of fraudsters without limiting revenue growth. Prevent Financial Fraud in your organization with the help of HLB HAMT
Arrangements by which politically connected firms receive economic favors are a common feature around the world, but little is known of the form or effects of influence in business-
government relationships. We present a simple model in which influence requires firms to provide goods of political value in exchange for economic privileges. We argue that political influence improves the business environment for selected firms, but restricts their ability to fire workers. Under these conditions, if political influence primarily lowers fixed costs over variable costs, then favored firms will be less likely to invest and their productivity will suffer, even if they earn higher profits than non-influential firms. We rely on the World Bank's Enterprise Surveys of approximately 8,000 firms in 40 developing countries, and control for a number of biases present in the data. We find that influential firms benefit from lower administrative and regulatory barriers (including bribe taxes), greater pricing power, and easier access to credit. But these firms also provide politically valuable benefits to incumbents through bloated payrolls and greater tax payments. Finally, these firms are worse-performing than their non-influential counterparts. Our results highlight a potential channel by which cronyism leads to persistent underdevelopment.
Corporate and shareholder sentiment towards MA has rebounded since the dark days of 2008. Low borrowing costs have coaxed many new buyers, including acquisitive Chinese conglomerates, into the market. The prices of prized assets have risen accordingly. It remains a sellers market in technology-driven deals, particularly in the consumer-goods, financial services, and media and telecommunications sectors.
ForwardThinking is a look ahead at the latest knowledge and insights available from Grant Thornton LLP. It includes a collection of our research, thought leadership and a schedule of upcoming webcasts and events.
An overview of the status of state advertising tax legislation, what to expect going forward, and how to fight it.
Wright Andrews, Partner, Butera & Andrews
Bennet Kelley, Founder, Internet Law Center (Twitter @internetlawcent)
A presentation at The 2015 Copenhagen Business School Symposium on High-Frequency Trading. Robert Almgren, President and Head of Research at Quantitative Brokers (New York)
Today, with an exchange in almost every country, stock exchanges provide vast marketplaces for the buying and selling of currencies and commodities across the globe.
Created to facilitate the buying and selling of cryptocurrencies, cryptocurrency exchanges are an even newer addition to the global marketplace.
Cryptocurrency exchanges and stock exchanges have one key thing in common, which is they facilitate trade. However, the way assets are traded, the volatility of the market, as well as a number of other factors, are where the two types of exchanges differ.
In this article, we’re going to explain the key differences between cryptocurrency and stock exchanges.
1. Assets traded
Asset Classification
The main distinction between cryptocurrency exchanges and stock exchanges is this. A stock exchange deals in corporate stock or shares, whereas a cryptocurrency exchange deals with digital currencies like bitcoin, Ethereum, and others.
Ownership of assets
On stock exchanges, shares reflect a company's equity. When you purchase stock in a firm on the stock exchange, you become a part owner of that company. The value of your shares is also determined by the company's performance.
The purchase of cryptocurrencies, whether in the form of coins or tokens, does not always imply partial ownership in the firm that created it. Because it's digital money, its worth is debatable. Cryptocurrency is a lot simpler to get your hands on than stocks.
Assets are issued.
A publicly listed corporation may issue shares at any time to obtain funds, subject to local laws and corporate requirements. Most cryptocurrencies, on the other hand, have a limited amount of coins or tokens. As a result, fundamental economics would indicate that the value of viable, capped cryptocurrencies will rise as demand for them develops (all other circumstances being equal).
2. The market's maturity
Stock exchanges have been in operation for much longer than bitcoin exchanges, making them more mature. Their actions are governed by regulations and local laws, and stock exchanges are backed by the government. Companies must also give shareholders transparency by making market activities, such as quarterly financial statements and general meeting minutes, public.
Stock markets feature huge volumes and a wide range of transactions due to their maturity. The stock market's maturity, on the other hand, has provided abundant opportunities for some traders to dominate trading circles. Smaller investors may suffer as a result of this since the stock market rewards larger investors with cheaper trade costs or commissions.
Cryptocurrency exchanges, on the other hand, are still in their infancy and are continually evolving. Despite efforts to improve exchange regulation in order to boost investor trust, much of their activity now takes place outside of the regulatory and political realms.
