The recent dramatic fall in oil prices has led to extensive capital rationing in international oil companies, and subsequent fierce competition between resource extraction countries to attract scarce investment. This situation is not adequately addressed by the large literature on international...

The recent dramatic fall in oil prices has led to extensive capital rationing in international oil companies, and subsequent fierce competition between resource extraction countries to attract scarce investment. This situation is not adequately addressed by the large literature on international...

The paper analyses the relationship of tax compliance costs and business strategy. Due to instruments, like information technology, simplified cash accounting or outsourcing compliance activities to tax advisers, private businesses have a set of strategies to optimize their tax compliance cost...

This paper analyses the welfare effects of price restrictions on private contracting in a world where agents have a limited cognitive ability. People compute the costs and benefits of entering a transaction with an error. The government knows the distribution of true costs and benefits as well...

This paper analyses the welfare effects of price restrictions on private contracting in a world where agents have a limited cognitive ability. People compute the costs and benefits of entering a transaction with an error. The government knows the distribution of true costs and benefits as well...

Within an urban economics framework, this paper studies the implications of a wage tax which distorts workplace choices on account of commuting costs. Commuting subsidies increase welfare if and only if they shift labor supply from less to more productive business districts

There exist multiple rationales for the U.S. extraterritorial tax system. The rationales seek to explain why overseas Americans should be subject to worldwide taxation by the United States.This paper challenges those rationales: The allegiance rationale is outmoded and rejected by the U.S....

There is an empirically based premise that neoclassical assumptions about the optimality and efficiency of economic agents in the sphere of production are wrong. According to neoclassical assumptions quantity and quality effort inputs are maximized at all points in time, that is the firms are...

We analyze the impact of $38 billion of corporate subsidies given by U.S. local governments on their borrowing costs. We find that winning counties experience a 13.6 bps increase in bond yield spread as compared to the losing counties. The increase in yields is higher (16 -- 21 bps) when the...