In fact, to the extent that dampened trading diminishes market feedback to firms and their directors, it could make managers complacent. Traders might stop trading, but shareholders still might not conduct more fundamental, long-term analysis: the rise of index funds, which hold a broadly-diversified swath of the entire stock market, reflects this trend toward stockholder passivity.
这些目标都是值得追求的，但有充分的理由相信，托宾税无法完成这些目标。光靠长期持股本身并不能促使企业管理者从长期着眼管理企业。事实上，被抑制的交易活动会削弱市场像企业及其董事的反馈作用，这会使管理者更加放任恣睢。交易者可能停止交易，但股东并不能更好地把握长期基本面分析：指数基金的大热（持有一揽子充分多样化、覆盖整个股票市场的指数）便反映了这一不利于股东的趋势。