Using data on all lending deals in the Brazilian stock market from 2009 to 2011, we provide answers to the following questions: i) are short-sellers informed in Brazil?, ii) which short sellers are informed?, and iii) how are they informed? The answer to the first question is positive, the average Brazilian short-seller is informed. Among these short-sellers, individual investors appear to be as informed as investment funds. To provide an answer to the third question, the approach is to observe how short-selling behaves around days when relevant corporate news is disclosed. This paper shows that funds are more informed just after the disclosure of news, an indication that these investors decide their short-selling operations after processing the news. On the other hand, individual investors increase short-selling prior to bad news and decrease short-selling prior to good news. This last result could be a sign of information leakages from insiders. / Usando-se de dados relativos à totalidade dos contratos de empréstimos de ações no mercado brasileiro de 2009 a 2011, este trabalho responde às seguintes questões: i) vendedores a descoberto são mais informados no Brasil?, ii) quais desses vendedores a descoberto são informados?, e iii) como eles são informados? A resposta para a primeira pergunta é positiva: o investidor médio brasileiro é informado. Dentre esses, vendedores a descoberto individuais são tão informados quanto aqueles institucionais. Para responder a terceira pergunta, nossa abordagem é a de observar como a venda a descoberto se comporta ao redor de dias onde notícias corporativas são reveladas. Este trabalho mostra que fundos institucionais são mais informados logo depois da divulgação da notícia, um indicativo que estes investidores vendem a descoberto após processar notícias. Por outro lado, investidores individuais aumentam a venda a descoberto antes de notícias ruins, e diminuem antes de notícias boas.

A literatura, apesar de avaliar consensualmente vendedores a descoberto como informados, pouco diz sobre possíveis diferenças entre eles, especialmente no que se refere ao seu perfil e estratégias de investimento. A dissertação, de forma pioneira, propõe métricas que permitem avaliar os vendedores a descoberto como heterogêneos, ao segmentá-los em duas categorias: o especialista em ações específicas e o estrategista, gestor perito do seu portfólio. A partir de uma base de dados do mercado brasileiro de aluguel entre janeiro de 2009 e julho de 2011, conclui-se que especialistas e estrategistas preveem retorno, mas também que: (i) fundos e pessoas físicas são mais informados que os restantes dos investidores; (ii) informados especialistas tendem a aumentar sua participação no mercado em semanas de fatos relevantes negativos, sugerindo que possuem algum conhecimento do sinal das notícias divulgadas ; (iii) investidores estrategistas são mais seletivos em suas operações, transacionando em um número relativamente menor de meses e de ações e mostrando-se melhores processadores da informação disponível. / The literature, despite consensually recognizing short sellers as informed, has little to say about potential differences among them, especially those related to their investment strategies and profile. The dissertation innovates and proposes measures that differentiate the short sellers in two groups: the specialists on specific tickers and the strategists, skilled portfolio managers. Using data on the investor level from the Brazilian stock loan market between January 2009 and July 2011, we find that both specialists and strategists predict returns, but also that : (i) funds and individuals are more informed than the remainder investor types, (ii) specialists tend to increase their participation in the market on weeks with negative news, suggesting that they have some knowledge over its signs and (iii) strategists are more selective with their transactions, negotiating on a relative lower number of months and being better interpreters of the available information.

A literatura, apesar de avaliar consensualmente vendedores a descoberto como informados, pouco diz sobre possíveis diferenças entre eles, especialmente no que se refere ao seu perfil e estratégias de investimento. A dissertação, de forma pioneira, propõe métricas que permitem avaliar os vendedores a descoberto como heterogêneos, ao segmentá-los em duas categorias: o especialista em ações específicas e o estrategista, gestor perito do seu portfólio. A partir de uma base de dados do mercado brasileiro de aluguel entre janeiro de 2009 e julho de 2011, conclui-se que especialistas e estrategistas preveem retorno, mas também que: (i) fundos e pessoas físicas são mais informados que os restantes dos investidores; (ii) informados especialistas tendem a aumentar sua participação no mercado em semanas de fatos relevantes negativos, sugerindo que possuem algum conhecimento do sinal das notícias divulgadas ; (iii) investidores estrategistas são mais seletivos em suas operações, transacionando em um número relativamente menor de meses e de ações e mostrando-se melhores processadores da informação disponível. / The literature, despite consensually recognizing short sellers as informed, has little to say about potential differences among them, especially those related to their investment strategies and profile. The dissertation innovates and proposes measures that differentiate the short sellers in two groups: the specialists on specific tickers and the strategists, skilled portfolio managers. Using data on the investor level from the Brazilian stock loan market between January 2009 and July 2011, we find that both specialists and strategists predict returns, but also that : (i) funds and individuals are more informed than the remainder investor types, (ii) specialists tend to increase their participation in the market on weeks with negative news, suggesting that they have some knowledge over its signs and (iii) strategists are more selective with their transactions, negotiating on a relative lower number of months and being better interpreters of the available information.

