Standard estimates of risk premiums in traditional linear asset pricing models are subject to bias, primarily because of the omission of certain factors. The three-pass method is a promising approach that has been proposed to estimate the risk premium of observable factors. This method remains...

We investigate the effect of a public information service program in taxation on firms’ effective corporate income tax rate (ECITR), taking advantage of a tax hotline program that lowers the cost of access to tax information. Using Chinese firm-level administrative data and exploiting a...

Background: Since 2008, China has provided ITC (investment tax credit) and TID (taxable income deduction) for firms who engage in investment or business related to reducing pollution emissions and saving energy. This paper examines both incidence and effects of these tax incentives. Methods: We...