Week 7 - Legal Issues in Blockchain and CryptocurrenciesRoger Royse
Instructor: Roger Royse, Founder of Royse Law Firm
Course Title: The Business Basics of Blockchain, Cryptocurrencies, and Tokens
Location: Stanford Continuing Studies
Week: 7 (of 7)
The seventh session will examine legal issues in blockchain applications. We will discuss the legal structure of an initial coin or security coin offering (ICO) in the US and globally, including the rules governing the sale of securities in the US. We will overview patent and intellectual property (IP) issues in blockchain and licensing agreements that provide protection to inventors while making resources available for open innovation.
Today’s trading is complex and frequently involves little human intervention. Five years after the "Flash Crash," do you know how high frequency trading and dark pools work? Our new report separates fact from fiction.
I need a 125 word reply to each of the four following forum postings.docxtroutmanboris
I need a 125 word reply to each of the four following forum postings in a finance class (500 words total) You are responding to comments made by other students in the class. MUST BE ORIGINAL!
Forum #1
When an organization decides to engage in international financing activities, they also take on additional risk as well as opportunities. The main risks that are associated with businesses engaging in international finance include foreign exchange risk and political risk. These risks may sometimes make it difficult to maintain constant and reliable revenue. When an organization decides to engage in international financing activities, they also take on additional risk as well as opportunities. The main risks that are associated with businesses engaging in international finance include foreign exchange risk and political risk. These risks may sometimes make it difficult to maintain constant and reliable revenue. Foreign exchange risk occurs when the value of investment fluctuates due to changes in a currency's exchange rate. When a domestic currency appreciates against a foreign currency, profit or returns earned in the foreign country will decrease after being exchanged back to the domestic currency. Political risk transpires when a country's government unexpectedly changes its policies, which now negatively affect the foreign company. These policy changes can include such things as trade barriers, which serve to limit or prevent international trade. “Since 2010, one in ten of the countries surveyed have experienced a significant increase in the level of short-term political risk. These risks include governments asserting control over natural resources, regimes being ousted by popular uprisings and the expropriation of foreign investors' assets” (Brown, Sophle. 2013).
References
Brown, Sophle. Political instability on the rise. Dec 11, 2013. Retrieved from web:
http://www.cnn.com/2013/12/11/business/maplecroft-political-risk/
Forum #2
Multinational companies seem to be the standard for future business. They are typically more productive and pay their workers more than comparable locally owned businesses (Eun & Renick, 2015). With the many advantages that are available to multinationals it is no surprise that companies are shifting in this direction. However, all of the advantages do not come risk free as you may have expected. Two of the significant risks associated with multinationals and international financial management are foreign exchange risk and political risks.
Foreign exchange risk is what would likely be the first thing you would consider when thinking about international finance. Exchange rates fluctuate on a regular basis and can be somewhat unpredictable at times. This has been the case since the early 1970s when fixed exchange rates were abandoned (Eun & Renick, 2015). Exchange risk is the difference between the exchange rate at the moment a business deal is closed for a given amount and the exchange rate at the moment when .
What We DoIntroductionCreation of the SECOrganization of the.docxmecklenburgstrelitzh
What We Do
IntroductionCreation of the SECOrganization of the SECLaws That Govern the Industry
Introduction
The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.
As more and more first-time investors turn to the markets to help secure their futures, pay for homes, and send children to college, our investor protection mission is more compelling than ever.
As our nation's securities exchanges mature into global for-profit competitors, there is even greater need for sound market regulation.
And the common interest of all Americans in a growing economy that produces jobs, improves our standard of living, and protects the value of our savings means that all of the SEC's actions must be taken with an eye toward promoting the capital formation that is necessary to sustain economic growth.
The world of investing is fascinating and complex, and it can be very fruitful. But unlike the banking world, where deposits are guaranteed by the federal government, stocks, bonds and other securities can lose value. There are no guarantees. That's why investing is not a spectator sport. By far the best way for investors to protect the money they put into the securities markets is to do research and ask questions.
The laws and rules that govern the securities industry in the United States derive from a simple and straightforward concept: all investors, whether large institutions or private individuals, should have access to certain basic facts about an investment prior to buying it, and so long as they hold it. To achieve this, the SEC requires public companies to disclose meaningful financial and other information to the public. This provides a common pool of knowledge for all investors to use to judge for themselves whether to buy, sell, or hold a particular security. Only through the steady flow of timely, comprehensive, and accurate information can people make sound investment decisions.
