Existing studies analyzing the so-called 'resource curse hypothesis' regress growth in gross domestic product (GDP) on some measure of resource-intensity. This is problematic as GDP counts natural and other capital depreciation as income. Deducting depreciation from GDP to arrive at genuine...

The appropriate way of quantifying how taxation of a firm's income and capital can distort its optimizing conditions is a recurring issue in the literature on optimal taxation. Exponential decay, although empirically contested, is almost ubiquitous. In the present paper a generalized framework...

In this paper, we present a review of tax research. We survey four main areas of the literature: 1) the informational role of income tax expense reported for financial accounting, 2) corporate tax avoidance, 3) corporate decision-making including investment, capital structure, and organizational...

Funds from Operations (FFO) is the prevailing performance measure in the Real Estate Investment Trust (REIT) industry. However, prior studies are inconclusive about the superiority of FFO over GAAP net income. Because depreciation is the largest reconciling item between FFO and net income, we...

The value of corporate equity in Japan is dramatically smaller than that implied by the sum of the reproduction cost of accumulated investment and the market value of land owned by corporations (that is, the Tobin's average 'q' is much smaller than unity). This discrepancy appears to result from...

We introduce a hedonic price model which enables us to disentangle the value of a property into the value of land and the value of structure. For given reconstruction costs we are able to estimate the impact of physical deterioration, functional obsolescence and vintage effects on the structure...