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Author : Luis W. Alvarez
Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.:/5 (596 download)
Download or read book Tax Policy Uncertainty and the Corporation written by Luis W. Alvarez and published by . This book was released on 1997 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Luis H. R. Álvarez
Publisher :
ISBN 13 : 9789514579035
Total Pages : 28 pages
Book Rating : 4.5/5 (79 download)
Download or read book Tax Policy Uncertainty and Corporate Investment written by Luis H. R. Álvarez and published by . This book was released on 1997 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jennifer L. Brown
Publisher :
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.:/5 (13 download)
Download or read book Tax Policy Uncertainty and Stock Return Volatility written by Jennifer L. Brown and published by . This book was released on 2017 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 are characterized by greater variability in tax outcomes. We adopt a broad definition of TPU that encompasses both the legislative and regulatory processes, and we perform tests to validate a news-based measure of TPU that is consistent with this definition. In supplemental tests, we document an increase in analyst forecast dispersion during periods of high TPU, indicating the effects of tax policy uncertainty extend to sophisticated market participants. We also document that the effects of TPU are concentrated in systematic volatility. Overall our results suggest that uncertainty surrounding tax policy can impose real costs on investors.
Author : Alan J. Auerbach
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (119 download)
Download or read book Corporate Financial Policy, Taxes, and Uncertainty written by Alan J. Auerbach and published by . This book was released on 1979 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Qingyuan Li
Publisher :
ISBN 13 :
Total Pages : 53 pages
Book Rating : 4.:/5 (13 download)
Download or read book Corporate Tax Behavior and Political Uncertainty written by Qingyuan Li and published by . This book was released on 2018 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine corporate tax behavior in the face of political uncertainty. Because tax policy is an outcome of a political process, increased political uncertainty may be associated with changes in tax behavior. On one hand, uncertainty about whether a firm's current tax strategies will be rendered less effective by election-related changes in the tax environment may induce a positive association between political uncertainty and tax avoidance behavior. On the other hand, anticipated election-related changes in regulatory detection, penalties, and fines may induce a negative association between political uncertainty and tax avoidance behavior. We construct a sample of firms exposed to 105 national elections in 30 countries. We find that firms increase their corporate tax avoidance in election years. This finding is consistent with firms exercising current tax planning strategies while it is still most optimal to do so given uncertainty regarding the corporate tax environment after the election. The effect is increasing in the political uncertainty associated with the election, specifically for elections that are closely contested, held in countries with fewer electoral checks and balances, and with pro-business incumbent governments. We find evidence of increased reshuffling of tax burdens across firms after elections, further support that elections reflect periods of heightened uncertainty regarding corporate taxation.
Author : Ms.Elif C Arbatli
Publisher : International Monetary Fund
ISBN 13 : 1484302362
Total Pages : 48 pages
Book Rating : 4.4/5 (843 download)
Download or read book Policy Uncertainty in Japan written by Ms.Elif C Arbatli and published by International Monetary Fund. This book was released on 2017-05-30 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop new economic policy uncertainty (EPU) indices for Japan from January 1987 onwards building on the approach of Baker, Bloom and Davis (2016). Each index reflects the frequency of newspaper articles that contain certain terms pertaining to the economy, policy matters and uncertainty. Our overall EPU index co-varies positively with implied volatilities for Japanese equities, exchange rates and interest rates and with a survey-based measure of political uncertainty. The EPU index rises around contested national elections and major leadership transitions in Japan, during the Asian Financial Crisis and in reaction to the Lehman Brothers failure, U.S. debt downgrade in 2011, Brexit referendum, and Japan’s recent decision to defer a consumption tax hike. Our uncertainty indices for fiscal, monetary, trade and exchange rate policy co-vary positively but also display distinct dynamics. VAR models imply that upward EPU innovations foreshadow deteriorations in Japan’s macroeconomic performance, as reflected by impulse response functions for investment, employment and output. Our study adds to evidence that credible policy plans and strong policy frameworks can favorably influence macroeconomic performance by, in part, reducing policy uncertainty.
