Fig. 5
From: Non-Value-Added Tax to improve market fairness and quality
Distribution of final profit—First tax regime. This figure reports the distribution of the end-of-period realized returns to Fundamentalists and High Frequency Traders. It illustrates the effect of NVAT on the profitability of trading, we show that there is no significant difference in profitability means for HFT and Fundamentalists . However, the implementation of NVAT makes it possible to prevent traders from incurring extreme losses