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Profit Shifting and Tax - Rate Uncertainty 利润转移和税率不确定性
Gabelli School of Business Pub Date : 2016-11-01 DOI: 10.2139/ssrn.2862452
M. Delis, I. Hasan, Panagiotis I. Karavitis
{"title":"Profit Shifting and Tax - Rate Uncertainty","authors":"M. Delis, I. Hasan, Panagiotis I. Karavitis","doi":"10.2139/ssrn.2862452","DOIUrl":"https://doi.org/10.2139/ssrn.2862452","url":null,"abstract":"We demonstrate the importance for the potency of profit shifting activity of risk factors related to macroeconomic and fiscal stability in countries where multinational subsidiaries reside. Using firm-level data for 1,241 parent firms from 24 countries and 12,698 subsidiaries in 43 countries, we first identify prevalent profit-shifting in periods (or subsidiaries’ countries) with low macroeconomic risk. Subsequently, we show that even in periods of low macroeconomic risk, profit-shifting is stronger to subsidiaries in countries with stable corporate tax rates over time (low fiscal-risk countries). We contend that especially low fiscal risk is a prerequisite for identifying significant profit-shifting.","PeriodicalId":113288,"journal":{"name":"Gabelli School of Business","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130588307","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
Optimal Policy Rules at Home, Crisis and Quantitative Easing Abroad 国内最优政策规则、危机与国外量化宽松
Gabelli School of Business Pub Date : 2016-10-26 DOI: 10.2139/ssrn.2862363
P. McNelis
{"title":"Optimal Policy Rules at Home, Crisis and Quantitative Easing Abroad","authors":"P. McNelis","doi":"10.2139/ssrn.2862363","DOIUrl":"https://doi.org/10.2139/ssrn.2862363","url":null,"abstract":"This paper examines the international transmission of financial shocks which originate in, and are partially offset by, quantitative easing in a large financially-stressed country. Using a two-country model, we evaluate the adjustment in the non-stressed home country, following recurring negative shocks to productivity and banking-sector balance-sheet/terminal wealth ratios. We first examine the application of QE policies in the stressed foreign country. Coupling quantitative easing with crisis events abroad magnifies the financial instability transmitted to the rest of the world. Our results show that the non-stressed home country can make effective use of tax-rate rules for consumption, or taxes to stabilize financial-sector net worth in times of prolonged crisis abroad.","PeriodicalId":113288,"journal":{"name":"Gabelli School of Business","volume":"68 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125489663","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Is Economic Uncertainty Priced in the Cross-Section of Stock Returns? 经济不确定性是否反映在股票收益的横截面上?
Gabelli School of Business Pub Date : 2016-07-21 DOI: 10.2139/ssrn.2812967
Turan G. Bali, Stephen J. Brown, Yi Tang
{"title":"Is Economic Uncertainty Priced in the Cross-Section of Stock Returns?","authors":"Turan G. Bali, Stephen J. Brown, Yi Tang","doi":"10.2139/ssrn.2812967","DOIUrl":"https://doi.org/10.2139/ssrn.2812967","url":null,"abstract":"We investigate the role of economic uncertainty in the cross-sectional pricing of individual stocks and equity portfolios. We estimate stock exposure to an economic uncertainty index and show that stocks in the lowest uncertainty beta decile generate 6% more annualized risk-adjusted return compared to stocks in the highest uncertainty beta decile. We find that the uncertainty premium is driven by the outperformance (underperformance) by stocks with negative (positive) uncertainty beta. Our results indicate that uncertainty-averse investors demand extra compensation to hold stocks with negative uncertainty beta and they are willing to pay high prices for stocks with positive uncertainty beta.","PeriodicalId":113288,"journal":{"name":"Gabelli School of Business","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117352200","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 224
Economic Freedom and Economic Growth: A Note 经济自由与经济增长:注
Gabelli School of Business Pub Date : 2016-07-06 DOI: 10.2139/SSRN.2805401
Vincent J. Hooper
{"title":"Economic Freedom and Economic Growth: A Note","authors":"Vincent J. Hooper","doi":"10.2139/SSRN.2805401","DOIUrl":"https://doi.org/10.2139/SSRN.2805401","url":null,"abstract":"The purpose of this research note is to re-examine the link between economic freedom and economic growth because the connection has been massively over played in the past 35 years, using a sample of 175 countries. Answering this question has important socioeconomic policy implications as economic freedom as a means of fostering higher economic growth has been high on the priority list of leading countries like the UK and US. Indeed, virtually every country in the world has embarked on this agenda either voluntarily or at the behest of the World Bank and IMF through