Concerns that existing public pension systems will be unable to pay benefits to a rapidly ageing population without sharp tax increases, and the prospect of higher average returns on stocks than on government securities, are drawing the attention of policy–makers worldwide to the option of investing public pension assets in stocks. Including stock market investments in public pension plans could improve risk sharing within and between generations, and could perhaps lead to faster market development in some countries. It could also result in excessive risk–taking, higher transactions costs and a false sense of increased financial security. This paper assesses these issues, with an emphasis on the considerations that are of special importance to developing markets. A contrast is drawn between the demographic outlook in East Asia and the major industrialized countries. Some lessons are drawn from the reform experience in Chile and elsewhere in Latin America. 相似文献
This study aims at introducing subjective risk intelligence (SRI) in the context of small businesses to analyze how both rationality and intuition may influence the entrepreneurial decision-making process, particularly in affecting firms’ financial equilibrium.
SRI aggregates four dimensions: two positive attitudes (imaginative capability and problem-solving self-efficacy) and two detrimental ones (emotional stress vulnerability and negative attitude towards uncertainty). In particular, we argue that imaginative capability and emotional stress vulnerability refer to Kahneman’s System 1 (the intuitive), while problem-solving self-efficacy and negative attitude towards uncertainty appertain to System 2 (the rational).
We conducted an empirical investigation collecting data from an ad hoc survey administered to owners and managers of small businesses and their balance sheets over 2013–2017. After testing the proposed constructs’ reliability, we tested the influence that both Systems 1 and 2 have on SMEs’ financial structure through a pooled OLS regression estimator.
Results show that the intuitive and the rational components of risk intelligence affect entrepreneurs’ decision-making differently. The rational component seems to stimulate the entrepreneurial orientation to risk tolerance. The intuitive component limits the entrepreneurial propensity to take financial risks due to the desire for stability attached to this cognitive process. Accordingly, we highlight the importance of enhancing a balance between the two systems of thinking. Practical implications suggest that entrepreneurs with a dominant attitude towards problem-solving self-efficacy, or a positive attitude towards uncertainty, should invest in developing imaginative capabilities or emotional control, and vice versa.
Patent applications by male New Zealand inventors sharply increased in the early 1880s after initial official fees were reduced, and the requirement to advertise applications in newspapers abolished. Increasingly, however, applications lapsed, while applications by unskilled workers remained low. Non-fee costs were crucially important, with the 1870 reduction in fees failing to increase patenting, as hoped, because the doubling of mandatory advertising costs negated the fees reduction. Patenting by overseas inventors was less affected by fees, and steadily grew. Only one application was by an indigenous Māori person, while even in 1899 women made just 2.5% of applications. 相似文献
I present a simplification safe harbour based on tax administrative guidance for Pillar Two, the global minimum tax, developed together with Cedric Döllefeld, Joachim Englisch, Simon Harst and Felix Siegel. It aims at reducing unnecessary compliance costs by avoiding effective tax rate (ETR) calculations if a minimum tax of 15 per cent has already been paid. The simplification safe harbour consists of a two-level test to determine if a full GloBE ETR calculation is required from a multinational enterprise (MNE) or if a simplified ETR calculation or no calculation at all is sufficient. The test consists of a country-level test and – only if necessary – an MNE-level test. The country-level test assesses a country's tax system. It seeks to determine whether the national tax system's nominal tax rates are (too) low and whether significant deviations between a country's tax base and the GloBE income exist. The second level, the MNE-level test, is only carried out if the country-level test has identified potential ‘red flags’. Even if this second test is required, the simplification safe harbour offers a significant reduction in compliance costs. This reduction is achieved by relying on national tax data, which are readily available in firms, instead of highly adjusted accounting data. 相似文献