Author : Huu Nhan Duong
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 (13 download)
Download or read book Economic Policy Uncertainty and Firm Tax Avoidance written by Huu Nhan Duong and published by . This book was released on 2018 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: We find a strong evidence that firms reduce cash effective tax rate when economic policy uncertainty heightens. Firms also engage in more aggressive forms of tax avoidance including long-term tax planning or shelters. Cash holdings attenuate the negative effect of policy uncertainty on cash effective tax rate, especially for financially constrained firms. The cash tax savings are retained for reinvestments rather than dividend payouts. Our findings suggest that policy uncertainty exacerbates external financing frictions, which in turn induces precautionary motives of tax avoidance.
Author : Inessa Love
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4./5 ( download)
Download or read book Trade Credit and Bank Credit written by Inessa Love and published by World Bank Publications. This book was released on 2005 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The authors study the effect of financial crises on trade credit in a sample of 890 firms in six emerging economies. They find that although provision of trade credit increases right after the crisis, it consequently collapses in the following months and years. The authors observe that firms with weaker financial position (for example, high pre-crisis level of short-term debt and low cash stocks and cash flows) are more likely to reduce trade credit provided to their customers. This suggests that the decline in aggregate credit provision is driven by the reduction in the supply of trade credit, which follows the bank credit crunch. The results are consistent with the "redistribution view" of trade credit provision, in which bank credit is redistributed by way of trade credit by the firms with stronger financial position to the firms with weaker financial stand "--World Bank web site.
Author : Allen N. Berger
Publisher : Academic Press
ISBN 13 : 0128005319
Total Pages : 296 pages
Book Rating : 4.1/5 (28 download)
Download or read book Bank Liquidity Creation and Financial Crises written by Allen N. Berger and published by Academic Press. This book was released on 2015-11-24 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bank Liquidity Creation and Financial Crises delivers a consistent, logical presentation of bank liquidity creation and addresses questions of research and policy interest that can be easily understood by readers with no advanced or specialized industry knowledge. Authors Allen Berger and Christa Bouwman examine ways to measure bank liquidity creation, how much liquidity banks create in different countries, the effects of monetary policy (including interest rate policy, lender of last resort, and quantitative easing), the effects of capital, the effects of regulatory interventions, the effects of bailouts, and much more. They also analyze bank liquidity creation in the US over the past three decades during both normal times and financial crises. Narrowing the gap between the "academic world" (focused on theories) and the "practitioner world" (dedicated to solving real-world problems), this book is a helpful new tool for evaluating a bank's performance over time and comparing it to its peer group. - Explains that bank liquidity creation is a more comprehensive measure of a bank's output than traditional measures and can also be used to measure bank liquidity - Describes how high levels of bank liquidity creation may cause or predict future financial crises - Addresses questions of research and policy interest related to bank liquidity creation around the world and provides links to websites with data and other materials to address these questions - Includes such hot-button topics as the effects of monetary policy (including interest rate policy, lender of last resort, and quantitative easing), the effects of capital, the effects of regulatory interventions, and the effects of bailouts
Author : Jose De Gregorio
Publisher :
ISBN 13 :
Total Pages : 20 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Effects of Inflation on Economic Growth written by Jose De Gregorio and published by . This book was released on 1991 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mervyn A. King
Publisher : London : Chapman and Hall ; New York : Wiley
ISBN 13 :
Total Pages : 334 pages
Book Rating : 4.:/5 (43 download)
Download or read book Public Policy and the Corporation written by Mervyn A. King and published by London : Chapman and Hall ; New York : Wiley. This book was released on 1977 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Emanuel Kopp
Publisher : International Monetary Fund
ISBN 13 : 1498317758
Total Pages : 37 pages
Book Rating : 4.4/5 (983 download)
Download or read book U.S. Investment Since the Tax Cuts and Jobs Act of 2017 written by Emanuel Kopp and published by International Monetary Fund. This book was released on 2019-05-31 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is no consensus on how strongly the Tax Cuts and Jobs Act (TCJA) has stimulated U.S. private fixed investment. Some argue that the business tax provisions spurred investment by cutting the cost of capital. Others see the TCJA primarily as a windfall for shareholders. We find that U.S. business investment since 2017 has grown strongly compared to pre-TCJA forecasts and that the overriding factor driving it has been the strength of expected aggregate demand. Investment has, so far, fallen short of predictions based on the postwar relation with tax cuts. Model simulations and firm-level data suggest that much of this weaker response reflects a lower sensitivity of investment to tax policy changes in the current environment of greater corporate market power. Economic policy uncertainty in 2018 played a relatively small role in dampening investment growth.