The result of this information flow is a far more active, efficient, and transparent capital market that facilitates the capital formation so important to our nation's economy. To insure that this objective is always being met, the SEC continually works with all major market participants, including especially the investors in our securities markets, to listen to their concerns and to learn from their experience.
The SEC oversees the key participants in the securities world, including securities exchanges, securities brokers and dealers, investment advisors, and mutual funds. Here the SEC is concerned primarily with promoting the disclosure of important market-related information, maintaining fair dealing, and protecting against fraud.
Crucial to the SEC's effectiveness in each of these areas is its enforcement authority. Each year the SEC brings hundreds of civil enforcement actions against individuals and companies for violation of the securities laws. Typical infr.
Question 1=Please respond to the followingAnalyze the major e.docxteofilapeerless
Question 1=
Please respond to the following:
Analyze the major elements of international trade to determine why there is more risk here than in domestic trade. Describe some of the risks you identified (3) at. Make at least one recommendation for mitigating the risk(s) you have identified. Provide arguments to support your response. Cite your sources.
Question 2=
Please respond to the following:
Analyze the major elements of international trade to determine why there is more risk here than in domestic trade. Describe some of the risks you identified. Make at least one recommendation for mitigating the risk(s) you have identified. Provide arguments to support your response. Cite your sources.
The major elements of international trade are balance of payments that is made up of invisibles, visibles, and current accounts for the purpose of recording all financial dealings with foreigners, correcting a deficit, and exchange rates.
Balance of payments is used to monitor international monetary transactions for a specific period and tracks the money going in and out of a country.
The BOP is divided into current, capital, and financial accounts.
The current account captures credits and debits related to the trade of merchandise that are bought, sold, or donated in the form of aid.
The capital account consists of monetary flows from debt forgiveness, the transfer of goods, and financial assets by migrants leaving or entering a country, and other fixed assets.
The financial account relates to monetary flows on business investments, real estate, bonds, and stocks.
Government assets such as foreign reserves, gold, and special drawing rights are also included.
Within the elements of international trade, there are country risk, foreign exchange risk, and fraud.
The political and economic stability of a country, and exchange controls all play into country risk.
If a country experiences civil war or sudden changes in government, they may not keep the terms of trade contracts and may default on foreign debt commitments as a result of these political issues.
According to Boland, (2015), most banks have specialized units dealing with country risk and they control the level of exposure that bank will assume for each country.
Foreign exchange risk as another factor that is a big part of international trade as the trader is always at the mercy of exchange rate fluctuations due to various economic, and political changes amongst other speculative reasons.
Traders must stay connected to trading rooms in banks to keep abreast of the exchange market and enter into forward foreign exchange contracts to guard their profit margin.
Fraud is another risk associated with international trade such as documentation, counterpart, and insurance fraud in addition to cargo theft.
For mitigating risks associated with international trade, buyers should ensure sufficient insurance coverage is in place to guard against risk such as transit risk.
Buyers .
The Foreign Exchange (Forex) Market Explained: Dynamics, Participants and Tra...Steve W
This presentation provides an in-depth overview of the over-the-counter foreign exchange (Forex) market. Size, price discovery, major sources of liquidity, dealer transactions and trading strategy advancement and technology is discussed.
Week-1 Into to Money and Bankingand Basic Overview of U.S. Fin.docxalanfhall8953
Week-1 Into to Money and Banking
and Basic Overview of U.S. Financial System
Money and Banking Econ 311
Instructor: Thomas L. Thomas
Financial markets transfer funds from people who have excess available funds to people who have a shortage.
They promote grater economic efficiency by channeling funds from people who do not have a productive use for them to those who do.
Well functioning financial markets are a key factor in producing economic growth, where as, poor functioning financial markets are a major reason many countries in the world remain poor.
Financial Markets
A security or financial instrument is a claim on the issuer’s future income or assets.
A bond is a debt security (IOU) that promises to make payments periodically for a specified period of time.
The bond market is especially important economic activity because it enables businesses and the government to borrow and finance their activities and because it is where interest rates are determined.
An interest rate is the cost of borrowing money or the price to rent (use someone else’s) funds.
Because different interest rates tend to move in unison, economist frequently lump interest rates together and refer to the “interest rate”.
Interest rates are important on a number of levels:
High interest rates retard borrowing
High interest rates induce saving.
