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Trade, Multinationals, and Transfer Pricing Regulations
In: The Canadian Journal of Economics / Revue canadienne d'Economique, Band 32, Heft 3, S. 817
Control rights, pyramids, and the measurement of ownership concentration
In: Journal of Economic Behavior & Organization, Band 72, Heft 1, S. 489-508
The recent corporate governance literature has emphasised the distinction between control and cash-flow rights but has disregarded measurement issues. Control rights may be measured by immediate shareholder votes, the voting rights as traced through ownership chains, or voting power indices that may or may not trace ownership through chains. We compare the ability of various measures to identify the effects of ownership concentration on share valuation using a German panel data set. The widely-used weakest link principle does not perform well in this comparison. Furthermore, measures that trace control through ownership chains do not outperform those that rely on immediate ownership, thus questioning the role of pyramids in the separation of control and cash-flow rights. The paper emphasises that there is a distinction between these two aspects of ownership even without pyramids or preferred stock, identification of which requires measures that, like the Shapley-Shubik index, do not simply equate control rights with voting rights.
Tariff jumping foreign investment and capital taxation
In: Journal of international economics, Band 53, Heft 1, S. 223-230
ISSN: 0022-1996
Foreign direct investment, political resentment and the privatization process in eastern Europe
In: Economic policy, Band 12, Heft 24, S. 177-210
ISSN: 1468-0327
Tax Haven Welfare and the Crackdown on Secrecy: Evidence from Night Light Emissions
In: CESifo Working Paper No. 10721
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C and S Corporation Banks: Did Trump's Tax Reform Lead to Differential Effects?
In: SAFE Working Paper No. 328
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Trust in government and fiscal adjustments
The paper looks at the determinants of fiscal adjustments as reflected in the primary surplus of countries. Our conjecture is that governments will usually find it more attractive to pursue fiscal adjustments in a situation of relatively high growth, but based on a simple stylized model of government behavior the expectation is that mainly high trust governments will be in a position to defer consolidation to years with higher growth. Overall, our analysis of a panel of European countries provides support for this expectation. The difference in fiscal policies depending on government trust levels may help explaining why better governed countries have been found to have less severe business cycles. It suggests that trust and credibility play an important role not only in monetary policy, but also in fiscal policy.
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Trust in government and fiscal adjustments : [Version 4 June 2013]
The paper looks at the determinants of fiscal adjustments as reflected in the primary surplus of countries. Our conjecture is that governments will usually find it more attractive to pursue fiscal adjustments in a situation of relatively high growth, but based on a simple stylized model of government behavior the expectation is that mainly high trust governments will be in a position to defer consolidation to years with higher growth. Overall, our analysis of a panel of European countries provides support for this expectation. The difference in fiscal policies depending on government trust levels may help explaining why better governed countries have been found to have less severe business cycles. It suggests that trust and credibility play an important role not only in monetary policy, but also in fiscal policy.
BASE
SSRN
Working paper
Trust in Government and Fiscal Adjustments
In: CESifo Working Paper Series No. 4310
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Working paper
The Effects of Taxation on the Location Decision of Multinational Firms: M&A vs. Greenfield Investments
In: CESifo Working Paper Series No. 3076
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The Measurement of Firm Ownership and its Effect on Managerial Pay
In: CESifo Working Paper Series No. 1774
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Banks, Finance and Investment in Germany
In: Economica, Band 62, Heft 246, S. 275
Retained Earnings and Foreign Portfolio Ownership: Implications for the Current Account Debate
In: SAFE Working Paper No. 389
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