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1.
Abstract

In this study, I consider the effects of tax risk from tax volatility on the pricing of syndicated debt. Tax volatility is an interesting feature in that managers have some discretion over the risks they take with their tax strategies, which, however, are often harder to monitor for outsiders than risks related to other business activities. Framing my predictions based on the theoretical model developed by Merton [1974], I hypothesize and find that tax volatility is incrementally informative to other priced risks suggesting that tax risks per se are relevant to lenders. Moreover, I find that the results are stronger when the loan contract does not include performance pricing provisions or other restrictions, such as capital expenditure covenants, that protect lenders. This evidence adds to knowledge about the real effects of tax risk.  相似文献   

2.
Abstract

This paper studies tax competition in an economic geography model that allows for agglomeration economies with trade costs and heterogeneous firms. We find that the Nash equilibrium involves a large country charging a higher tax than a small nation. Lower trade costs lead to an intensification of competition, a drop in Nash tax rates and a narrowing of the gap. Since large, productive firms are naturally more sensitive to tax differences in our model, large firms are the crux of tax competition in our model. This also means that tax competition has consequences for the average productivity of big and small nations' industries; by lowering tax rates, a small nation can attract high-productivity firms.  相似文献   

3.
Abstract. Many governmental programs are effective only if firms make costly investments. The inability of authorities to precommit to a regulatory scheme creates incentives for firms not to invest and to hold-up the regulator. This paper describes a simple subsidy/tax scheme embedded in a four-stage mechanism that solves the hold-up problem. We design a self-financing subsidy/tax scheme which benefits a complying firm at the expense of a non-complying firm. In order to be credible, the subsidy and tax rates must maximize social welfare for any combination of investment decisions. We show that there exists a unique subgame perfect equilibrium in which all firms invest and no actual implementation with subsidies and taxes is required. We discuss in which cases the mechanism can work under incomplete information. Received: 30 December 1998 / Accepted: 12 October 2001  相似文献   

4.
The Network of Central Banks and Supervisors for Greening the Financial System (NGFS) has engaged in scenario analysis that estimates a $200/ton carbon tax would be required to transition to net zero carbon by 2050. Using a $200/ton carbon tax as a base, this paper uses input–output (IO) modeling to generate price and revenue effects of a carbon tax. Results from these models, which can only be interpreted as the short-run, upper-bound effects of the carbon tax policy, imply that in response to a $200/ton tax on CO2e emissions, carbon-intensive industries, such as agriculture, extraction, transportation, utilities, and chemicals, may experience price increases in the range of 10-30 percent. Other industries will also experience price increases, but to a lesser degree, due to increased input costs associated with the tax. In addition, modeling results also suggest that industries facing elastic pricing regimes may face similar-sized declines in revenues as a consequence of the carbon tax. Rank-ordered impact results from these models can be utilized by bank supervisors and firms to adequately plan for sectoral-level transition risk within their lending and/or investment portfolios.  相似文献   

5.
Abstract

The structural shift in the USA from a tangible- to an intangible-intensive economy raises a concern that reporting based on generally accepted accounting principles (GAAP) might have lost its usefulness to investors. Amir and Lev [(1996) Value relevance of nonfinancial information: the wireless communications industry, Journal of Accounting and Economics, 22(1–3), pp. 3–30] argue that accounting information is not useful for intangible-intensive firms. In contrast, Collins et al. [(1997) Changes in the value relevance of earnings and book values over the past forty years, Journal of Accounting and Economics, 24(1), pp. 39–67] find that the value relevance (measured by R-squared) of accounting information has increased over time and that value relevance for intangible-intensive industries is as high as that for tangible-intensive industries. In this article, we attempt to resolve the above discrepancy by examining the impact of scale on R-squared (Brown, S., Lo, K. and Lys, T. (1999) Use of R2 in accounting research: measuring changes in value relevance over the last four decades, Journal of Accounting and Economics, 28(2), pp. 83–115). We find that, after controlling for scale, R-squared is lower for intangible-intensive industries than for non-intangible-intensive industries and has declined over time for intangible-intensive industries but remained stable for non-intangible-intensive industries. Interestingly, the declining trend ended with the demise of the ‘New Economy’ period (NEP) (Core, J. E., Guay, W. R. and Van Buskirk, A. (2003) Market valuations in the New Economy: an investigation of what has changed, Journal of Accounting and Economics, 34(2–3), pp. 43–67), and value relevance for both industry groups appears to be restored in the post-NEP to the pre-NEP level. We also find that R&D capitalisation increases value relevance for intangible-intensive industries, but does not completely eliminate the gap between the two groups.  相似文献   