Lower interest rates induce borrowing
Lower Interest rates retard saving
Information Asymmetry and Information costs
Why Financial Intermediaries
In the neo-classical world economists have argued financial intermediaries are not necessary. Savers (investors) could manage their risks through diversification.
The logic rests on the perfect market assumption – that is investors can always through their own borrowing and lending compose their portfolios as they see fit, without costs. In such a world there are no bankruptcy costs.
In such a world if taken to the extreme, perfect and complete markets imply that there is no need for financial institutions to intermediate in the financial (capital markets) as every investor (saver) has complete information and can contract with the market at the same terms as banks. E.g. Information Asymmetry
Why Financial Intermediaries Bonds
A common stock (usually called stock) represents a share of ownership in a corporation.
It is usually a security that is a claim on the earnings and assets of the corporation.
Issuing stock and selling it to the public (called a public offering) is a way for corporations to raise the funds to finance their activities.
The stock market is the most widely followed financial market in almost every country that has one – that is why it is generally called the market – here “Wall Street.”
The stock market is also an important factor in business investment decisions, because the price of shares affects the amount of funds that can be raised by selling newly issued stock to finance investment spending. (Note impact examples..
The Offshore Financial Centres - Conceiling the beneficial ownerFrank Erkens
Faced with the threat that the public may lose its confidence in the financial world, the international community has decided to uncover the numerous disguises used by criminals. This two-part series focuses on a number of important disguises, and the initiatives taken to resolve the problem of the concealment of beneficial owners. In the first part, we will look at the Offshore Financial Centres. This two-part series centres around the US legislative proposal HR3886. The aim of this legislative proposal is to facilitate the identification of the beneficial owner. Of course, the question remains whether this aim will be achieved or whether, as it appears now, the problem will simply relocate.
Similar to Financial transaction-tax-old-solution-new-problem-2015-report (20)
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
3. Public Citizen The Financial Transaction Tax
October 8, 2015 3
roposals to tax financial transactions, such as sales of stocks, have commanded
attention in recent years, especially since the financial crisis of 2008.
These proposals typically call for a tax on stock sales that is so small that ordinary investors
would hardly notice it but nevertheless raises substantial revenue, largely from high-
volume traders.1 Aside from taxing sales of stock, financial transaction tax proposals also
call in varying ways for taxing transactions in bonds, derivatives and other financial
products.
Sen. Tom Harkin (D-Iowa) (now retired) and Rep. Peter DeFazio (D-Ore.) proposed
legislation in 2013 and in earlier sessions of Congress that would have taxed stock
transactions at 0.03 percent (3 cents on every $100).2 The Harkin-DeFazio proposal would
have generated $352 billion over 10 years, according to analysis that the Joint Committee
on Taxation furnished to Harkin and DeFazio in 2011.3
Vermont Senator and Democratic presidential candidate Bernie Sanders and Rep. Keith
Ellison (D-Minn.) favor a significantly larger financial transaction tax of 0.5 percent, or 50
cents on every $100, for stock trades. Their proposals also call for taxes of 0.1 percent for
bond trades, and 0.005 for derivative trades.4
Former President George H.W. Bush (R) and former Senate Majority Leader Robert Dole (R-
Kan.) supported versions of financial transaction taxes in the early-1990s.5 Richard
Darman, director of the Office of Management of Budget under the first President Bush and
Bush I Treasury Secretary Nicholas Brady proposed a financial transaction tax of 0.5
percent on stocks and bonds.6
A proposal has been pending since 2014 in the European Union to implement a financial
transaction tax, tentatively set at 0.1 percent on sales of stock and at a lower rate for
1 TAYLOR LINCOLN, PUBLIC CITIZEN, A MATTER OF PERSPECTIVE ADDED COSTS FROM A FINANCIAL TRANSACTION
TAX WOULD BE MINUSCULE COMPARED TO FEES INVESTORS ALREADY PAY (March 12, 2014),
http://bit.ly/1izXoH9. Report compares existing transaction costs to prospective additional costs
posed by a 0.03 percent FTT.
2 S.410 – Wall Street Trading and Speculators Tax Act (introduced Feb. 28, 2013),
http://1.usa.gov/1guzFGk.
3 Office of Rep. Peter DeFazio (D-Ore), Press Release, Memo: Joint Tax Committee Finds Harkin,
DeFazio Wall Street Trading and Speculators Tax Generates More Than $350 Billion
(Nov. 9, 2011), http://1.usa.gov/KgULbb.
