Firms are heterogeneous in size, productivity, ownership concentration, governance, financial structure and other dimensions. This paper introduces a stylized theoretical framework to account for such differences and to explain the heterogeneous tax sensitivity of firm-level investments across...

This survey summarizes the state and development of European tax policy, in particular discussing the harmonization progress in direct as well as indirect taxes. Based on an over-view over the theoretical and empirical literature on tax competition, we further ask whether increased tax...

Dieser Beitrag erörtert die möglichen Ursachen für das Entstehen der aktuellen Verschuldungs- und Finanzkrise im Euroraum und diskutiert Zukunftsszenarien für die Europäische Union. Nach den jüngsten Beschlüssen zeichnet sich eine institutionelle Weiterentwicklung der Union mit folgenden...

In recent years, venture capital has increasingly become a factor in the financing of new firms. We examine how the value of mature firms determines the incentives of entrepreneurs to start up new firms and of venture capitalists to finance and advise them. We examine how capital gains taxes as...