This study aims to quantify the impact of the global minimum corporate tax rate - a pillar of the OECD's reform of international taxation - on cross-border mergers and acquisitions (M&A) involving large multinational enterprises (MNEs). First, the influence of differences in capital taxation on...

In this paper we consider three alternative approaches to test the Permanent Income Hypothesis (PIH) in the context of dynamic panels: the aggregate consumption approach, the Euler equation approach and Þnally Friedman (1957)'s original characteristic tests. Our empirical evidence, using the...

Estimates of the level of inequality of opportunity have traditionally been interpreted as lower bounds due to the downward bias resulting from the partial observability of circumstances that affect individual outcome. We show that such estimates may also suffer from upward bias as a consequence...

We show that, when measuring inequality of opportunity with survey data, scholars incur two types of biases. A well-known downward-bias, due to partial observability of circumstances that affect individual outcome, and an upward bias, which depends on the econometric method used and the quality...

A large strand of the literature on panel data models has focused on explicitly modelling the cross-section dependence between panel units. Factor augmented approaches have been proposed to deal with this issue. Under a mild restriction on the correlation of the factor loadings, we show that...