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Do Differences in Institutional and Legal Environments Explain Cross-Country Variations in IPO Underpricing?
Hopp, Christian; Dreher, Axel - KOF Swiss Economic Institute, Department of Management, … - 2007
We empirically analyze the determinants of Initial Public Offering (IPO) underpricing using panel data for 29 countries … variations in underpricing. When more information is available price discovery is facilitated, allowing for more effective … the market and require higher underpricing in return. Overall, we conclude that better investor protection and better …
Persistent link: https://www.econbiz.de/10005731466
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Do Differences in Institutional and Legal Environments Explain Cross-Country Variations in IPO Underpricing?
Hopp, Christian - 2013
We empirically analyze the determinants of Initial Public Offering (IPO) underpricing using panel data for 29 countries … variations in underpricing. When more information is available price discovery is facilitated, allowing for more effective … the market and require higher underpricing in return. Overall, we conclude that better investor protection and better …
Persistent link: https://www.econbiz.de/10012753868
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Adverse selection in credit markets and regressive profit taxation
Scheuer, Florian - In: Journal of Economic Theory 148 (2013) 4, pp. 1333-1360
In many countries, taxes on businesses are less progressive than labor income taxes. This paper provides a justification for this pattern based on adverse selection that entrepreneurs face in credit markets. Individuals choose between becoming entrepreneurs or workers and differ in their skill...
Persistent link: https://www.econbiz.de/10010678867
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STOCK MARKET AND TAX REVENUE COLLECTION IN MALAYSIA: EVIDENCE FROM COINTEGRATION AND CAUSALITY TESTS
Taha, Roshaiza - In: Accounting & Taxation 5 (2013) 1, pp. 29-39
This study empirically examined the relationship between stock market performance and taxation in Malaysia over the period 1980 to 2008. The Gregory Hansen methodology was utilized to examine which tax collected by Malaysia’s Government most impacted stock market performance in Malaysia....
Persistent link: https://www.econbiz.de/10011205457
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Problems of Definition of Residency for Tax Purposes: Prospects for the Development of Russian Legislation Part 1New Approaches to the Taxation of Financial Sector in the Light of...
Malinina, Tatiana - Russian Presidential Academy of National Economy and … - 2013
We consider the recommendations of international organizations to change the approach to the taxation of the financial sector in the light of the world financial crisis, the current theoretical approaches to the definition and justification instruments (mechanisms) taxation of the financial...
Persistent link: https://www.econbiz.de/10010819721
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Can tax policy co-cause the crisis?
Szarowska, Irena - Volkswirtschaftliche Fakultät, … - 2013
Although taxes have not generated the crisis, some aspects of tax policy may have led to increased risk-taking and indebtedness of banks, households and companies. Tax incentives may indeed the behavior of economic agents, leading them to wrong economic decisions. The aim of the paper is to...
Persistent link: https://www.econbiz.de/10011113419
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Optimal Asset Taxes in Financial Markets with Aggregate Uncertainty
Scheuer, Florian - National Bureau of Economic Research (NBER) - 2012
This paper studies Pareto-optimal risk-sharing arrangements in a private information economy with aggregate uncertainty and ex ante heterogeneous agents. I show how to implement Pareto-optima as equilibria when agents can trade claims to consumption contingent on aggregate shocks in financial...
Persistent link: https://www.econbiz.de/10009652853
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The Relationship Between Financial Transactions Costs and Economic Growth
Baker, Dean; Jorgensen, Helene - Center for Economic and Policy Research (CEPR) - 2012
The opponents of financial transactions taxes (FTTs) have argued that the imposition of such taxes will slow economic growth by raising the cost of capital. The argument is that if the cost of buying and selling stock and other financial assets is higher, then it makes it more expensive for...
Persistent link: https://www.econbiz.de/10010534823
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Welfare Effects of Income Taxation in a Model of Stochastic Growth
Clemens, Christiane; Soretz, Susanne - Wirtschaftswissenschaftliche Fakultät, Leibniz … - 1997
This paper analyzes growth and welfare effects of income taxation in a stochastic endogenous growth model with externalities in human-capital accumulation. The government participates in individual income risks by the collection of a flat-rate income tax that affects the mean and the variance of...
Persistent link: https://www.econbiz.de/10005464720
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Capital Gains Taxes and Asset Prices: Capitalization or Lock-In?
Shackelford, Douglas A.; Dai, Zhonglan; Maydew, Edward; … - National Bureau of Economic Research (NBER) - 2006
This paper examines the impact on asset prices from a reduction in the long-term capital gains tax rate using an equilibrium approach that considers both demand and supply responses. We demonstrate that the equilibrium impact of capital gains taxes reflects both the capitalization effect (i.e.,...
Persistent link: https://www.econbiz.de/10005575672