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KENNETH J. KLASSEN JEFFREY A. PITTMAN MARGARET P. REED STEVE FORTIN 《Contemporary Accounting Research》2004,21(3):639-680
We provide evidence on the impact of tax incentives and financial constraints on corporate R&D expenditure decisions. We contribute to extant research by comparing R&D expenditures in the United States and Canada, thereby exploiting the differences in the two countries' R&D tax credit mechanisms and generally accepted accounting principles. The two tax incentive mechanism designs are consistent with differing views of the degree of financial constraints faced by firms in these economies. Our sample also allows us to explore the effects of capitalizing R&D on Canadian firms. Employing a matched design, we document relations between tax credit incentives and R&D spending consistent with both Canadian and U.S. public companies responding as though they are not financially constrained. We estimate that the Canadian credit system induces, on average, $1.30 of additional R&D spending per dollar of taxes forgone while the U.S. system induces, on average, $2.96 of additional spending. We also find that firms that capitalize R&D costs in Canada spend, on average, 18 percent more on R&D. Collectively, this evidence is important to the ongoing debates in both countries concerning the appropriate design of incentives for R&D and is consistent with the assumptions found in the U.S. tax credit system, but not those found in the Canadian system. 相似文献
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STEVE PEJOVICH 《Kyklos》1987,40(4):461-475
The central issue in this paper is the effect of alternative property rights on the flow of innovation. The basis for this issue arises from the fact that people prefera wider range of choices to a narrow one. The analysis is broken down into: the freedom to innovate, the power to innovate, the incentives to innovate, the implementation of innovation, and the evaluation of innovation. The line of reasoning in the paper is exampled by reference to the Yugoslav economy. The paper concludes that an essential problem of economic development is the freedom to search for and adopt a set of social institutions within which opportunities and incentives for innovation are enhanced. Specifically, labor participation in management collectivizes innovation, a purely individual phenomenon, and alienates the innovator from its outcome. In comparison with a private-property, free-market economy, self-management reduces the number of potential innovators, their power to innovate, and incentives to innovate. 相似文献
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Typically, analysis of trade liberalization ignores the impactthat intermediate stages in the production and distributionsystem may have on the pass-through of changes in tariffs tofinal goods' prices. Using a model of a multi-stage system,this paper shows that both the number of vertical stages andthe degree of imperfect competition at any specific stage canaffect the degree of tariff pass-through. Simulation of themodel with respect to recent changes in the European Union bananaregime suggests that ignoring vertical market structure is likelyto over-estimate the benefits to consumers of trade liberalization. 相似文献
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A panel data method is used to evaluate the impact of China's accession to the WTO. Time‐series data for China, Australia, Austria, Canada, Denmark, Finland, France, Germany, the UK, Hong Kong, Singapore, Korea, Japan, the Philippines, Indonesia, Malaysia, Thailand, the USA and Taiwan are used to construct the growth path that what would have been followed had there been no entry by China to the WTO. We find that from 2002 to 2007, accession to the WTO raised China's real economic growth rate by 2.4%, its export growth rate by 13.2% and its import growth rate by 18.89% a year. 相似文献
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GAIL PEARSON STEVE ELLIOT 《Economic Papers: A journal of applied economics and policy》2008,27(Z1):53-69
Financial regulation needs to facilitate continuing innovation by local financial institutions operating in a global market, while ensuring a healthy and robust local market. This paper examines the role that effective self‐regulation plays in achieving these objectives. It identifies some weaknesses in the current arrangements and provides suggestions for improvements. 相似文献
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Limit Theorems for Estimating the Parameters of Differentiated Product Demand Systems 总被引:1,自引:0,他引:1
We provide an asymptotic distribution theory for a class of generalized method of moments estimators that arise in the study of differentiated product markets when the number of observations is associated with the number of products within a given market. We allow for three sources of error: sampling error in estimating market shares, simulation error in approximating the shares predicted by the model, and the underlying model error. It is shown that the estimators are CAN provided the size of the consumer sample and the number of simulation draws grow at a large enough rate relative to the number of products. We consider the implications of the results for the Berry, Levinsohn and Pakes (1995) random coefficient logit model and the pure characteristics model analysed in Berry and Pakes (2002) . The required rates differ for these two frequently used demand models. A small Monte Carlo study shows that the differences in asymptotic properties of the two models are reflected, in quite a striking way, in the models' small sample properties. Moreover the limit distributions provide a good approximation to the actual Monte Carlo distribution of the parameter estimates. The results have important implications for the computational burden of the two models. 相似文献
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This paper presents the Ethics Development Model (EDM) as a lens by which to view declining ethics in accounting and other business professions. The paper also provides a background on fraud (one type of ethical breakdown) and its causes. The EDM comprises personal ethical understanding, application of ethics to business situations, ethical courage and ethical leadership. The model is applied to declining ethics, teaching styles and educational responsibility . 相似文献
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