We investigate the potentials and limits of privacy-preserving blockchain technology for information provision. In our model, heterogeneous firms can adopt a privacy-preserving blockchain or rely on traditional institutions. The blockchain leverages its peer-to-peer architecture to disseminate...

This paper contributes to the recent debate on the tax privilege for business property introduced by the German Inheritance Tax Act of 2009. We shed light on the tax effects of the preferential treatment based on micro-level data of realized business transfers from the German Inheritance Tax...

This paper examines the impact of enforcement on managers' demand for mandatory disclosure. In the model, managers determine a disclosure rule by majority decision. The rule is binding for all firms and subject to a given enforcement system. In equilibrium, under moderate enforcement, the...

Employment tax credit programs have been repeatedly used during economic crises, although their usefulness is empirically contestable. The objective of this paper is to quantify the tax effects of employment tax credit programs. A recent revision of the German inheritance tax law provides an...

The Securities and Exchange Commission (SEC) requires firms to disclose and discuss trends concerning their liquidity, capital resources, and operations. However, there is an ongoing debate on the value of these textual narratives. This study investigates the relation between a firm's...

Using 321 circuit court rulings, we construct a measure that captures the within-country variation in courts’ attitudes toward securities law violations. Case-level analyses confirm that district courts heed home-circuit precedents and are more likely to dismiss pending cases when their home...