4 Alan K. Ota, Sanders Presses for Vote on Financial Transaction Tax, ROLL CALL (June 24, 2015),
http://bit.ly/1guzZF0 and H.R.1579 - Inclusive Prosperity Act of 2013 (introduced April 16, 2013),
http://1.usa.gov/1NG8erI.
5 See, e.g., MARK P. KEIGHTLEY, A SECURITIES TRANSACTION TAX: FINANCIAL MARKETS AND REVENUE EFFECTS,
CONGRESSIONAL RESEARCH SERVICE (June 12, 2012), http://bit.ly/1Lc4bgd and PROPOSED TRANSACTION
TAX DOESN’T ‘MAKE SENSE,’ AMEX CHAIRMAN SAYS, SECURITIES WEEK (June 11, 1990) and William G. Laffer
III, The Worst Tax Hike (Executive Memorandum #278 on Taxes), HERITAGE FOUNDATION (Aug. 9,
1990), http://herit.ag/1L2pWjt.
6 Scott W. MacCormack, A Critique of the Reemerging Securities Transfer Excise Tax, 44 THE TAX
LAWYER 927-941 (Spring 1991), http://bit.ly/1FQ6FVH.
P
4. Public Citizen The Financial Transaction Tax
October 8, 2015 4
transactions in financial derivatives.7 At present, 11 of the 28 EU countries are negotiating
an agreement through which they would implement an FTT. The participating countries
account for about 90 percent of the European Union’s aggregate GDP.8 They are negotiating
under the auspices of the European Union’s “enhanced cooperation” permissions, which
allow a subset of the EU’s members to enter into treaties.9
European Union Economics Commissioner Pierre Moscovici said in September 2015 that
the participating countries were closing in on a deal. “Today, we made important, if not
decisive, progress.” Moscovici said “This deal is within reach.”10
Proponents of such taxes typically envision them as serving both as sources of revenue and
as dampeners on casino-style trading activities. The relatively new phenomenon of high-
frequency trading, in which stocks are bought and sold in millisecond intervals, has altered
the way markets work and presented an array of risks and injustices. High-speed traders
deploy computers that are programed to buy or sell stocks based on algorithms. Some have
estimated that high-frequency trading accounts for up to 60 percent of all stock trades.11
The strategies used by high-frequency traders are anathema to the traditional
understanding of investment, which is the purchase of goods or assets in the hope that they
will generate revenue or appreciate in value in the future.12 Most people would likely agree
that a person would need to retain an asset for longer than a split second for it to count as a
legitimate investment.13
Certain aspects of high-frequency trading strategies are simply unfair. High-frequency
trades are often made on the basis of inside information purchased from markets or
discerned by deceptive means on what stocks other investors are attempting to buy or sell.
The computer-traders are then able to exploit that information.14
7 Capital Markets Union Another Obstacle for FTT, EURACTIV.COM (Sept. 4, 2015),
http://bit.ly/1KoUxX9.
8 Press release, European Parliament News, Eleven EU Countries Get Parliament's All Clear for a
Financial Transaction Tax (Dec. 12, 2012), http://bit.ly/1LrRMK0. The participating countries are
Austria, Belgium, Estonia, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain.
9 Press release, European Commission, Financial Transaction Tax Under Enhanced Cooperation:
Commission Sets Out the Details (Feb. 14, 2013), http://bit.ly/1KqZeCZ.
10 EU Deal on Financial Transactions Tax ‘Within Reach’: Moscovici, REUTERS (Sept. 12, 2015),
http://reut.rs/1ib0JLP.
11 See, e.g., Tom Polansek, High-Frequency Trading Does Not Raise Futures Volatility –Study, REUTERS
(Aug. 27, 2013) http://reut.rs/1luzSXF; Matthew Philips, How the Robots Lost: High-Frequency
Trading’s Rise and Fall, BLOOMBERG BUSINESSWEEK (June 6, 2013), http://buswk.co/1ciOiDs.; Charles
Duhigg, Stock Traders Find Speed Pays, in Milliseconds, THE NEW YORK TIMES (July 23, 2009),
http://nyti.ms/1koMVt4; Kambiz Foroohar, Trading Pennies Into $7 Billion Drives High-Frequency’s
Cowboys, BLOOMBERG NEWS (Oct. 6, 2010), http://bloom.bg/1ftPMlx.
