The value of tax benefits and the cost of liquidating versus selling failed thrift institutions

This paper examines the 205 insolvent thrifts that were resolved in 1988 and assesses the cost savings obtained by selling 179 of the institutions through assisted acquisitions rather than liquidating them. It is hypothesized that the cost savings were determined by factors related both to the future viability of the acquired institution and the particulars of the deal arranged by the Federal Home Loan Bank Board and the Federal Savings and Loan Insurance Corporation. The added value by selling a thrift is determined primarily by the level of core deposits obtained by the acquired thrift. However, the branch structure and purchased mortgage-servicing rights should also add franchise value to the firm. In addition to these factors, the analysis accounts for the tax benefits and other regulator forbearances associated with the deals. Other characteristics of the deals are also considered. It is found that core deposits, tax benefits, purchased mortgage-servicing rights, average branch size, and type of acquirer, as well as some other factors, were significant determinants of the cost savings obtained through selling an institution rather than liquidating it.     

非市场因素变动对商品房交易定价的潜在影响分析

商品房投资的交易价格主要由影响市场供求的因素决定,但一些非市场因素对商品房售价存在潜在影响。本文在考虑现金流时间价值的基础上,以净现值(NPV)等于0为基准,分析了贷款利率、折现率、契税及出售时间等因素变化,对商品房出售价格的影响,为商品房投资者的投资选择和政府调控房价的政策选择提供参考。     

进行税务筹划 完善公司治理

公司采购、生产、销售等各个环节都涉及税收的问题,所以节税在每个公司都是一个重大而且必须研究的课题。文章主要介绍在公司的直接投资、间接投资和设立子公司或分公司过程中进行税务筹划,力求使公司价值最大化,获得最佳资本结构。     

Excessive risk taking and the maturity structure of debt

This paper analyses the effect of short term debt on equityholders' risk taking decisions. We show that if short term debt limits the expropriation of debtholders, it also implies a lower leverage, which prevents the firm from increasing tax shields. We then examine the incentive of equityholders to increase the firm risk when debtholders hold the option to swap a perpetual coupon bond with short term debt. We find that this option mitigates equityholders' risk shifting incentives. Compared to standard short term debt, this restructuring option deters debtholders expropriation, it increases leverage and it reduces the loss in tax shields due to asset substitution.     

A dynamic,policy oriented model of the regulated housing market: The Swedish prototype

The design and preliminary implementation of a dynamic, policy oriented model of the regulated housing market is presented. The model is developed in the context of the Swedish housing market institutions which combine nearly all features encountered in other nations. Free buying and selling by homeowners, black markets, swapping of dwellings and rationing of price controlled dwellings both by landlords and a public authority are included as explicit transaction options (with distinct costs) available to existing and newly formed households in the market. The model simulates a sequence of temporary annual equilibria which are obtained by balancing effective demands with effective supplies. Household mobility choices, landlords' selling decisions and the rationing of dwellings at fixed prices are derived from stochastic maximization resulting in multinomial or nested logit models of choice behavior. An aggregated preliminary 16-equation version is calibrated with partly real, partly guesstimated data for the Greater Stockholm region in the mid-seventies. Qualitative comparative statatics and income compensated policy simulations with this version illustrate some unintended effects of Swedish housing policy resulting from the manipulation of the income tax, an income tax dependent property tax and housing allowances. The model provides a tool whereby deregulating institutional changes which are potentially Pareto improving can be identified. If, however, current institutions such as the rationing of dwellings result in sufficiently lower transactions costs for households relative to the free market, then deregulation is not Pareto preferred.     

出口退税、汇率调整与出口企业的最优销量——基于相互市场古诺模型的分析

文章利用冰山假说把国内税率、出口退税率以及汇率政策因素纳入存在多个国内与外国企业的相互市场古诺模型,分析了以国内税、出口退税与汇率为核心的策略性贸易政策对出口企业利润最大化的最优出口销量与国内销售的影响,并且以这种比较静态分析为基础,对各种单一政策与多项政策组合的调整效力进行排序。这些分析得出如下的结论:就单一政策的调整效力而言,出口退税优于国内税收与汇率政策;就政策组合的调整效力而言,出口退税与国内税组合优于国内税与汇率的组合。     

Neutral carbon tax and environmental targets in Brazil

We evaluate the effects of a carbon tax in the Brazilian economy using an input–output framework. First, we consider the impacts of a carbon tax of US$ 10 and US$ 50/metric ton of CO₂ equivalent. As usual, the adoption of the carbon tax generates adverse effects on GDP, wages and jobs in the short term, but reduces emissions and generates new government revenues, especially in the case of the greater tax. Second, we consider a broader tax system reform. In this reform, we replace distortionary taxes by a tax on value added. To compensate for the loss of government revenue, we assume a carbon tax with equivalent revenue. We find that the net effect is a GDP increase of 0.47%, the creation of 533 thousand jobs and reduction of 1.6 million tons of CO₂ emissions. Both scenarios exempt exports and levy imports to correct adverse effects on the country’s competitiveness.     

