taxable income to an indirect tax setting. We bring the theory to the data, using linked administrative VAT and corporation … tax records in the UK from 2004-2009. Consistently with the theory, voluntary registration is positively related to the … transactions, again consistently with the theory. We provide an estimate of the elasticity of the VAT tax base in the range of 0 …

In this paper we compare the profitability of a merger to the profitability of a partial ownership arrangement and find …

the risk of maturity transformation. First, we show that fluctuations of the future profitability of banks' portfolios … risk. When economic activity is reaching its peak, expected profitability is relatively high and spreads are low; during a … recession expected profitability is relatively low and spreads are high, in line with the time series properties of term spreads …

examples using a single sector. In the Ricardian theory of comparative advantage, however, the position of a commodity versus …