12 See, e.g., Definition of Investment, INVESTOPEDIA, http://bit.ly/1QkDxpJ.
13 High-Frequency Traders Need a Speed Limit, BLOOMBERG (Jan. 25, 2015), http://bv.ms/1UYLLdL.
14 Charles Duhigg, Stock Traders Find Speed Pays, in Milliseconds, THE NEW YORK TIMES (July 23, 2009),
http://nyti.ms/1koMVt4
5. Public Citizen The Financial Transaction Tax
October 8, 2015 5
For instance, if a high-frequency trading computer is aware of a mutual fund attempting to
purchase a large block of a certain stock (which would almost inevitably drive that stock’s
price up marginally), the high-frequency trader can profit by entering an instantaneous
order or, even more lucrative, a split second ahead of the other trade. High-frequency
traders gain added advantages by locating their operations close to markets’ physical
locations and implementing other technology to ensure that their orders are received ahead
of others, even if only by a millionth of a second.15
Aside from being unfair in certain ways, high-frequency trading may also pose a risk of
destabilizing markets and putting ordinary investors’ funds in jeopardy. On May 6, 2010,
the stock market lost 1,000 points in just a few minutes in an episode known as the “flash
crash.” Regulators subsequently blamed high-frequency trading for exacerbating the
volatility. One explanation was that the market had become so dependent on high-
frequency traders that a sudden withdrawal of their trading activity (perhaps due to some
signal detected by algorithm) could create a false sense of scarcity of demand for stocks,
causing prices to plummet.
The U.S. Securities and Exchange Commission and Commodity Futures Trading Commission
wrote in analysis of the flash crash: “While the withdrawal of a single participant may not
significantly impact the entire market, a liquidity crisis can develop if many market
participants withdraw at the same time. This, in turn, can lead to the breakdown of a fair
and orderly price-discovery process.”16 Liquidity refers to the ease with which an asset can
be bought or sold without significant change to its price.
Some critics have forecast harmful effects on the market if a tax were enacted. But the costs
that would be imposed by even the boldest proposals would be less than transaction costs
that existed a couple of decades ago. “Transaction costs have indeed fallen dramatically
across financial markets over the past 35 years due to advances in information technology,
deregulation, and product innovation,” International Monetary Fund economist Thornton
Matheson wrote in 2011. For example, bid/ask spreads, which refer to the difference in the
price to sell a stock or purchase a stock, have fallen from greater than 1 percent to 0.1
percent.17
The transaction costs that do remain – including diminished bid/ask spreads, commissions
and overhead fees charged by mutual funds – dwarf the fees that investors would pay to
15 Id. and High-Frequency Traders Need a Speed Limit, BLOOMBERG (Jan. 25, 2015),
http://bv.ms/1UYLLdL.
16 Findings Regarding The Market Events of May 6, 2010, U.S. SECURITIES AND EXCHANGE COMMISSION AND
COMMODITY FUTURES TRADING COMMISSION (Sept. 10, 2010), http://1.usa.gov/1YgGopm .
17 Thornton Matheson, Taxing Financial Transactions: Issues and Evidence, IMF Working Paper,
INTERNATIONAL MONETARY FUND (2011), http://bit.ly/1KDCGvK.
6. Public Citizen The Financial Transaction Tax
October 8, 2015 6
comply with a modest financial transaction tax, as Public Citizen illustrated in a 2014
report.18
A truly minuscule financial transaction tax dating to the 1930s provides funds to operate
the Securities and Exchange Commission. But that tax, which currently stands at 0.00184
percent (less than 2 cents for every thousand dollars traded), is just a fraction of even the
low end of new proposals for transaction taxes.19 That tax was forecast to raise $886 million
in 2015.20
Political observers treat as novel certain recent proposals in the United States for a more
significant financial transaction tax. Little attention has been paid to the fact that the United
States had a financial transaction tax in place from 1914 to 1965. In its later years, the tax
was similar in some respects to that proposed by Harkin and DeFazio.
The rates of the tax varied from 0.02 to 0.06 percent. For most of the time, the tax was
levied on the “par value” of a stock, which is the listed value on stock certificates and is
usually below market value. Transfers of bonds, as well as new issues of stocks and bonds
also were taxed at varying rates. In 1959, the rate of tax on stock transfers was lowered
from 0.06 to 0.04 percent but, importantly, was changed to a tax on stocks’ market value
instead of par value.
