121 research outputs found
Empirical analysis on corporate taxation
No full textDie Unternehmensbesteuerung ist eines der Instrumentarien das im Wettbewerb um den mobilen Faktor Kapital von den Industriestaaten eingesetzt wird. Hinsichtlich der wissenschaftlichen Forschung, die den Zusammenhang zwischen der Unternehmensbesteuerung und dem unternehmerischen Kapitalstock untersucht, ist mittlerweile eine beträchtliche Zahl von Literatur entstanden. Aus der vorhandenen Literatur sind jedoch zwei Schwächen zu erkennen. Erstens basieren viele der empirischen Analysen auf makroökonomischen Zeitreihendaten und zweitens finden vor allem Reduzierte-Form-Modelle Anwendung. Die vorliegende Dissertation gliedert sich in die Reihe empirischer Arbeiten unter Verwendung von Mikrodaten ein, die Aspekte der Unternehmensbesteuerung untersuchen. Die Arbeiten liefern einen Beitrag zum tieferen Verständnis aus den Teilbereichen der Finanzierunkstruktur, der gemeinsamen Bemessungsgrundlage sowie der Messung der marginalen Steuerbelastung. Dabei konzentrieren sich die Analysen auf die Aktivitäten deutscher Unternehmen im In- und Ausland sowie ausländischer Unternehmen in Deutschland. Grundlage der empirischen Untersuchungen sind vor allem vertrauliche Mikrodaten der Deutschen Bundesbank. Im Rahmen der deskriptiven und multivariaten Analyse werden Hinweise für den Zusammenhang zwischen der Besteuerung und dem unternehmerischen verhalten nachgewiesen. Damit dienen die Resultate auch als Diskussionsgrundlage für die Ausgestaltung künftiger Steuerpolitik in Deutschland und der EU.Corporate taxation is an instrument in the competition on the mobile factor capital which industrial countries using. Regarding the research, which examines the nexus between the corporate taxation and the firm's capital stock, meanwhile a considerable number of literatures developed. From the existing literature however two weaknesses are to be recognised. First of all many of the empirical analyses based on macro-economic time series data and secondly typically reduced from models were used. The present dissertation is integrated into the number of empirical work using micro data sets, which aspects of the corporate taxation examine. The analysis provides a contribution to the deeper understanding of the financial structure, the common tax base as well as the measurement of the marginal tax burden. The analyses concentrate on the activities of German companies (domestic and foreign direct investment) as well as foreign companies in Germany. The empirical investigations based mostly on confidential micro data sets of the German Central Bank. The descriptive and multivariate analysis show some hints for the nexus between corporate taxation and firm's behaviour. All results provide a discussion basis for the tax policy in Germany and the EU
Taxes and the financial structure of German inward FDI
No full textThe paper analyses the financial structure of German inward FDI. From a tax perspective, intra-company loans granted by the parent should be all the more strongly preferred over equity the lower the tax rate of the parent and the higher the tax rate of the German affiliate. From our study of a panel of more than 8,000 non-financial affiliates in Germany, we find only small effects of the tax rate of the foreign parent. However, our empirical results show that subsidiaries that on average are profitable react more strongly to changes in the German corporate tax rate than this is the case for less profitable firms. This gives support to the frequent concern that high German taxes are partly responsible for the high levels of intra-company loans. Taxation, however, does not fully explain the high levels of intra-company borrowing. Roughly 60% of the cross-border intra-company loans turn out to be held by firms that are running losses. --foreign direct investment,financial structure,taxation
Corporate marginal tax rate, tax loss carryforwards and investment functions: empirical analysis using a large German panel data set
No full textThis study is the first empirical analysis to investigate the relationship between the investment behaviour of firms resident in Germany and the empirically determined marginal tax rates developed by John R. Graham. It is based on the Bundesbank's corporate balance sheet statistics for the period 1971-2002. In an autoregressive distributed lag model, the marginal tax rate is shown to be significant, with an elasticity of between 0.1 and 0.2. An error correction model does not produce any plausible results for the marginal tax rate. Graham's marginal tax rates are a complement to the methods typically used to determine the effective marginal tax rates and effective average tax rates. --Corporate marginal tax rate,tax loss carryforward,investment behaviour
Euphaea variegata Ramb.
No full text11. Euphaea variegata (Ramb.) (= intermedia Kruger. Schmidt). - " Mt. Paio" (Mc Lachlan). Bastcoast Gvt.: Deli. Sibolangit (Schmidt) and Soekaranda (Kruger). Westcoast Res.: Mt. Ophir distr., Airbangis & Kadjas; Padangsche Bovenlanden (Ris); Korintji (Campion). Benkoelen Res.: Lake Ranau distr. (Schmidt). S. Lampoeng Res.: Mt. Tanggamoes. Gisting. 4-600 m. very common. Author leg. - I arrested two ♂ ♂ in transformation (Waiteboe. Dec. 29. 1934).Published as part of Lieftinck, M. A., 1935, A Synopsis of the Odonata (Dragonflies) of Sumatra, pp. 1-23 in Miscellanea Zoologica Sumatrana 1 on page 4, DOI: 10.5281/zenodo.325187
Coeliccia membranipes Ramb.