6.
《Economic Systems》2014,38(2):243-260
A number of recent studies have tested the impact of exchange rate volatility on trade flows, particularly for individual commodities, for various country pairs. These have found that risk can increase as well as decrease trade, but that oftentimes industries are not affected. This study examines trade between the United States and Spain over the period from 1962 to 2009, for 131 U.S. export industries and 88 import industries. We find that exchange rate volatility has short-run and long-run effects in only a fraction of the cases, but that exports respond more to increased uncertainty than imports do. In all, only 35 of the 74 U.S. export industries are affected (11 positive, 24 negative), whilst only three out of 37 import industries have positive coefficients and 11 have negative ones. We find no evidence that durable or nondurable goods are more likely to respond to volatility, whilst small industries or specialized goods might show more of a positive response.  相似文献   

7.
. Two alternatives to the local school property tax are explored using a simulation model: a power equalizing property tax and a state-wide property tax. The effects on residents’tax burdens and service levels are estimated and compared for residents of 13 cities in San Diego County. Under each of the available options shifts in tax burdens would occur. One high income city is a major beneficiary. Three others which would be required to contribute more to education are otherwise dissimilar; one is already taxing itself heavily. When tax effort is considered, cities intended to be prime beneficiaries do benefit but not greatly. The principal gainer is a city with high income and high property values. This analysis does not indicate that these alternative programs are more equitable than the present property tax.  相似文献   

8.
ABSTRACT

Despite the obvious problems associated with collections, firms routinely sell on credit. Conventional wisdom suggests offering credit is a necessary evil when dealing with insistent cash-constrained customers. This paper provides a more positive view of trade credit. We find that offering credit can enhance the efficiency of incentive contracts with sales personnel. In effect, with a credit sale, a client gets a second chance to generate enough cash. The client's second chance gives the sales agent another opportunity to demonstrate his past diligence to the firm. Moreover, to limit the risk associated with the fact that even a high-quality client may fail to eventually come up with funds, the firm relies on the accrual system. In particular, the agent's (discretionary and early) choice of the bad debt allowance conveys his private information regarding client quality; the payments associated with subsequent collections/default keep such reporting in check.  相似文献   

9.
ABSTRACT

An industrial cluster is an important link in the process of industrialization. The existing research is mainly based on the market economy. Our paper considers external policy design for cluster innovation based on the transition from planned economy to market economy in China. This paper finds some enterprises in the cluster are transferred from micro-enterprises to small ones, but does not find clustering from the small enterprise to middle or larger enterprise. Furthermore, our paper explained why such a cluster occurs by applying a semi-parametric counterfactual approach. The results indicate that building cluster zones as upgrading the enterprise structure policy and implementing VAT tax systems as the tax benefit policy has the most proponent role in industrial clustering, whereas increasing the loan/financing as the credit policy has a minor impact, which is not negligible either. Overall, this study explains why clusters shift to high output valued with a high interpretation of up to 97%. The contribution of this paper is not only to describe the time process of micro-to-small enterprise clustering but also to give the policy design how to achieve rapid micro-to-small enterprise clustering.  相似文献   

10.
Abstract

We examine the effect of litigation risk on corporate voluntary disclosure using two quasi-natural experiments, which have substantial and opposing impacts on the litigation risk of firms headquartered in the Ninth Circuit. We find that firms in the Ninth Circuit decrease (increase) the quantity and quality of their voluntary disclosure, relative to control firms, when their litigation risk is lowered (elevated). The pre-treatment test shows an indistinguishable trend between treatment and control firms. A battery of robustness checks indicates that our results are not driven by alternative explanations. We hypothesize and find that the impact of litigation risk is more pronounced when firms have bad news and that firms are more likely to preempt bad news through voluntary disclosures when litigation risk is elevated. Overall, results from both experiments suggest that litigation risk causally increases corporate voluntary disclosure.  相似文献   

11.
增值税“扩围”改革对行业税负变动的预期影响   总被引:2,自引:0,他引:2  
增值税“扩围”改革将影响到各行业的流转税负担.利用投入产出表数据,测算增值税“扩围”改革对目前属于增值税征收范围的行业(即“增值税行业”)和目前属于营业税征收范围行业(即“营业税行业”)流转税税负变动的影响,结果显示:增值税行业的总体税负将有小幅下降,服务中间投入比率是影响各增值税行业减税效应大小的关键因素;各营业税行业的税负变化情况差异较大,商务服务业等大多数行业的税负将减轻,但租赁业等部分行业的税负可能会加重,税改后的增值税税率水平选择与中间投入比率是影响各营业税行业税负变动的主要因素.为了促进行业间税负公平,减少增值税“扩围”改革对行业发展的不利影响,有必要适当降低租赁业、交通运输业的税率水平.  相似文献   

12.
Abstract

Innovation is argued to be of key importance in the public sector. Little is known about possible sector differences in innovative behaviour. The stereotype in literature is that public employees are less innovative. We analyse whether sector is associated with innovative behaviour and the influence of job/organizational characteristics. We test this by using a three-country representative survey in Scandinavia with 8,310 respondents. We control for subsectors/industries and job functions. We do not find that public employees are less innovative. Furthermore, the study emphasizes the importance of understanding the major differences in innovative behaviour between different subsectors/industries and job types.  相似文献   

