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Taxation and economic growth in Colombia

Steiner, Roberto - 2014

This Working Paper assesses the impact on investment of a reduction in corporate taxes and the impact on employment … (1967), we estimate an investment function, which depends on the user cost of capital, one of whose determinants is the … short and long-term effects on investment in machinery and equipment. While the user cost of capital declines 0.9 percent …

Persistent link: https://www.econbiz.de/10011285598

Taxation and the user cost of capital

Creedy, John; Gemmell, Norman - In: Journal of economic surveys 31 (2017) 1, pp. 201-225

Persistent link: https://www.econbiz.de/10011757042

Optimal debt bias in corporate income taxation

Simon, Jenny - 2015

I present a rationale for a government to discriminate between debt and equity financing when taxing corporate income. For risk-averse entrepreneurs, equity generates more surplus than debt, because it provides financing and insurance. A government seeking to extract surplus from entrepreneurs...

Persistent link: https://www.econbiz.de/10011350162

Downward revision of investment decisions after corporate tax hikes

Link, Sebastian; Menkhoff, Manuel; Peichl, Andreas; … - 2022

This paper estimates the causal effect of corporate tax hikes on firm investment based on more than 1,400 local tax … changes. By observing planned and realized investment volumes in a representative sample of German manufacturing firms, we can … study how tax hikes induce firms to revise their investment decisions. On average, the share of firms that invest less than …

Persistent link: https://www.econbiz.de/10013255860

Downward revision of investment decisions after corporate tax hikes

Link, Sebastian; Menkhoff, Manuel; Peichl, Andreas; … - 2023

Persistent link: https://www.econbiz.de/10014249936

Improved Analytic VaR that Avoids Previous Inconsistencies

Crousillat, Cesar - 2015

VaR_Delta-Normal fails in two counts: subadditivity and potentially producing losses larger than its portfolio value. This paper solves the second inconsistency developing formulas derived from a put option, named PVaR_Delta-Normal and Put_Expected_Shortfall, PSF_Delta-Normal; the latter also...

Persistent link: https://www.econbiz.de/10013014636

A Multiplicative Factor for Analytic VaR to Avoid Previous Inconsistencies

Crousillat, Cesar - 2015

VaR_Delta-Normal is derived from a Put option, named PVaR_Delta-Normal and Expected_Shortfall, PSF_Delta-Normal – the latter a coherent measure – guaranteeing VaR can never be larger than the fund value. Current standard VaR_Delta-Normal uses covariances calculated from the entire...

Persistent link: https://www.econbiz.de/10013009682

A Model of Financial Market Liquidity Based on Intermediary Capital

Gromb, Denis - 2010

We present a model of financial market liquidity provided by financially constrained intermediaries. We show that market liquidity increases with the level of intermediary capital. We also characterize conditions under which intermediaries play a stabilizing or destabilizing role in markets....

Persistent link: https://www.econbiz.de/10013145343

International Capital Constraints and Stock Market Dynamics

Schornick, Astrid V. - 2010

In order to explain cross-country differences in the effects of capital market liberalization, this paper proposes a model of international asset markets in which investors in different countries each face constraints on portfolio choice. The model demonstrates that liberalization, i.e. the...

Persistent link: https://www.econbiz.de/10013142324

Short-Sale Deregulation and Corporate Tax Avoidance : Evidence From the Chinese Market

Cao, Yue - 2020

We study how short selling affects corporate tax avoidance. By exploiting staggered short-sale deregulation on the Chinese stock market as a source of variation in market pressure and monitoring, our difference-in-differences estimates show that the introduction of a short-selling scheme...

Persistent link: https://www.econbiz.de/10012833933