{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,10,13]],"date-time":"2026-10-13T17:45:17Z","timestamp":1791913517582,"version":"4.3.4"},"posted":{"date-parts":[[2026]]},"group-title":"SSRN","reference-count":108,"publisher":"Elsevier BV","license":[{"start":{"date-parts":[[2026,1,1]],"date-time":"2026-01-01T00:00:00Z","timestamp":1767225600000},"content-version":"unspecified","delay-in-days":0,"URL":"https:\/\/www.uspto.gov\/ip-policy\/copyright-policy\/copyright-basics"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"abstract":"<jats:p>This paper studies how lower trading costs affect retail investors and the market through increased speculation. We leverage a 2017 reform in Taiwan that reduced the transaction tax specifically for day trading. Using detailed account-level transaction data, we show that investor responses offset gains from tax savings and reduce portfolio returns for two reasons. First, the increase in trading is driven disproportionately by less sophisticated investors who tend to lose money on each trade. Second, and surprisingly, day traders' per-trade performance worsens, eroding the tax-cut benefit. Consistent with the view that transaction costs serve a disciplinary role, we trace this deterioration to less attentive decision-making. Despite individual-level losses, market quality improves: intraday liquidity increases and volatility decreases. Overall, our findings highlight a policy-relevant trade-off: increased retail speculation from lower trading costs can benefit markets while harming individual investors.<\/jats:p>","DOI":"10.2139\/ssrn.7306779","type":"posted-content","created":{"date-parts":[[2026,8,20]],"date-time":"2026-08-20T13:04:53Z","timestamp":1787231093000},"source":"Crossref","is-referenced-by-count":0,"title":["The Economic Consequences of Lower Retail Trading Costs"],"prefix":"10.2139","author":[{"given":"Ching-Tse","family":"Chen","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-7174-2226","authenticated-orcid":true,"given":"Ming-Jen","family":"Lin","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","reference":[{"issue":"8","key":"ref1","doi-asserted-by":"crossref","first-page":"3899","DOI":"10.1017\/S0022109025101695","article-title":"Do Individual Investors Ignore Transaction Costs?","volume":"60","author":"Deniz Anginer","year":"2025","journal-title":"Journal of Financial and Quantitative Analysis"},{"issue":"9","key":"ref2","doi-asserted-by":"crossref","first-page":"2703","DOI":"10.1257\/aer.20170666","article-title":"Rich pickings? 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