Gradual information diffusion and contrarian strategies

Various rational and behavioral models have been proposed to explain contrarian portfolio returns. In this article, I test the gradual information diffusion model of Hong and Stein [Hong, H., & Stein J. C. (1999). A unified theory of underreaction, momentum trading, and overreaction in asset markets. Journal of Finance, 54, 2143–2184]. Specifically, I study contrarian strategies based on past long-term returns and fundamental value-to-price ratios. Using ex post returns as a proxy for expected returns and size-controlled analyst coverage as a proxy for the rate of information diffusion, I show that contrarian portfolio returns decline monotonically with increasing rates of information diffusion. These results are consistent with the predictions of the Hong and Stein model. In addition, I show that analyst coverage is more important among glamour than value stocks, supporting the view that investors are more prone to decision biases when it comes to pricing hard-to-value glamour stocks for which information is relatively more ambiguous.     

Environmental taxes,reforms and economic growth: an empirical analysis of panel data

This paper explores the relationship between environmentally related taxes and the economic growth rate. The analysis also investigates whether this relationship differs between countries that have implemented environmental tax reforms (ETRs) and those that have not. Using panel data from 31 OECD countries over the period 1994–2013, the paper finds that when we allow environmentally related tax revenues to interact with an initial level of real GDP per capita, the overall revenues of these taxes are negatively associated with the economic growth rate in the short and long term. Furthermore, we show that the higher the initial level of GDP per capita, the more environmentally related tax revenues can promote the economic growth rate. The analysis also reveals that the relationship between environmentally related tax revenues and economic growth varies between countries that have a mechanism to redistribute environmentally related tax revenues and those that do not.     

Further evidence of the November effect

Tax-loss selling by individuals has long been thought to be a major factor driving the January effect. The Tax Reform Act of 1986 changed the tax-year end for mutual funds to October 31 and increased the marginal tax rate, creating a natural experiment allowing Bhabra, Dhillon, and Ramirez (1999) to empirically test the tax-selling hypothesis. They find empirical support for a postact November effect. However, a second paper by Gibson, Safieddine, and Titman (2000) finds empirical support for the November effect in only one post-act year, 1990. In this article, we respecify betas, calculate holding period returns over each tax year, construct portfolios with large, differences in mutual fund ownership, and test for the presence of a bid-ask spread bias. The empirical results offer evidence of a November effect but only in the first week of November.     

What is the potential impact of a taxation system reform on carbon abatement and industrial growth in China?

Economists have long argued that market-based environmental policy such as an environmental tax is beneficial to abate pollution emissions. This study aims at investigating the impact of carbon tax levy on carbon dioxide (CO₂) abatement and industrial growth in China. To this end, the marginal abatement cost (MAC) of industrial CO₂ emissions is estimated as the benchmark of setting the carbon tax rate by using the directional distance function (DDF). This paper employs the polynomial dynamic panel model to forecast the impact of carbon tax levy on target variables such as sectoral value-added and CO₂ intensity. The results reveal that the levy of a CO₂ tax has a negative impact on industrial output only in the short term. In the long term, the impact of CO₂ tax levy on output will become positive. The levy of a CO₂ tax is always beneficial to reduce CO₂ intensity. Corresponding policy suggestions for an environmental taxation system reform are given in the concluding section.     

The impact of tax increment finance districts on localized real estate: Evidence from Chicago’s multifamily markets

Sales price indices for the Chicago multifamily real estate market are developed in order to examine the influence that designating an area a tax increment financing district (TIF) has on the real property appreciation rates. Chicago is a community with a long history of TIF investment and a patchwork of more than 130 established TIF districts, comprising over 29 percent of the city’s total acreage and approximately 19 percent of the total real property tax base. Municipal governments across the country have come under increased pressure to provide quantifiable evidence that the tools they employ in the name of economic development have the potential to increase private investment. The results indicate that properties located within a designated TIF district exhibit higher rates of appreciation after the area is designated a qualifying TIF district when compared to those properties selling outside TIF districts, and when compared to properties that sell within TIF district boundaries prior to designation. The findings provide support for the hypothesis that TIF policy impacts property values through increased investment.     

举例探讨亏损弥补的新旧会计处理政策

财务会计上的亏损是指当年总收益小于当年总支出。在计算应纳税所得额时,依照税法的规定将纳税年度的收入总额减去不征税收入、免税收入和各项扣除后,其结果有可能小于零,这小于零的数额即税法规定中的亏损。税法中的亏损和财务会计中的亏损含义不同,其处理方法也不同。     

Online advance selling or not: Pricing strategy of new product entry in a supply chain

Considering consumers' strategic behavior and loss averseness of the deposit, this paper establishes a two-period Stackelberg game model in a supply chain system, in which a manufacturer cooperates with an e-retailer to perform advance selling to consumers. The optimal pricing decisions are obtained, and the impacts of the e-retailer's advance selling activities on the profits of both parties are discussed. Studies have shown that advance selling activities always benefit the manufacturer, but they can hurt the e-retailer. Within some specific conditions, the advance selling model can achieve Pareto improvement to both parties and benefit the performance of the supply chain.     