Washington Consensus. A small, yet significant association is found in line with recent studies. Despite this, the World Bank and the IMF have built their agenda on a strong assumed association. From the analysis in this research note, we need to be careful about over extrapolating the link between economic freedom and economic growth. Although the analysis is rudimentary yet robust in this research note, it appears that no such consideration was undertaken by the IMF and World Bank before Washington Consensus bulldozed its way around the developing parts of the globe, leading to major economic and financial disruption. Arguably this disarray continues today due to the ideological nature that economic freedom has morphed into.","PeriodicalId":113288,"journal":{"name":"Gabelli School of Business","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129409666","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Bank Enforcement Actions and the Terms of Lending 银行执法行动和贷款条款
Gabelli School of Business Pub Date : 2016-05-31 DOI: 10.2139/ssrn.2786892
Yota D. Deli, M. Delis, I. Hasan, Liuling Liu
{"title":"Bank Enforcement Actions and the Terms of Lending","authors":"Yota D. Deli, M. Delis, I. Hasan, Liuling Liu","doi":"10.2139/ssrn.2786892","DOIUrl":"https://doi.org/10.2139/ssrn.2786892","url":null,"abstract":"Formal enforcement actions issued against banks for violations of laws and regulations related to safety and soundness can theoretically have both positive and negative effects on the terms of lending. Using hand-collected data on such enforcement actions issued against U.S. banks, we show that they have a strong negative effect on price terms (loan spreads and fees) for corporate loans and a positive one on non-price terms (loan maturity, size, covenants, and collateral). The results also indicate that in the absence of enforcement actions, the cost of borrowing during the subprime crisis would have been much higher, while punished banks intensify use of collateral.","PeriodicalId":113288,"journal":{"name":"Gabelli School of Business","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131831358","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 10
Generalized Correlations and Instantaneous Causality for Data Pairs Benchmark 数据对基准的广义相关性和瞬时因果关系
Gabelli School of Business Pub Date : 2015-03-06 DOI: 10.2139/SSRN.2574891
H. Vinod
{"title":"Generalized Correlations and Instantaneous Causality for Data Pairs Benchmark","authors":"H. Vinod","doi":"10.2139/SSRN.2574891","DOIUrl":"https://doi.org/10.2139/SSRN.2574891","url":null,"abstract":"Usual correlations assume linearity. If new generalized correlations satisfy r*(Y |X) > r*(X|Y ), X better predicts Y than vice versa. Then we say that X \"causes\" Y . Thus, Vinod (2013) revives Granger's instantaneous causality concept. Mooij et al. (2014) and their references seem unaware of causality in econometrics. We propose and illustrate new generalized correlations using benchmark data set Cause Effect Pairs (CEP) that consists of 88 different binary \"cause effect pairs\" from 31 real world data sources, where the cause is presumed known. Our ability to successfully identify the cause in some 75% of cases means researchers can benefit from using our fairly simple data- analytic R software tools as a first step to save time and expense.","PeriodicalId":113288,"journal":{"name":"Gabelli School of Business","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130589338","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
A Theory of Retailer Price Promotion Using Economic Foundations: It's All Incremental 基于经济学基础的零售商价格提升理论:都是增量的
Gabelli School of Business Pub Date : 2014-12-19 DOI: 10.2139/ssrn.2540570
Kurt Jetta, E. Rengifo
{"title":"A Theory of Retailer Price Promotion Using Economic Foundations: It's All Incremental","authors":"Kurt Jetta, E. Rengifo","doi":"10.2139/ssrn.2540570","DOIUrl":"https://doi.org/10.2139/ssrn.2540570","url":null,"abstract":"This paper presents the Theory of Retailer Price Promotions (TRPP) for consumer packed goods (CPGs). Specifically, the theory states that incremental retail sales generated by promotional price discounts are entirely incremental to the promoting manufacturer, the promoting retailer and the category, overall. In general, this implies that there is no post-period reduction in sales (dip) either in the short or long-term, nor is there a reduction of sales for competing brands, nor is there a reduction of sales for the promoted item in competing retailers. It is a Complete Category Expansion Effect (CCEE). The paper discusses the underlying theories of consumer demand that support the CCEE and the lack of economic rationale offered by prior literature. A calibration-simulation example is offered to support the TRPP.","PeriodicalId":113288,"journal":{"name":"Gabelli School of Business","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116282833","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Transforming Capitalism 改造资本主义
