Stamp duty on shares and its effect on share prices

This paper provides a discussion of stamp duty and its effects. This is followed by an empirical study using changes in the rate of stamp duty in the UK as natural experiments. Because shares will be affected differently depending on how frequently they are traded, we can employ a difference-in-differences methodology. We find that the announcements of cuts in stamp duty had a significant and positive effect on the price of more frequently traded shares compared to other shares. As expected under the efficient markets hypothesis, the implementation of cuts (when at a different date from the announcement) did not affect returns differentially.Stamp duty, transaction tax, Tobin-tax, natural experiment, tax reform

Chip and Skim: cloning EMV cards with the pre-play attack

EMV, also known as "Chip and PIN", is the leading system for card payments worldwide. It is used throughout Europe and much of Asia, and is starting to be introduced in North America too. Payment cards contain a chip so they can execute an authentication protocol. This protocol requires point-of-sale (POS) terminals or ATMs to generate a nonce, called the unpredictable number, for each transaction to ensure it is fresh. We have discovered that some EMV implementers have merely used counters, timestamps or home-grown algorithms to supply this number. This exposes them to a "pre-play" attack which is indistinguishable from card cloning from the standpoint of the logs available to the card-issuing bank, and can be carried out even if it is impossible to clone a card physically (in the sense of extracting the key material and loading it into another card). Card cloning is the very type of fraud that EMV was supposed to prevent. We describe how we detected the vulnerability, a survey methodology we developed to chart the scope of the weakness, evidence from ATM and terminal experiments in the field, and our implementation of proof-of-concept attacks. We found flaws in widely-used ATMs from the largest manufacturers. We can now explain at least some of the increasing number of frauds in which victims are refused refunds by banks which claim that EMV cards cannot be cloned and that a customer involved in a dispute must therefore be mistaken or complicit. Pre-play attacks may also be carried out by malware in an ATM or POS terminal, or by a man-in-the-middle between the terminal and the acquirer. We explore the design and implementation mistakes that enabled the flaw to evade detection until now: shortcomings of the EMV specification, of the EMV kernel certification process, of implementation testing, formal analysis, or monitoring customer complaints. Finally we discuss countermeasures

Selling addictions: Similarities in approaches between Big Tobacco and Big Booze

Background - The purpose of this research was to identify, through alcohol industry documents, similarities between tobacco and alcohol companies in approaches to evidence and counter-arguments to public health measures. Method - A search of the tobacco document archives through the World Wide Web for alcohol industry documents was conducted. Alcohol-related search terms were entered into search fields of the tobacco document archives. Results - The documents show that alcohol and tobacco companies have worked closely together, have shared information, share similar concerns and have used similar arguments to defend their products and prevent or delay restrictions being placed on their products. Conclusion - This paper provides evidence that alcohol and tobacco companies are similar in a number of ways and there is scope to use these similarities in developing more effective public health approaches to addressing alcohol consumption and related harms

Big Tobacco "Pull Out All Stops" for a Landmark Example

 Background With the aid of internal tobacco industry documents, this paper provides a chronology of events documenting the role of the Philip Morris tobacco company in the 1993 litigation case against the Burswood International Resort Casino (BIRC). The paper also examines the implications of this case for the regulation of second hand smoke exposure.  Method   A systematic keyword search and analysis of internal tobacco industry documents was conducted using documents available on the World Wide Web through the Master Settlement Agreement. Results The industry documents provide comprehensive evidence that the Philip Morris tobacco company provided assistance to the BIRC in its defence against action by the Western Australian government. The Philip Morris tobacco company, along with others, sought to publicise and promote the outcome as a ‘landmark example’ to lobby against the implementation of indoor smoking bans. Conclusion Philip Morris’ investment in the BIRC defence demonstrated the industry’s recognition of the potential significance of the case beyond Western Australia. Involvement in the BIRC case assisted the wider tobacco industry by helping to prolong smoking at casinos and other Australian hospitality venues. The findings contribute to our understanding of the history of tobacco industry strategies implemented in Western Australia and internationally to slow tobacco control progress, and the preparedness of the tobacco industry to exploit favourable developments originating anywhere in the world.

Data associated with 'Upland grassland management influences organo-mineral soil properties and their hydrological function'

Land-use change acts as a potential moderator of flood risk, affecting vegetation and soil properties, and thus influencing the storage and flow of water across landscapes. This study, conducted in northwest England, investigated physical soil propertie