The public and private sector costs of capital differ in the presence of taxes, because taxes are a cost to the private but not the public sector. We use a quasi-arbitrage approach to show how to include taxes in a comparison of capital costs. We find that taxes induce distortions that generate...

We use the European Central Bank's new and detailed database of European equity holdings by households to test two competing theories of international biases in equity portfolios, viz. that they reflect either informational advantages or familiarity bias. The database allows lookthrough handling...

We use the European Central Bank's new and detailed database of European equity holdings by households to test two competing theories of international biases in equity portfolios, viz. that they reflect either informational advantages or familiarity bias. The database allows lookthrough handling...

In corporate valuation the horizon value of a firm is often set using the constant growth formula. This note explains how to make assumptions that are consistent with meaningful use of that formula for that purpose. First, it reviews some standard sanity checks. Then it discusses an aspect that...

Purpose An in-depth literature review was undertaken to uncover (1) what are described as the desired outcomes for 20 minute neighbourhoods (20MNs) – the normatively based ends which planners, architects and decision-makers want 20MNs to achieve; (2) the means (the mechanisms, levers, triggers...