Gabelli School of Business Pub Date : 2014-09-06 DOI: 10.2139/ssrn.2520295
M. Pirson, U. Steinvorth, Carlos Largacha-Martínez, C. Dierksmeier
{"title":"Transforming Capitalism","authors":"M. Pirson, U. Steinvorth, Carlos Largacha-Martínez, C. Dierksmeier","doi":"10.2139/ssrn.2520295","DOIUrl":"https://doi.org/10.2139/ssrn.2520295","url":null,"abstract":"Capitalism has long had a bad reputation, and not only in the former communistic countries. The public discourse on continents such as Latin America and Africa has long been very critical of Anglo-Saxon style business. What is novel, however, is that with the new millennium, the discontent with capitalism seems to have become global. Even in Anglo-Saxon cultures, the former bastions of private property, free entrepreneurship and deregulated markets, shareholder capitalism has sparked widespread protests that unite such ideological foes as the tea party or the Occupy Wall Street movements. While the political left blames current shareholder capitalism for creating an unfair and inequitable society, the political right blames crony capitalism and collusion of the political and economic elites for the financial crisis and unsustainable levels of debt. In early 2014, even The Economist, a stalwart of economic liberalism and free markets denounced current forms of capitalism on its front page and called for emerging-market Roosevelts’ to intervene. The global status quo, it appears, finds ever fewer defenders, and ever more detractors. It is high time, therefore, to take stock of this globalized criticism and to look for alternatives to the current economic system. This introduction to the book \"From Capitalistic to Humanistic Business\" provides an overview of current criticisms and potential solutions to our crises of economic system.","PeriodicalId":113288,"journal":{"name":"Gabelli School of Business","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134033234","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
When Can a Photo Increase Credit?: The Impact of Lender and Borrower Profiles on Online P2P Loans 照片什么时候能增加信用?:贷款人和借款人的个人资料对网络P2P贷款的影响
Gabelli School of Business Pub Date : 2014-04-18 DOI: 10.2139/ssrn.2442416
Laura González, Yuliya Komarova Loureiro
{"title":"When Can a Photo Increase Credit?: The Impact of Lender and Borrower Profiles on Online P2P Loans","authors":"Laura González, Yuliya Komarova Loureiro","doi":"10.2139/ssrn.2442416","DOIUrl":"https://doi.org/10.2139/ssrn.2442416","url":null,"abstract":"This paper examines the effects of lender and borrower personal characteristics (perceived attractiveness, age and gender) on online peer-to-peer lending decisions. The extant research in finance, marketing, and psychology provides substantial support for the \"beauty premium\" effect, where ceteris paribus, more (as opposed to less) attractive individuals are favored (e.g., Ravina 2012). Our results qualify these findings, suggesting that (1) when perceived age is a clear signal of competence (college-age signals low competence, while middle age signals significant competence), attractiveness has no effect on loan success; (2) when lender and borrower are of the same gender, attractiveness may actually hurt one’s chances to secure a loan (we observe \"beauty is beastly\" effect), and (3) loan success is sensitive to the relative age and attractiveness of lenders and borrowers.","PeriodicalId":113288,"journal":{"name":"Gabelli School of Business","volume":"57 3","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120888647","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 14
Towards a Humanistic Management Paradigm: A Step Back to Embrace the Future? 走向人本管理范式:拥抱未来的退步?
Gabelli School of Business Pub Date : 2013-02-20 DOI: 10.2139/ssrn.2221635
M. Pirson
{"title":"Towards a Humanistic Management Paradigm: A Step Back to Embrace the Future?","authors":"M. Pirson","doi":"10.2139/ssrn.2221635","DOIUrl":"https://doi.org/10.2139/ssrn.2221635","url":null,"abstract":"Many scholars and practitioners would agree that current organizational research is in a paradigmatic crisis. The questions we are answering within the ‘normal science’ paradigm of economism resemble Kuhn’s puzzle solving approach but rarely yield important further insights paramount to answering urgent questions of the real world. Looking back at the roots of organizational research, the author proposes a more dedicated and concerted effort to developing an alternative, humanistic paradigm, which can set management research onto a path to higher theoretical accuracy and more practical relevance.","PeriodicalId":113288,"journal":{"name":"Gabelli School of Business","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127611132","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 10
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