Congress repealed the tax in 1965, effective at the end of that year.21
The Investment Company Institute, a critic of proposed financial transaction taxes, has
characterized the 1965 repeal of the previous financial transaction tax as a response to
pragmatic problems posed by the tax. “By the end of 1965 – seven years after the tax base
was changed from par value to market value – the tax was viewed by Congress as
complicating securities transactionsand repealed,” the Institute wrote in 2010.22
But a review suggests that the Investment Company Institute’s conclusion was overblown.
The repeal of the financial transaction tax was part of a massive tax overhaul in which
18 TAYLOR LINCOLN, PUBLIC CITIZEN, A MATTER OF PERSPECTIVE ADDED COSTS FROM A FINANCIAL TRANSACTION
TAX WOULD BE MINUSCULE COMPARED TO FEES INVESTORS ALREADY PAY (March 12, 2014),
http://bit.ly/1izXoH9. Report compares existing transaction costs to prospective additional costs
posed by a 0.03 percent FTT.
19 Leonard E. Burman, William G. Gale, Sarah Gault, Bryan Kim, Jim Nunns, and Steve Rosenthal,
Financial Transaction Taxes In Theory And Practice, TAX POLICY CENTER (URBAN INSTITUTE AND BROOKINGS
INSTITUTION) (June 2015), http://tpc.io/1G7dCfz.
20 Release No. 34-74057, U.S. SECURITIES AND EXCHANGE COMMISSION (Jan. 15, 2015),
http://1.usa.gov/1KDxfNv.
21 LEONARD E. BURMAN, WILLIAM G. GALE, SARAH GAULT, BRYAN KIM, JIM NUNNS, AND STEVE ROSENTHAL, TAX
POLICY CENTER, FINANCIAL TRANSACTION TAXES IN THEORY AND PRACTICE (June 2015),
http://tpc.io/1CKHkp7.
22 Fact Sheet: Transaction Tax History: Proposed Securities Transaction Tax Is Far Greater Than Any in
U.S. History, INVESTMENT COMPANY INSTITUTE (Feb. 2, 2010), http://bit.ly/1KjDZTA.
7. Public Citizen The Financial Transaction Tax
October 8, 2015 7
excise taxes of all stripes were cut by $4.6 billion over several years.23 The aspect of the
financial transaction tax that concerned transfers of stocks was yielding only about $20
million per year in revenue (about $155 million today), according to congressional
testimony by the president of the New York Stock Exchange.24
At the time, the tax code included myriad excise taxes, many of which were instituted to
meet special needs arising from World War II and the Korean War. Jewelry, watches, furs,
cosmetics, handbags, musical instruments, mechanical pens, playing cards, automobiles and
dozens of other products were subject to excise taxes of varying rates.25 The 1965 tax
reform bill eliminated many of these taxes.
Financial transaction taxes do not appear to have been a major point of discussion in the
debate over the 1965 bill, nor in the years leading up to it.
In 1964, New York Stock Exchange President Keith Funston testified before the U.S. House
Ways and Means Committee as the committee was embarking on a study of excise taxes.
Funston asked that the tax on new stock issues be repealed and that certain other
exemptions be granted. With regard to the tax on the transfer of stocks, the item that most
closely parallels current financial transaction tax proposals, Funston’s request was modest.
Instead of repeal, he asked that it be reduced from 4 cents per $100 to 3 cents.26
Economic data from 1959 to 1965, the years in which the legacy financial transaction tax
most closely paralleled current proposals, fail to support claims put forth by critics that a
modern day financial transaction tax would be harmful. From 1959 to 1965, the average
annual percentage gain in the U.S. gross domestic product was 5 percent.27 To put that in
perspective, the U.S. economy has not expanded by more than 5 percent in a single year
since 1983.28
The Dow Jones Industrial Average increased by 65 percent (not including gains from
dividends) from 1959-65. That was an average of 9.3 percent per year, which most experts
would deem healthy.29
There were myriad other variables, many of which were undoubtedly far more influential
than the financial transaction tax. But these figures indicate that the transaction tax must
not have been a significant drag on the economy.
23 John D. Morris, Senate-House Conferees Agree on a $4.6 Billion Excise Tax Cut, THE NEW YORK TIMES
(June 16, 1965).
