The arbitrage pricing theory (APT) attributes differences in expected returns to exposure to systematic risk factors …

use the model to look at monetary policy and show that allowing banks to sell long-term assets to the central bank after a …

definition. This paper argues that value creation requires international cooperation and that the profit tax base should … claim that current rules of international profit taxation are aligned with value creation is rejected. If anything, the OECD …

How does uncertainty affect the costs of raising finance in the bond market and via bank loans? Empirically, this paper … finds that heightened uncertainty is accompanied by an increase in corporate bond yields and a decrease in bank lending …

bias in corporate taxation. It is well known that this reform reduces bank leverage. This paper analyzes a novel …

bank credit reallocation with endogenous firm entry and exit that allows for both theoretical and quantitative analysis. By …

The multinationalization of corporate investment in recent years has given rise to a number of international tax … capital and so facilitate investment. Both the welfare effects of and the optimal response to international tax planning are …

lack of a coercive global authority that is able to enforce efficient international environmental regulations. In our model … individual regions voluntarily commence international negotiations on public good provision, which are accompanied by side …, it is applicable to various international externality problems. …