By a business-cycle CAPM, we price options. It unifies asset pricing portfolio diversification and option pricing no-arbitrage. We retrieve the American and European option values by intersecting the individual martingale security and the 9-degree multipiece-polynomial portfolio implicit...

We examine how the legalization programs of the Immigration Reform and Control Act of 1986 (IRCA) have affected immigration to the United States since the late 1980s. Our empirical approach exploits variation in IRCA’s timing and the magnitude of the legalization shock across metropolitan...

The introduction of a formulaically apportioned common consolidated corporate tax base (CCCTB) could represent a milestone in international taxation. No agreement has yet been reached, however. In contrast, Germany already has a long-standing system that apportions corporate taxes by splitting...

Almost 140 countries have agreed to reallocate the rights to tax international corporate profits and to introduce minimum tax rates. The agreed plan is the product of pragmatism and a search for consensus, but ambitious. It includes steps towards unitary taxation to be established by a...

Um in Abwesenheit eines Konzernsteuerrechts eine steuersubjektübergreifende Verrechnung von Gewinnen und Verlusten innerhalb eines Konzerns zu gewährleisten, wurde die ertragsteuerliche Organschaft eingeführt. Jedoch liegen die organschaftlichen Tatbestandsvoraussetzungen nicht immer zwischen...