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Pay for tax certainty? : advance tax rulings for risky investment under multi-dimensional tax uncertainty
Chen, An; Hieber, Peter; Sureth, Caren - 2022
In this study, we use advance tax rulings (ATR) to investigate the impact of fee-based tax certainty on risky investment decisions of a firm under both cash flow and tax uncertainty. We model and analyze the multi-dimensional nature of tax uncertainty from tax reforms and tax audits in expected...
Persistent link: https://www.econbiz.de/10013460094
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Cash-flow business taxation revisited : bankruptcy, risk aversion and asymmetric information
Boadway, Robin W.; Sato, Motohiro; Tremblay, Jean-François - 2016
It is well-known that cash-flow business taxes with full loss-offset, and their present-value equivalents, are neutral with respect to firms' investment decisions when firms are riskneutral and there are no distortions. We study the effects of cash-flow business taxation when there is bankruptcy...
Persistent link: https://www.econbiz.de/10011572404
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Multinational Production, Risk Sharing, and Home Equity Bias
Ghironi, Fabio Pietro - 2018
We study the consequences of offshoring for international equity portfolios, risk sharing, and the international transmission of technology and government spending shocks. We show analytically that serving foreign markets by producing locally can substitute for international asset trade and...
Persistent link: https://www.econbiz.de/10012910979
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Time Varying Risk Aversion, Familiarity Bias, and Portfolio Concentration During Market Uncertainty
Skiba, Hilla - 2013
of traditional finance theory. Even after controlling for market segmentation and “investability” of foreign markets … market uncertainty. My empirical hypotheses are based on a psychological theory that relates uncertainty in the markets to … increases in investors' risk aversion which in turn increases investors' proneness to familiarity bias. I hypothesize that …
Persistent link: https://www.econbiz.de/10013083023
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Bunching and Rank-Dependent Optimal Income Taxation
Simula, Laurent - 2020
We consider optimal non-linear income tax problems when the social welfare function only depends on ranks as in Yaari (1987) and weights agree with the Lorenz quasi-ordering. Gini, S-Gini, and a class putting more emphasis on inequality in the upper part of the distribution belong to this set....
Persistent link: https://www.econbiz.de/10012827661
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Optimal Income Taxation and Public Goods Provision in a Large Economy with Aggregate Uncertainty
Bierbrauer, Felix J. - 2009
We study a large economy model in which individuals have private information about their productive abilities and their preferences. Moreover, there is aggregate uncertainty so that the social benefits from taxation and public goods provision are a priori unknown. The analysis is based on a...
Persistent link: https://www.econbiz.de/10013158141
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Tax Policy Uncertainty and Stock Return Volatility
Brown, Jennifer L. - 2017
This study finds that stock return volatility is higher during periods of high tax policy uncertainty (TPU), even after controlling for other sources of general macroeconomic uncertainty. Further, we find that the relation between TPU and stock return volatility is more pronounced where firms...
Persistent link: https://www.econbiz.de/10012973819
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Income Taxation, Wealth Effects, and Uncertainty : Portfolio Adjustments with Isoelastic Utility and Discrete Probability (V.2)
Sims, Theodore S. - 2014
The expected utility formulation of the problem of a risk-averse agent's allocating a portfolio between a safe and a risky asset is widely taken as standing for the proposition that if α* ε (0, 1) is the optimal allocation to the risky asset in the absence of tax, α*/(1-t) is the optimal...
Persistent link: https://www.econbiz.de/10013049484
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Income Taxation, Wealth Effects, and Uncertainty : Portfolio Adjustments with Isoelastic Utility and Discrete Probability
Sims, Theodore S. - 2014
The expected utility formulation of the problem of a risk-averse agent's allocating a portfolio between a safe and a risky asset is widely taken as standing for the proposition that if α* ε (0, 1) is the optimal allocation to the risky asset in the absence of tax, α*/(1-t) is the optimal...
Persistent link: https://www.econbiz.de/10013054124
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Pay for Tax Certainty? Advance Tax Rulings for Risky Investment under Multi-Dimensional Tax Uncertainty
Chen, An; Hieber, Peter; Sureth-Sloane, Caren - 2022
In this study, we use advance tax rulings (ATR) to investigate the impact of fee-based tax certainty on risky investment decisions of a firm under both cash flow and tax uncertainty. We model and analyze the multidimensional nature of tax uncertainty from tax reforms and tax audits in expected...
Persistent link: https://www.econbiz.de/10014244659