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We propose a dynamic bank theory with a delayed loss recognition mechanism and a regulatory capital constraint at its core. The estimated model matches four facts about banks' Tobin's Q that summarize bank leverage dynamics. (1) Book and market equity values diverge, especially during crises;...
Persistent link: https://www.econbiz.de/10012649212
In this article, we investigate the deregulation efforts resulting from the 2015 transposition of the EU’s Transparency Directive into German law and analyze whether a reduction in the minimum content requirements for quarterly reporting increases information asymmetries and decreases firm...
Persistent link: https://www.econbiz.de/10012643524
Current reform proposals in international and corporate tax (most notably the OECD's GloBE proposal) envisage taxing financial statement income. This paper develops a conceptual framework – based on the literature on the elasticity of taxable income – for the welfare analysis of such...
Persistent link: https://www.econbiz.de/10012270372
utilize rich data to study the teachers’ quit decision in Norway. We distinguish between decisions to move between public …
Persistent link: https://www.econbiz.de/10002856214
proportional tax. DIT systems were introduced in Sweden, Norway, and Finland in the early 1990s. In the absence of rules … review the principles of the income splitting rules of Sweden, Norway, and Finland. I then discuss some of the trade …
Persistent link: https://www.econbiz.de/10015145418
counter- vailing effects, we exploit a policy reform in Norway with a gradual implementation of reference pricing across …
Persistent link: https://www.econbiz.de/10013285854
debt management strategies adopted by Norway and compare these with rules that would prevail under the permanent income … hypothesis and bird-in-hand rule. We conclude that the fiscal reaction functions adopted by Norway have to some extent been … current fiscal rules, since Norway is on a trajectory of turning a current net asset-GDP-ratio close to one into a net debt …
Persistent link: https://www.econbiz.de/10003897374
this phenomenon, using data from Norway. First, using available market data, I document that the market for private …
Persistent link: https://www.econbiz.de/10003965860
. One of the key findings is that the eurozone countries in trade with Norway have substantially increased their share of …
Persistent link: https://www.econbiz.de/10003969238
In this paper we compare the profitability of a merger to the profitability of a partial ownership arrangement and find that partial ownership arrangements can be more profitable for the acquiring and acquired firm because they can result in a greater dampening of competition. We also derive...
Persistent link: https://www.econbiz.de/10003925257