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Profit shifting and investment effects : the implications of zero-taxable profits
Köthenbürger, Marko; Mardan, Mohammed; Stimmelmayr, … - 2018
-tax country induces bunching. Such bunching promotes investment incentives in the low-tax as well as the high-tax country. In … equilibrium, affiliates might over-invest and the bunching-related investment effects generate a tendency for too high profit … investment incentives and transfer pricing induces inefficiently low taxes. …
Persistent link: https://www.econbiz.de/10011794726
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Common ownership, competition, and top management incentives
Antón, Miguel; Ederer, Florian; Giné, Mireia; … - 2016
We show theoretically and empirically that executives are paid less for their own firm's performance and more for their rivals' performance if an industry's firms are more commonly owned by the same set of investors. Higher common ownership also leads to higher unconditional total pay. We...
Persistent link: https://www.econbiz.de/10011561142
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State ownership and control in the Czech Republic
Kočenda, Evžen; Hanousek, Jan - 2009
We analyze the extent of the integrated control of the state over privatized firms during the post-privatization decade (1995-2005) in the Czech Republic. During this period the integrated control potential of the state resembled a corporate pyramid. While pyramidal control was not fully...
Persistent link: https://www.econbiz.de/10003887481
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The efficiency costs of dividend taxation with managerial firms : presented at CESifo Area Conference on Public Sector Economics, April 2015
Köthenbürger, Marko; Stimmelmayr, Michael - 2015
-verifiable managerial effort enhances taxable profits. We show that investment changes following a rise in dividend taxes might not be … investment response, in contrast to insights from previous literature. We provide a testable implication to infer the mode of … investment finance from investment responses. Furthermore, we show that imposing income tax on managerial incentive pay is …
Persistent link: https://www.econbiz.de/10011374208
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Size matters : "Over" investments in a relational contracting setting
Englmaier, Florian; Fahn, Matthias - 2015
The corporate finance literature documents that managers tend to overinvest into physical assets. A number of theoretical contributions have aimed to explain this stylized fact, most of them focussing on a fundamental agency problem between shareholders and managers. The present paper shows that...
Persistent link: https://www.econbiz.de/10010469958
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Investment shocks, tax evasion and the consumption puzzle : a DSGE analysis with financial frictions
Chiarini, Bruno; Ferrara, Maria; Marzano, Elisabetta - 2016
explaining the consumption path after a Marginal Efficiency of Investment shock. We use an otherwise standard medium-scale New …
Persistent link: https://www.econbiz.de/10011515322
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Do bubbles lead to overinvestment? : a revealed preference approach
Chirinko, Robert S.; Schaller, Huntley - 2011
firms in making their investment decisions. We use a revealed preference approach that relies on the pattern of investment … spending - combined with investment theory - to estimate the discount rates used by managers. The standard story predicts that … firms with high stock prices and good investment opportunities should have discount rates that do not differ systematically …
Persistent link: https://www.econbiz.de/10009153871
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Expectations and the stability of stock-flow consistent models
Meijers, Huub; Muysken, Joan; Piccillo, Giulia - 2023
Expectations are usually introduced in macroeconomic stock-flow consistent models (SFC-models from hereon) in an ad hoc way, without much motivation. Moreover, these are usually very simple forms of expectations, and certainly not some form of rational expectations. The implicit assumption is...
Persistent link: https://www.econbiz.de/10014383687
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Searching for Keynes : an essay on the political economy of fiscal policy, with application to Canada, 1870-2000 - revised version
Winer, Stanley L.; Ferris, John Stephen - 2003
Keynes' General Theory (1936) is arguably one of the most important books of the twentieth century. His ideas for stabilizing the aggregate economy have profoundly influenced economic theory as well as popular opinion about what governments can and should do with respect to the business cycle....
Persistent link: https://www.econbiz.de/10011509394
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Q-targeting in new Keynesian models
Heer, Burkhard; Maußner, Alfred; Ruf, Halvor - 2016
We consider optimal monetary policy in a model that integrates credit frictions in the standard New Keynesian model with sticky prices and wages as well as adjustment costs of capital. Different from traditional models with credit frictions such as Carlstrom and Fuerst (1998), the model is able...
Persistent link: https://www.econbiz.de/10011451285