This paper analyzes the Croatian legislation on Value Added Tax (VAT) during the period 1995-2008. First, we describe the most important VAT reforms. We show that the preferential tax treatment of particular products and industries fails to reach the tax legislator's economic and socio-political...

In the paper, we first investigate the impact of an increase in capital requirements on the equity risk (beta) of listed banks in France. We find that an increase in capital ratios reduces banks’ systematic risk. This leads to a decrease in shareholders’ required return on equity, providing...

This paper studies the effect of banks’ capitalization on banks’ Return on Equity (ROE). A debate has emerged on the costs for banks of the increase in capital requirements under Basel III. We bring empirical evidence on this issue by analyzing the effect of different capitalization measures...