Showing 61 - 70 of 24,035
This paper analyzes the effects of the federal tax structure on corporate financial and investment behavior. We first develop a model of corporate behavior given taxes, taking into account both uncertainty and costs of bankruptcy. Simpler models abstracting from bankruptcy costs had clear...
Persistent link: https://www.econbiz.de/10005723066
This study uses intergenerational data from the Panel Study of Income Dynamics to investigate the effects of family and community background on men's economic status. It is distinguished from most previous studies by its emphasis on community influences and on influences from poverty and welfare...
Persistent link: https://www.econbiz.de/10005723141
The evidence on international capital immobility is extensive, ranging from the correlations between domestic savings and investment pointed out by Feldstein-Horioka (1980), to real interest differentials across countries, to the lack of international portfolio diversification. To what degree...
Persistent link: https://www.econbiz.de/10005723190
Since the average tax rate on corporate capital income is very high, economists often conclude that taxes have caused a substantial fall in corporate investment, a movement of capital into noncorporate uses, and a fall in personal savings. The combined efficiency costs of these distortions are...
Persistent link: https://www.econbiz.de/10005723209
Intuitively, the observed 'home bias' in individual portfolios plausibly explains the international capital immobility in aggregate data reported by Feldstein and Horioka (1980) as well as the survival of taxes on capital income. These intuitions are examined explicitly in a model where random...
Persistent link: https://www.econbiz.de/10005049831
To what degree will the recent free-trade agreement create pressure on the U.S. and Canada to modify, and perhaps harmonize, their tax systems? What will be the implications of the more extensive policy changes now going on within the E.C.? This paper examines the types of pressures for reform...
Persistent link: https://www.econbiz.de/10005049833
How do dividend taxes affect firm behavior and what are their distributional and efficiency effects? To answer these questions, the first problem is coming up with an explanation for why firms pay dividends, in spite of their tax penalty. This paper surveys three different models for why firms...
Persistent link: https://www.econbiz.de/10005049946
In this paper, we derive a measure of the efficiency cost of taxing risky capital income in an infinite horizon stochastic model. The resulting measure differs from all those that have been proposed in the existing literature. It can be represented by the expression -sigma(s) T(s)c(deltaX(s)),...
Persistent link: https://www.econbiz.de/10005050054
Investors can achieve international diversification in their portfolios not only through purchasing foreign equity directly but also through investing in domestic firms which then invest abroad. Yet these alternative approaches are taxed very differently. A number of countries have also imposed...
Persistent link: https://www.econbiz.de/10005050132
This paper shows, using a standard CAPM model of security prices in a world market, that even small countries can affect the price of domestically issued risky securities, while large countries can affect the prices of all securities. As a result, countries have the incentive to set tax rates...
Persistent link: https://www.econbiz.de/10005050353