24 Big Board’s President Urges Transfer Taxes on Securities Be Cut, THE WALL STREET JOURNAL (June 29,
1964).
25 Id.
26 Id.
27 BEA: GDP Percent Change From Preceding Period, U.S. BUREAU OF ECONOMIC ANALYSIS,
http://bit.ly/1V6mvgx.
28 Id.
29 Dow Jones Industrial Average History, FEDPRIMERATE.COM, http://bit.ly/1Quf55h.
8. Public Citizen The Financial Transaction Tax
October 8, 2015 8
What would have happened if the aspect of the 1965 financial transaction tax that pertained
to transfers of stocks had remained in place? We did not consider the would-be revenue
concerning transfers of bonds nor new issues of securities. Because financial derivatives
were not included in the previous financial transaction tax, we did not consider them for
this report, even though they are part of current proposals.
We found that the stock-transfer tax would have generated $335 billion in actual dollars
from the half century spanning 1966 to 2014. [See table, page 10] A little more than $296
billion of that revenue would have accrued since 2000, befitting the markedly higher
trading volumes and values of stocks since then.
In inflation-adjusted (2014) dollars, the tax would have netted $399.4 billion, of which $333
billion would have accrued since 2000. That would have meant an average of more than $22
billion a year in revenue since 2000.
Actual revenue would have likely been less because the tax would have deterred high-
frequency trading activities and may have slightly dampened other trading activities. Robert
Pollin and James Heintz in 2011 estimated that a 0.03 percent financial transaction tax (as
proposed by DeFazio and Harkin) would reduce stock trading by 3.7 to 10.3 percent,
depending on various assumptions on elasticity that have been put forth by other
economists.30 Elasticity in this context refers to the effect that a given change in transaction
costs would have on trading levels.
International Monetary Fund economist Thornton Matheson has forecast a higher elasticity
level than those modeled by Polin and Heintz. This means that trading would decline
further under a 0.03 percent tax using Matheson’s assumptions.31
Pollin and Heintz predicted a dramatically more significant reduction in trading if a higher
financial transaction tax were passed. They estimated that a tax of 0.5 percent, such as that
proposed by Sanders and Ellison, would reduce trading by 45 to 83 percent.32
Even if trading volume were cut in half by the financial transaction tax, an absurdly high
estimate in the context of a 0.04 percent tax that existed in the 1960s, that still would have
yielded $200 billion in inflation-adjusted dollars since the 1966 repeal. The tax would have
yielded a little more than $165 billion since 2000, an average of $11 billion a year. In
30 Robert Pollin and James Heintz, Transaction Costs, Trading Elasticities and the Revenue Potential of
Financial Transaction Taxes for the United States, POLITICAL ECONOMY RESEARCH INSTITUTE (December
2011), http://bit.ly/1Ik77Yh. This model assumes present day transaction costs of 0.25 percent.
Pollin and Heintz also modeled the effects of various FTTs if pre-FTT transaction costs were assumed
to be 0.5 percent. Under those scenarios, the dampening effect of an FTT on trading levels would be
about half as much.
31 Thornton Matheson, Taxing Financial Transactions: Issues and Evidence, IMF Working Paper,
INTERNATIONAL MONETARY FUND (2011), http://bit.ly/1KDCGvK.
32 Robert Pollin and James Heintz, Transaction Costs, Trading Elasticities and the Revenue Potential of
Financial Transaction Taxes for the United States, POLITICAL ECONOMY RESEARCH INSTITUTE (December
2011), http://bit.ly/1Ik77Yh.
9. Public Citizen The Financial Transaction Tax
October 8, 2015 9
contrast, the budget of the U.S. Securities and Exchange Commission, the chief watchdog
charged with ensuring the integrity of stock markets, was only about $1.6 billion in fiscal
year 2015.33
Conclusion
The economy functioned well during a period of time in which a financial transaction tax
with similar characteristics to some currently proposed policies was in effect. The record
from the legacy financial transaction tax provides no evidence to suggest that reinstitution
of it would have damaging effects on the economy or stock market. If the tax were
reinstituted, it would dampen trading strategies that are of dubious social value and would
yield revenue to invest in the public good.
33 FY 2016 Budget Request and Tables, U.S. SECURITIES AND EXCHANGE COMMISSION (Feb. 2, 2015),
http://1.usa.gov/1YwoJKq.