固定资产折旧及其政策选择

折旧作为再生产过程中的经济现象,其本质属性是固定资产损耗价值的周转过程,包括固定资产价值的损耗、转移和补偿。在此理论基础上,企业折旧政策的选择应该是既能考虑补偿损耗、企业扩张和纳税延期的要求,又能满足维护和提高企业的市场价值的要求。折旧政策选择可采用以下策略,即企业盈利水平不断提高时,可以选择长时间慢速折旧和长时间平均折旧;企业盈利水平呈下降趋势或先高后低时,则可以选择短时间快速折旧和长时间快速折旧。     

Institutional investors' attention to environmental information,trading strategies,and market impacts: Evidence from China

Using a large proprietary database of intraday high‐frequency trading, we investigate the trading strategies of institutional investors in dealing with the negative environmental event disclosure of listed companies and their impact on markets, aiming to reveal the mechanism of the lack of “green efficiency” in China's capital market from the perspective of institutional investors. The results show that institutional investors react to negative environmental events prior to the announcements, indicating premature information leakage in the market; in addition, their trading behaviors mitigate the immediate effect of negative environmental event announcements on stock price. After the event is disclosed, institutional investors engage in short‐term selling and long‐term buy and hold. This trading strategy undermines the irrational selling of individual investors in the event of disclosure, short‐term decline in stock price, and long‐term reversal of market overreaction. In a China context, institutional investors generally take environmental information into consideration. However, they fail to recognize the long‐term value effect of negative environmental events and instead cater to trading strategies towards market volatility.     

Integrated Thinking and the Transparency of Tax Disclosures in the Corporate Reports of Firms

The purpose of our study was to link two global corporate developments, namely integrated thinking and the transparency of tax disclosures. The International Integrated Reporting Council's long‐term vision is for integrated thinking to be embedded in mainstream business practice, facilitated by integrated reporting. The development of the transparency of tax disclosures was driven by tax avoidance practices of multinational companies. The vision of embedding integrated thinking into mainstream business and the increased focus on the transparency of tax disclosures have developed independently, but thus far there has been no serious consideration of how they may be related. We argue that there is a natural relationship between these two developments. We use PwC's (2014) framework for measuring the transparency of tax disclosures and apply the framework to the corporate reports of a sample of 45 large firms. We use regression analysis to test the association between the transparency of tax disclosures in corporate reports and integrated thinking and find them to be positively associated.     

房地产税改革与土地财政困局破解——基于对地方财政影响的情景分析

地方政府过度依赖土地出让收入是当前中国公共管理面临的重要难题。改革房地产税制并触发土地制度的连锁反应是破解中国土地治理困局的基本出路。通过预测不同改革方案下典型城市住房相关土地财政收入变化,评估房地产税替代土地出让（纯）收益成为地方支柱性收入源的前景。研究发现,如果合理设计覆盖城市存量和新增住房的房地产税,可在短期内保证地方土地财政收入的相对稳定,并在远期实现房地产税替代土地出让金成为地方财政支柱的目标,增强土地财政收入的可持续性。近期政府应改变“重流转、轻保有”的状况,将房地产税培育成为地方主体税种,远期应推进城乡一体化土地市场体系、土地出让制度和土地增值税制度联动改革,使地方土地财政收入从以一次性的土地出让纯收益为主向以持续的房产保有税、土地增值税等为主转变,促进政府土地管理本位职能回归,破解土地财政与政府治理困局。     

Tax aggressiveness and idiosyncratic volatility

This study finds that aggressive tax strategies adopted by a firm affect idiosyncratic stock return volatility. Aggressive tax strategies, which I measure as tax paid by a firm divided by pretax income (adjusted for special items), are associated with higher levels of idiosyncratic stock volatility. Uncertainty associated with tax strategies may result due to several factors, such as penalties, fines, and additional tax payments if particular tax strategies are disallowed by taxation authorities, or if there are changes in tax rules. Such uncertainty affects the future cash flows of a firm and is reflected in more volatile stock returns. Financial constraints, corporate governance mechanisms, and information environments surrounding a firm influence the relation between idiosyncratic volatility and effective tax rates.     

The determinants of corporate bond yields

Previous studies have found that common factors explain a high proportion of corporate bond yields. In this paper, we test whether there is a systematic risk premium beyond that implied by a risk-neutral term structure model. We propose a reduced-form term structure model that incorporates both default and tax effects. After controlling the effects of personal taxes and default risk, empirical tests show that at least two of the Fama–French factors are important for corporate bond yields. Our results suggest that term structure models should incorporate aggregate common risk factors in order to better explain the dynamics of corporate bond yields.