Author : Kevin A. Hassett
Publisher : A E I Press
ISBN 13 : 9780844770864
Total Pages : 92 pages
Book Rating : 4.7/5 (78 download)
Download or read book Tax Policy and Investment written by Kevin A. Hassett and published by A E I Press. This book was released on 1999 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book studies topics relating to fundamental tax reform. The topics include, among others, the effects of taxation on household saving, the effects of reducing taxes on individuals' work effort, issues in the taxation of financial services, and international issues in consumption taxation.
Author : OECD
Publisher : Org. for Economic Cooperation & Development
ISBN 13 : 9789264272040
Total Pages : 0 pages
Book Rating : 4.2/5 (72 download)
Download or read book International VAT/GST Guidelines written by OECD and published by Org. for Economic Cooperation & Development. This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper set forth internationally agreed principles and standards for the value added tax (VAT) treatment of the most common types of international transactions, with a particular focus on trade in services and intangibles. Its aim is to minimise inconsistencies in the application of VAT in a cross-border context with a view to reducing uncertainty and risks of double taxation and unintended non-taxation in international trade. It also includes the recommended principles and mechanisms to address the challenges for the collection of VAT on crossborder sales of digital products that had been identified in the context of the OECD/G20 Project on Base and Erosion and Profit Shifting (the BEPS Project).
Author : Diem Mi Le Thi
Publisher :
ISBN 13 :
Total Pages : 70 pages
Book Rating : 4.:/5 (12 download)
Download or read book Political Uncertainty and Corporate Tax Avoidance written by Diem Mi Le Thi and published by . This book was released on 2019 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert K. Dixit
Publisher : Princeton University Press
ISBN 13 : 1400830176
Total Pages : 484 pages
Book Rating : 4.4/5 (8 download)
Download or read book Investment under Uncertainty written by Robert K. Dixit and published by Princeton University Press. This book was released on 2012-07-14 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: How should firms decide whether and when to invest in new capital equipment, additions to their workforce, or the development of new products? Why have traditional economic models of investment failed to explain the behavior of investment spending in the United States and other countries? In this book, Avinash Dixit and Robert Pindyck provide the first detailed exposition of a new theoretical approach to the capital investment decisions of firms, stressing the irreversibility of most investment decisions, and the ongoing uncertainty of the economic environment in which these decisions are made. In so doing, they answer important questions about investment decisions and the behavior of investment spending. This new approach to investment recognizes the option value of waiting for better (but never complete) information. It exploits an analogy with the theory of options in financial markets, which permits a much richer dynamic framework than was possible with the traditional theory of investment. The authors present the new theory in a clear and systematic way, and consolidate, synthesize, and extend the various strands of research that have come out of the theory. Their book shows the importance of the theory for understanding investment behavior of firms; develops the implications of this theory for industry dynamics and for government policy concerning investment; and shows how the theory can be applied to specific industries and to a wide variety of business problems.
Author : Jagdeep S. Bhandari
Publisher : Cambridge University Press
ISBN 13 : 9780521457170
Total Pages : 584 pages
Book Rating : 4.4/5 (571 download)
Download or read book Corporate Bankruptcy written by Jagdeep S. Bhandari and published by Cambridge University Press. This book was released on 1996-03-29 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection is the first comprehensive selection of readings focusing on corporate bankruptcy. Its main purpose is to explore the nature and efficiency of corporate reorganization using interdisciplinary approaches drawn from law, economics, business, and finance. Substantive areas covered include the role of credit, creditors' implicit bargains, nonbargaining features of bankruptcy, workouts of agreements, alternatives to bankruptcy, and proceedings in countries including the United States, United Kingdom, Europe, and Japan. The Honorable Richard A. Posner, Chief Judge of the U.S. Court of Appeals for the Seventh Circuit, offers a foreword to the collection.