Using data on all lending deals in the Brazilian stock market from 2009 to 2011, we provide answers to the following questions: i) are short-sellers informed in Brazil?, ii) which short sellers are informed?, and iii) how are they informed? The answer to the first question is positive, the average Brazilian short-seller is informed. Among these short-sellers, individual investors appear to be as informed as investment funds. To provide an answer to the third question, the approach is to observe how short-selling behaves around days when relevant corporate news is disclosed. This paper shows that funds are more informed just after the disclosure of news, an indication that these investors decide their short-selling operations after processing the news. On the other hand, individual investors increase short-selling prior to bad news and decrease short-selling prior to good news. This last result could be a sign of information leakages from insiders. / Usando-se de dados relativos à totalidade dos contratos de empréstimos de ações no mercado brasileiro de 2009 a 2011, este trabalho responde às seguintes questões: i) vendedores a descoberto são mais informados no Brasil?, ii) quais desses vendedores a descoberto são informados?, e iii) como eles são informados? A resposta para a primeira pergunta é positiva: o investidor médio brasileiro é informado. Dentre esses, vendedores a descoberto individuais são tão informados quanto aqueles institucionais. Para responder a terceira pergunta, nossa abordagem é a de observar como a venda a descoberto se comporta ao redor de dias onde notícias corporativas são reveladas. Este trabalho mostra que fundos institucionais são mais informados logo depois da divulgação da notícia, um indicativo que estes investidores vendem a descoberto após processar notícias. Por outro lado, investidores individuais aumentam a venda a descoberto antes de notícias ruins, e diminuem antes de notícias boas.

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This paper analyzes the tax effects of the German real estate transfer tax (RETT). While the vast majority of single-family houses in Germany are owner-occupied, apartments are usually held by private and incorporated investors. For this reason, we conducted a regression analysis to determine the effects of increasing RETT on the number and the prices of transactions separately for these two market segments. Our findings suggest that increasing the RETT by 1% is associated with a decline in transactions by 0.23% for single-family houses, but with no significant effect on the prices of traded houses. Conversely, for apartments, we find no significantly negative effects on the transactions, but the price effect of the RETT tends to be negative. Finally, for vacant lots, we find even larger quantity effects than for singlefamily houses suggesting roughly an elasticity of -1. The results for this specific market segment indicate that the government operates near the top of a Laffer curve. / Series: WU International Taxation Research Paper Series

The diploma thesis focuses on the financial institutions taxation. First part provides the analysis reasons for taxation and against taxation of financial institutions. Taxation of financial institutions in the Czech republic is analysed as well. Next chapter deals with theoretical concept of bank tax from J.M.Keynes and J.Tobina. This chapter is accompanied by the analysis of the bank tax variants. The third chapter topic is about the implementation of the financial transaction tax in the European Union. The end of diploma thesis deals with analysis of the bank tax in Great Britan, Sweden, Brazil and France.

In recent times some economists and politicians in the context of financial crisis dusted off again the idea of introducing the so-called Tobin tax, or financial transaction tax (FTT), respectively. This thesis briefly reviews the existing literature on FTT. Two case studies of Sweden and Great Britain show in some respects two different experiences with FTT. The theses analyzes in detail the economic implications of the European Commission proposed FTT from the perspective of economic theory and economic policy. Partial conclusions of the thesis reveal some drawbacks and pitfalls of FTT. While the benefits of FTT remain rather controversial. The theses therefore concludes that FTT is not due to the severity of its impacts appropriate economic measure.

The impact of Security Transaction Taxes (STTs) on the financial market has been studied by authors for decades, showing mixed results between positive, negative, or insignificant relations between STTs and financial volatility. This thesis adds a new approach to previous studies by taking an innovative long-term approach to the topic, analysing the effect of both the New York State STT (1905 – 1981) and the United States STT (1914 – 1966) on volatility in the New York Stock Exchange (NYSE) and NASDAQ as measured by the S&P500 Index. The period of investigation is from 1950 to 2019. This analysis reveals a negative relation between the NY STT and volatility when those are computed in long periods of time, implying that the presence (and increase) of STTs lead to a reduced volatility in the financial market. When breaking the analysis down into shorter periods of time the relationship between STTs and financial volatility proved to be insignificant. At the same time, the US STT is not statistically significant neither in the long-term nor in any of the separated shorter analysed periods. This thesis therefore highlights the relevancy of performing long-term studies rather than short-term ones which has been the focus of previous research.