{"id":"https://openalex.org/W3113321179","doi":"https://doi.org/10.1093/rfs/hhaa135","title":"The Whack-a-Mole Game: Tobin Taxes and Trading Frenzy","display_name":"The Whack-a-Mole Game: Tobin Taxes and Trading Frenzy","publication_year":2020,"publication_date":"2020-12-07","ids":{"openalex":"https://openalex.org/W3113321179","doi":"https://doi.org/10.1093/rfs/hhaa135","mag":"3113321179"},"language":"en","primary_location":{"id":"doi:10.1093/rfs/hhaa135","doi":"https://doi.org/10.1093/rfs/hhaa135","is_oa":false,"landing_page_url":"https://doi.org/10.1093/rfs/hhaa135","pdf_url":null,"source":{"id":"https://openalex.org/S170137484","display_name":"Review of Financial Studies","issn_l":"0893-9454","issn":["0893-9454","1465-7368"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Review of Financial Studies","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5112121927","display_name":"Jinghan Cai","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I124113063","display_name":"University of Scranton","ror":"https://ror.org/05xwb6v37","country_code":"US","type":"education","lineage":["https://openalex.org/I124113063"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Jinghan Cai","raw_affiliation_strings":["University of Scranton"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Scranton","institution_ids":["https://openalex.org/I124113063"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5101028654","display_name":"Jibao He","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I2801045807","display_name":"Shenzhen Stock Exchange","ror":"https://ror.org/058h0n244","country_code":"CN","type":"other","lineage":["https://openalex.org/I2801045807"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Jibao He","raw_affiliation_strings":["Shenzhen Stock Exchange"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Shenzhen Stock Exchange","institution_ids":["https://openalex.org/I2801045807"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5101958158","display_name":"Wenxi Jiang","orcid":"https://orcid.org/0009-0003-6137-4110","observed_orcids":["https://orcid.org/0009-0003-6137-4110"]},"institutions":[{"id":"https://openalex.org/I177725633","display_name":"Chinese University of Hong Kong","ror":"https://ror.org/00t33hh48","country_code":"HK","type":"education","lineage":["https://openalex.org/I177725633"]}],"countries":["HK"],"is_corresponding":true,"raw_author_name":"Wenxi Jiang","raw_affiliation_strings":["CUHK Business School, The Chinese University of Hong Kong"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"CUHK Business School, The Chinese University of Hong Kong","institution_ids":["https://openalex.org/I177725633"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5103006570","display_name":"Wei A. Xiong","orcid":"https://orcid.org/0000-0003-3592-9373","observed_orcids":["https://orcid.org/0000-0003-3592-9373"]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I20089843","display_name":"Princeton University","ror":"https://ror.org/00hx57361","country_code":"US","type":"education","lineage":["https://openalex.org/I20089843"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Wei Xiong","raw_affiliation_strings":["Princeton University, CUHK Shenzhen, and the NBER"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Princeton University, CUHK Shenzhen, and the NBER","institution_ids":["https://openalex.org/I1321305853","https://openalex.org/I20089843"]}]}],"institutions":[],"countries_distinct_count":3,"institutions_distinct_count":5,"corresponding_author_ids":["https://openalex.org/A5101958158"],"corresponding_institution_ids":["https://openalex.org/I177725633"],"apc_list":{"value":4028,"currency":"USD","value_usd":4028},"apc_paid":null,"fwci":5.4482,"has_fulltext":false,"cited_by_count":38,"citation_normalized_percentile":{"value":0.96169962,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":"34","issue":"12","first_page":"5723","last_page":"5755"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9916999936103821,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9916999936103821,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T14317","display_name":"Finance, Markets, and Regulation","score":0.0019000000320374966,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11059","display_name":"Market Dynamics and Volatility","score":0.0012000000569969416,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/tobin-tax","display_name":"Tobin tax","score":0.7179999947547913},{"id":"https://openalex.org/keywords/warrant-market","display_name":"warrant market","score":0.8299999833106995},{"id":"https://openalex.org/keywords/price-bubbles","display_name":"price bubbles","score":0.7919999957084656},{"id":"https://openalex.org/keywords/trade-costs","display_name":"trade costs","score":0.6759999990463257},{"id":"https://openalex.org/keywords/financial-regulation","display_name":"financial