We develop a conceptual framework which captures the effect of the VAT system on profit by two effective taxes. This … taxable income to an indirect tax setting. We bring the theory to the data, using linked administrative VAT and corporation … tax records in the UK from 2004-2009. Consistently with the theory, voluntary registration is positively related to the …

profit. Setting up a model that allows for profitable and loss-making affiliates of multinationals, we show that profit … equilibrium, affiliates might over-invest and the bunching-related investment effects generate a tendency for too high profit …

contrast to standard portfolio theory for small exporters, is robust to a wide array of specifications and controls. Our …-run demand shocks. In this setup, the volatility of a firm's exports depends not only on the diversification of its destination … doubt on the commonly held belief that diversification must decrease volatility …

diversification as an essential aspect of national risk management aimed at promoting efficiency, growth, and welfare. The paper first … presents economic and political diversification side by side in a cross-country framework and discusses how they interact and … effects of insufficient economic and insufficient political diversification. Dominated for decades by the fishing industry …

different from other oil-rich countries. In five main ways, all of which suggest the need for economic diversification as an … to economic development, including human and social capital. The need for diversification can be viewed in terms of … seeking at bay. Economic diversification for the purpose of containing the preponderance of the resource-intensive industry at …

during the period 1975-1999. We estimate a profit equation in which profits depend on a set of fiscal variables. Our …