Levy and Arditti (1973) introduced depreciable assets into the Modigliani and Miller (1958) model, and analyzed the implications for the cost of capital. Assuming that the firm reinvests indefinitely to maintain a constant expected cash flow, they found that depreciation increases the cost of...

Lund (2002a) showed in a CAPM-type model how tax depreciation schedules affect required expected returns after taxes. Even without leverage higher tax rates implied lower betas when tax deductions were risk free. Here they are risky, and marginal investment is taxed together with inframarginal...

We provide a theoretical analysis of the relationship between investor protection and the performance of corporations with concentrated ownership and apply it to analyze two types of investor protection. First, we analyze the cost and benefits of imposing super-majority requirements on certain...

In this paper, we use data from the first two rounds of the European Social Survey to analyze the extent to which differences in average attitudes towards immigration across the EU-15 countries may be explained by differences in socioeconomic characteristics and individually perceived...

We exploit the regional variation in negative attitudes towards immigrants to Sweden in order to analyse what are the consequences of such attitudes have on immigrants welfare. A well educated immigrant from a non developed country who lives in a municipality with strong negative attitudes earns...

We analyze delistings from European stock exchanges 1995-2005 as a function of market conditions, firm effects and governance regulation. We find that investor protection and corporate governance quality reduce the likelihood of going private, bankrupt or liquidated, but increase the likelihood...

We study aggregation - or sample frequencies - of time series, e.g. aggregation from weekly to monthly or quarterly time series. Aggregation usually gives shorter time series but spurious phenomena, in e.g. daily observations, can on the other hand be avoided. An important issue is the effect of...

According to the Competition Act, a merger that impedes eective competition signi cantly, in particular by creating or strengthening a dominant postition, shall be prohibited. To decide whether this is the case the authorities need a quanti able model of the relationship between the variables...

This paper analyzes the effects of mixed public-private R&D incentives and empirically tests whether patents that were publicly sponsored are more important than non-subsidized ones. Blending patents and public subsidies will allow the funding agency to subsidize inventions that would otherwise...

Reducing tariffs and increasing consumption taxes is a standard IMF advice to countries that want to open up their economy without hurting government finances. Indeed, theoretical analysis of such a tariff-tax reform shows an unambiguous increase in welfare and government revenues. The present...