regulation","score":0.8349999785423279},{"id":"https://openalex.org/keywords/chinese-stock-market","display_name":"Chinese stock market","score":0.7570000290870667}],"concepts":[{"id":"https://openalex.org/C2776916960","wikidata":"https://www.wikidata.org/wiki/Q637156","display_name":"Warrant","level":2,"score":0.9518934488296509},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.5615557432174683},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5077224969863892},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.48512160778045654},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.4615843892097473},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.446994423866272},{"id":"https://openalex.org/C78508483","wikidata":"https://www.wikidata.org/wiki/Q139445","display_name":"Algorithmic trading","level":2,"score":0.41122472286224365},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.30624598264694214},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C2780762169","wikidata":"https://www.wikidata.org/wiki/Q5905368","display_name":"Horse","level":2,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1093/rfs/hhaa135","doi":"https://doi.org/10.1093/rfs/hhaa135","is_oa":false,"landing_page_url":"https://doi.org/10.1093/rfs/hhaa135","pdf_url":null,"source":{"id":"https://openalex.org/S170137484","display_name":"Review of Financial Studies","issn_l":"0893-9454","issn":["0893-9454","1465-7368"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Review of Financial Studies","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:oup:rfinst:v:34:y:2021:i:12:p:5723-5755.","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.1093/rfs/hhaa135","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":36,"referenced_works":["https://openalex.org/W72381055","https://openalex.org/W1485116192","https://openalex.org/W1547037030","https://openalex.org/W1601644745","https://openalex.org/W1689441347","https://openalex.org/W1972469710","https://openalex.org/W1981839479","https://openalex.org/W2007475906","https://openalex.org/W2012679794","https://openalex.org/W2079671696","https://openalex.org/W2090277731","https://openalex.org/W2117858154","https://openalex.org/W2128965010","https://openalex.org/W2133926487","https://openalex.org/W2140016380","https://openalex.org/W2311929390","https://openalex.org/W2419473731","https://openalex.org/W2522194767","https://openalex.org/W2559278867","https://openalex.org/W2762067682","https://openalex.org/W2769784975","https://openalex.org/W2785299472","https://openalex.org/W2891978443","https://openalex.org/W2914802343","https://openalex.org/W3022841865","https://openalex.org/W3024106135","https://openalex.org/W3097343405","https://openalex.org/W3121262530","https://openalex.org/W3122436261","https://openalex.org/W3123195209","https://openalex.org/W3123669434","https://openalex.org/W3124266640","https://openalex.org/W3125137415","https://openalex.org/W3125666236","https://openalex.org/W3209607944","https://openalex.org/W6754352105"],"related_works":["https://openalex.org/W2390505128","https://openalex.org/W2522500883","https://openalex.org/W2793872569","https://openalex.org/W2045823675","https://openalex.org/W2466620393","https://openalex.org/W2912068333","https://openalex.org/W3124670665","https://openalex.org/W2025887376","https://openalex.org/W2350496335","https://openalex.org/W2350149301"],"abstract_inverted_index":{"Abstract":[0],"To":[1],"dampen":[2],"trading":[3,18,26,33,83],"frenzy":[4,34],"in":[5,57,95],"the":[6,9,13,32,36,40,48,58,76,91],"stock":[7,17,37],"market,":[8,42],"Chinese":[10],"government":[11],"tripled":[12],"stamp":[14,49],"tax":[15],"for":[16],"on":[19],"May":[20],"30,":[21],"2007.":[22],"The":[23],"greatly":[24,81],"increased":[25],"cost":[27],"triggered":[28],"a":[29,54],"migration":[30,52],"of":[31,63,72],"from":[35],"market":[38,78],"to":[39,47,75],"warrant":[41,59,77,86],"which":[43],"was":[44],"not":[45,68],"subject":[46],"tax.":[50],"This":[51,88],"exacerbated":[53],"price":[55],"bubble":[56],"market.":[60],"Our":[61],"analysis":[62],"investor":[64],"account":[65],"data":[66],"uncovers":[67],"only":[69],"large":[70],"inflows":[71],"new":[73],"investors":[74],"but":[79],"also":[80],"intensified":[82],"by":[84],"existing":[85],"investors.":[87],"episode":[89],"exemplifies":[90],"so-called":[92],"\u201cwhack-a-mole\u201d":[93],"game":[94],"financial":[96],"regulations.":[97]},"counts_by_year":[{"year":2026,"cited_by_count":2},{"year":2025,"cited_by_count":5},{"year":2024,"cited_by_count":8},{"year":2023,"cited_by_count":7},{"year":2022,"cited_by_count":4},{"year":2021,"cited_by_count":6},{"year":2020,"cited_by_count":4},{"year":2019,"cited_by_count":1},{"year":2015,"cited_by_count":1}],"updated_date":"2026-11-02T09:45:03.842371","created_date":"2020-12-21T00:00:00"}
