KPN reckons the cash and shares transaction values the business at 8.1 billion euros, or $10.7 billion, or nine times 2013 earnings before interest, taxes, depreciation and amortization, or Ebitda.
We assume that the individual cost of the transaction of each share diminishes as the number of shares transactioned increases, which is represented by considering the cost as the percentage given by h = a − b | ν |, where ν is the number of shares traded ( ν > 0 in a buy or ν < 0 in a sale) and a, b > 0 are constants depending on the individual investor.
The loans-for-shares transactions, which made billionaires of Potanin and Prokhorov, remain highly controversial, and helped draw a connection in the Russian imagination between the crook, the businessman, and the Kremlin official.
What they do is legal and can improve liquidity in share transactions.
Stockbrokers and private investors are hoping for a reduction, or abolition, in duty on share transactions.
Labour has plans for a bankers' bonus tax and would tighten up the regime on stamp duty for share transactions.
Two years ago it was estimated that high-frequency trading accounted for up to 70% of all share transactions in New York.
Defenders of the tax point out that Britain already has a stamp duty on share transactions and that hasn't exactly crippled the City.
Meanwhile, the Thai Securities Exchange Commission says it has begun its own investigation into unusual share transactions, including orders placed by brokers in Hong Kong.
It goes on to list 11 funds, many of them international funds, that would accept share transactions only after the shares were held for at least 15 days.
