The empirical investment literature provides evidence on financing constraints mostly by estimating investment cash-flow sensitivities for a priori (un-)constrained firms or develops rather ad-hoc indicators to explain firms' differential access to external capital. However, the sources and...

Zentraler Gegenstand der Reformdiskussion ist die gemeindliche Steuerautonomie, die gegenwärtig vor allem durch die Wahl des Hebesatzes bei der Gewerbesteuer ausgeübt wird. Trotz aller Kritik halten die Gemeinden an der Gewerbesteuer fest. Wie der Vortrag zeigt, ist dies letztlich durch den...

A theoretical model describes the local choice of the tax rate on capital income. It establishes preferences and various fiscal conditions - including the tax rates of competing jurisdictions - as determinants of the tax rate. The empirical implications are tested using a large panel of...

This paper is concerned with fiscal externalities arising from local taxation of a mobile factor. Using a panel of more 1100 local jurisdictions it provides empirical evidence on how the local tax rate as well as the tax rate in the neighborhood affect the local tax base. The results support the...

A theoretical analysis considers the impact of a typical system of redistributive fiscal equalizationʺ transfers on the taxing effort of local jurisdictions. More specifically, it shows that the marginal contribution rate, i.e. the rate at which an increase in the tax base reduces those...