13.
Neutral carbon tax and environmental targets in Brazil   总被引:1,自引:0,他引:1  
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.  相似文献   

14.
This paper examines congestion taxes in a monocentric city with pre-existing labor taxation. When road toll revenue is used to finance labor tax cuts, 35% of the optimal road tax in our numerical model does not reflect marginal external congestion costs, but rather functions as a Ramsey–Mirrlees tax, i.e. an efficiency enhancing mechanism allowing for an indirect spatial differentiation of the labor tax. This adds a quite different motivation to road pricing, since welfare gains can be produced even in absence of congestion. We find that the optimal road tax is non-monotonic across space, reflecting the different impacts of labor supply elasticity and marginal utility of income, which both vary over space. The relative efficiencies of some archetype second-best pricing schemes (cordon toll, flat kilometer tax) are high (84% and 70% respectively). When road toll revenue is recycled lump-sum, the optimal toll lies below its Pigouvian level. Extensions in a bimodal framework show that the optimality of using road toll revenue to subsidize public transport depends on the initial inefficiency in public transport pricing.  相似文献   

15.
Using the most recent financial crisis as a natural experiment, we examine firm valuation, capital structure adjustment, and takeover deterrence as motives for share repurchases. We find that both overvalued firms and low levered firms are more likely to announce share repurchase programs and buy back more shares following the repurchase announcements. Potential target firms are more likely to announce larger share repurchase programs, but there is no significantly positive relation between the takeover probability and the completion rate. We also find that the decision to announce share repurchase and the decision to actually buy back shares following the repurchase announcement are separate to some extent.  相似文献   

16.
This paper compares the deterrence provided by a competitive media sector towards government induced corruption with that of a media monopoly in a setting where the media might raise both true as well as false allegations of corruption. It finds that competition’s impact on corruption deterrence is not necessarily better than a monopoly but rather hinges on a delicate balance between government’s kickback from corruption and the media’s potential benefit from exposure. While the paper does identify conditions in which a competitive media sector would improve upon the deterrence provided by a monopoly, it also find conditions under which it would do no better than a monopoly and in some situations its strategic response could be even worse especially when it intensifies effort towards justifying false allegations.  相似文献   

17.
In federal systems, where tax bases are joint property, the tax policy of one level of government affects the tax base of the other. This paper examines the interdependence of US federal and state cigarette tax rates. Our results suggest that states may reduce their cigarette tax rate by as much as 48 cents per dollar increase in the federal tax rate. Thus, a federal tax hike may reduce the amount of generated state tax revenues both directly (the overall tax rate rises and the state tax base declines), and indirectly (the state tax rate declines).  相似文献   

18.
Does an increase in police strength discourage an increase in crime levels? It would seem very likely so, despite the many platitudes common everywhere, even in the most serious literature on the subject. This research study, using Non-Linear Analysis on the Italian crime situation from 1985 to 2003, shows an almost non controvertible result. The police force really does seem to have a deterrence function on crime, particularly evident from the 90s on, where, as police strength increases, the number of crimes decrease. One of the most interesting aspects deriving from the non-linear model used, is the specific measurement of the number of crimes that might have been committed and that were not in virtue of the deterrent action of the Police Force. Up to now, such an acquisition seems to be lacking from other so called ‘traditional’ research, where such ‘indirect’ deterrence appears easily hypothesized, but impossible to determine. For this reason too, the adoption of a non-linear analysis logic shows its heuristic superiority able to shed light on certain aspects that in other analysis models would remain in the shadows.  相似文献   

19.
Abstract

A number of European countries have witnessed a proliferation of local government enterprises in recent years. Norwegian local councillors are seemingly particularly exposed to this ‘enterprise fever’. Our article explores local governments' approaches to the political control of such companies. We observe a reluctance to intervene directly in the affairs of an enterprise, but there is a last-resort preparedness to take more resolute action. Lastly, in contrast to what the prototypical agency model postulates, we find that those who attach strong aspirations of increased capacity to the establishment of companies appear to lack trust in the same companies' performance capability.  相似文献   

20.
This paper uses the INTIMO model of the Italian economy to analyze the economic impacts of a reduction in social security contributions. This manoeuvre is intended to reduce the tax wedge on labour cost. There is a wide choice of ways to neutralize the revenue effects of a lower tax yield, because several of the existing taxes could be increased and new ones could be introduced. In this study, alternative financing coverages are developed and applied in the model. The results of the study show that substituting different taxes for social security contributions affects the cost of production, and impacts vary with industries. A reduction in contributions compensated for by an increase in value-added tax produces the best results in terms of short-term economic indicators, but the improvement in environmental conditions—not analyzed in this study—achieved by energy taxes could be a very important target and could justify the recourse to this tool.  相似文献   

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