This note reviews May 2019 OECD framework agreement report, “OECD/G20 Inclusive Framework on BEPS: Progress Report July 2018-May 2019” on international taxation of the ‘digital economy'. The core conclusions of the review are:1. The framework agreement proposals to-date represent complex,...

One of the key assumptions in financial markets analysis is that of normally distributed returns and market efficiency. Both of these assumptions have been extensively challenged in the literature. In the present paper, we examine returns for a number of FTSE 100 and AIM stocks and indices based...

European SMEs rely predominantly on bank credit to fund investment and operating capital, with direct lending markets (bonds) and equity markets both underdeveloped across the EU compared to the US and the UK, as well as other jurisdictions. In addition, there has been a significant decline in...

The long-term fallout from the 2008 global financial crisis created several deep fractures in traditional-banking models. Most of the sectoral attention today has focused on weak operating profits and balance-sheet performance, especially the risks arising from the negative-rates environment and...

The recent Global Financial Crisis (2008-2010) and the accompanying Great Recession (2008-2011) show that the level and the rate of monetary and financial systems integration deployed within the Euro area is not sustainable in the long run. Instead of acting as a buffer against external shocks...

The on-going nationalist revival in Western and Eastern Europe is driven by the confluence of three driving factors: economic, political and social/cultural. This revival presents a major existential challenge to the status quo ante of managerial or technocratic society – a challenge that can...

Current paper proposes an extension of the seminal model by Holmstrom Tirole (1997) of the exogenous liquidity supply in presence of moral hazard to the case that includes private asset recovery under the limited liability of the entrepreneur. In our model partial private recovery applies to the...

As costs of pharmaceutical R&D soar and productivity falls, the role of research pipelines in firm valuations is changing. To date, surprisingly little work has been done on the effects of R&D pipeline performance the duration of R&D these effects on equity returns, while controlling for...

In recent months, the Irish corporate tax regime has featured prominently in international tax policy debates, especially within the context of European tax reforms, high-profile corporate earnings reports and multinational investment flows changes.As financial repression sweeps across the OECD...

In the twenty-first century,growth, economic value and competitive differentiation of cities will increasingly be derived from people and their skills, creativity and knowledge, as well as the capacity of the economy to create and absorb innovation. To compete in this new economic environment,...