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Can government demand stimulate private investment? : evidence from U.S. federal procurement

Hebous, Shafik; Zimmermann, Tom - 2019

We study the effects of federal purchases on firm investment using a novel panel dataset that combines federal … firms’ capital investment by 10 to 13 cents. In line with the financial accelerator model, our findings indicate that the …-level analysis suggests that that the increase in investment at the firm level translates into an industry-wide effect without …

Persistent link: https://www.econbiz.de/10011982234

All you need is cash : corporate cash holdings and investment after the global financial crisis

Joseph, Andreas; Kneer, Christiane; Horen, Neeltje van - 2021

Cash holdings at the onset of a financial crisis are a key determinant of investment by SMEs not only during the crisis … persistent and growing investment gap. The amplification effect was present for SMEs with both volatile and stable cash holdings …

Persistent link: https://www.econbiz.de/10012509557

Financial constraints and propagation of shocks in production networks

Demir, Banu; Javorcik, Beata K. Smarzynska; Michalski, … - 2020

This study finds that even small unexpected supply shocks propagate downstream through production networks and are amplified by firms with short-term financial constraints. The unexpected 2011 increase in the tax on imports purchased with foreign-sourced trade credit is examined using data...

Persistent link: https://www.econbiz.de/10012294883

What kind of Corporation Tax Regime?

Cnossen, Sijbren - 2014 - This version: 18 November 2014

This paper explores the taxation of corporations in the wider context of capital income taxation. The pros and cons of various income-based and cash-flow forms of corporation tax (CT) are discussed. The paper concludes that the dual income tax (DIT), which taxes all capital income at the...

Persistent link: https://www.econbiz.de/10010459664

Cash flow duration and the term structure of equity returns

Weber, Michael - 2016

The term structure of equity returns is downward-sloping: stocks with high cash flow duration earn 1.10% per month lower returns than short-duration stocks in the cross section. I create a measure of cash flow duration at the firm level using balance sheet data to show this novel fact. Factor...

Persistent link: https://www.econbiz.de/10011521939

Choice of tax base revisited : cash flow vs. prepayment approaches to consumption taxation

Ahsan, Syed M.; Tsigaris, Panagiotis Demetrios - 2003

, where the physical investment is restricted to a single non-risky asset. For the purposes of the paper, the models are very …

Persistent link: https://www.econbiz.de/10011508070

Generalized cash flow taxation

Auerbach, Alan J.; Bradford, David F. - 2001

We show the unique form that must be taken by a tax system based entirely on realization accounting to implement a uniform capital income tax, or, equivalently, a uniform wealth tax. This system combines elements of an accrual based capital income tax and a traditional cash flow tax, having many...

Persistent link: https://www.econbiz.de/10011398020

Unilateral tax reform : border adjusted taxes, cash flow taxes, and transfer pricing

Bond, Eric W.; Gresik, Thomas A. - 2018

We study the economic effects of unilateral adoption of corporate tax policies that include destination-based taxes and/or cash ow taxes in a heterogeneous agent model in which multinational firms can endogenously shift income between countries using transfer prices. Standard pass through...

Persistent link: https://www.econbiz.de/10011926361

The information content of dividends : safer profits, not higher profits

Michaely, Roni; Rossi, Stefano; Weber, Michael - 2017 - This version: October 2017

supports the prediction - unique to our model - that the cost of the signal is foregone investment opportunities. We conclude …

Persistent link: https://www.econbiz.de/10011754236

Revenue implications of destination-based cash-flow taxation

Hebous, Shafik; Klemm, Alexander; Stausholm, Saila - 2019

We estimate the revenue implications of a Destination Based Cash Flow Tax (DBCFT) for 80 countries. On a global average, DBCFT revenues under unchanged tax rates would remain similar to the existing corporate income tax (CIT) revenue, but with sizable redistribution of revenue across countries....

Persistent link: https://www.econbiz.de/10011958815