No full text40. Coeliccia membranipes (Ramb.). - Eastcoast Gvt.: Mt. Sinaboeng (Kruger); Tapanoeli Res.: Rahoetbosi. van der Meer Mohr leg. Westcoast Res.: Ophir distr.; Pad. Bovenl.; Korintji; Padang (Selys. Ris). Benkoelen Res.: Mt. Dempo. 1400 m (Ris). S. Lampoeng Res.: Mt. Tanggamoes. Gisting. 4-800 m. common. Author leg.Published as part of Lieftinck, M. A., 1935, A Synopsis of the Odonata (Dragonflies) of Sumatra, pp. 1-23 in Miscellanea Zoologica Sumatrana 1 on page 8, DOI: 10.5281/zenodo.325187
Neurothemis palliata subsp. palliata Ramb.
No full text114. Neurothemis palliata palliata (Ramb.) - Atjeh Gvt.: Poeloe Weh. Sabang. Sept. 10. 1929 & March 20. 1932. Author & van Benthem Jutting leg. Eastcoas t Gvt.: Deli. Sibolangit, 500 m. Oct. 1929. Docters van Leeuwen leg. Benkoelen Res.: Lake Ranau distr.. Bandingagoeng. van Steenis leg. S. Lampoeng Res.: Mt. Tanggamoes. Waiberah. 500 m. Dec. 28-30. 1934. common with fluctuans and terminata. Author leg.Published as part of Lieftinck, M. A., 1935, A Synopsis of the Odonata (Dragonflies) of Sumatra, pp. 1-23 in Miscellanea Zoologica Sumatrana 1 on page 15, DOI: 10.5281/zenodo.325187
Who do you trust while Shares are on a Roler-Coaster Ride? Balance Sheet and Patent Data as Sources of Investor Information During Volatile Market Times
No full textWe originally investigate the comparative usefulness of patent data as a source of investor information depending on the market cycle (bull/bear market). Based on comprehensive data for firms listed on German exchanges between 1997 and 2002, we demonstrate that patent data contain complementary explanatory power to accounting data irrespective of the standard used to prepare the financial statement (German GAAP, IAS and US GAAP). Moreover, we provide original evidence that only patent data are able to provide plausible investor information in both bull-market and bear-market periods, whereas accounting information overvalues intangible assets in bull markets and undervalues them in bears.Investor information, market value, patents
Real-time forecasting and political stock market anomalies: evidence for the U.S.
No full textUsing monthly data for the period 1953-2003, we apply a real-time modeling approach to investigate the implications of U.S. political stock market anomalies for forecasting excess stock returns. Our empirical findings show that political variables, selected on the basis of widely used model selection criteria, are often included in real-time forecasting models. However, they do not contribute to systematically improving the performance of simple trading rules. For this reason, political stock market anomalies are not necessarily an indication of market inefficiency. --Political stock market anomalies,predictability of stock returns,efficient markets hypothesis,real-time forecasting
Monetary and fiscal policy interactions in a New Keynesian model with capital accumulation and non-Ricardian consumers
No full textThis paper develops a small New Keynesian model with capital accumulation and government debt dynamics. The paper discusses the design of simple monetary and fiscal policy rules consistent with determinate equilibrium dynamics in the absence of Ricardian equivalence. Under this assumption, government debt turns into a relevant state variable which needs to be accounted for in the analysis of equilibrium dynamics. The key analytical finding is that without explicit reference to the level of government debt it is not possible to infer how strongly the monetary and fiscal instruments should be used to ensure determinate equilibrium dynamics. Specifically, we identify in our model discontinuities associated with threshold values of steady-state debt, leading to qualitative changes in the local determinacy requirements. These features extend the logic of Leeper (1991) to an environment in which fiscal policy is non-neutral. Naturally, this non-neutrality increases the importance of fiscal aspects for the design of policy rules consistent with determinate dynamics. --Monetary policy,Fiscal regimes
Does diversification improve the performance of German banks? Evidence from individual bank loan portfolios
No full textShould banks be diversified or focused? Does diversification indeed lead to enhanced performance and, therefore, greater safety for banks, as traditional portfolio and banking theory would suggest? This paper investigates the link between banks? profitability (ROA) and their portfolio diversification across different industries, broader economic sectors and geographical regions measured by the Herfindahl Index. To explore this issue, we use a unique data set of the individual bank loan portfolios of 983 German banks for the period from 1996 to 2002. The overall evidence we provide shows that there are no large performance benefits associated with diversification since each type of diversification tends to reduce the banks? returns. Moreover, we find that the impact of diversification depends strongly on the risk level. However, it is only for moderate risk levels and in the case of industrial diversification that diversification significantly improves the banks? returns. --focus,diversification,monitoring,bank returns,bank risk
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