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作者：Loeb, S
作者单位：Stanford University
摘要：This paper models the effect of increased state involvement in school funding on education spending levels. Unlike previous studies that have assumed perfect sorting of voters into districts by income, this analysis assumes demand sorting. I, thus, am able to utilize the true distribution of wealth across districts to estimate tax price changes and to predict changes in district spending levels in response to a change in financing rules. I look specifically at three types of state funding prog...
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作者：Santore, R; Robison, HD; Klein, Y
作者单位：University of Tennessee System; University of Tennessee Knoxville; La Salle University; City University of New York (CUNY) System; Brooklyn College (CUNY); New York University
摘要：This paper examines the strategic behavior of state-level utility regulators in the context of the federal tradable emissions permits market when state-to-state pollution spillovers are asymmetric. Strategic behavior is possible because a state's environmental policy indirectly affects the price of permits and, therefore, abatement in other states. We show that the optimal pollution penalty is comprised of two parts: (i) a Pigouvian tax, adjusted for state-to-state spillovers; and (ii) an opti...
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作者：Gordon, RH; Lee, Y
作者单位：Korea Development Institute (KDI); University of Michigan System; University of Michigan
摘要：This paper uses U.S. Statistics of Income (SOI) Corporate Income Tax Returns balance sheet data on all corporations, to estimate the effects of changes in corporate tax rates on the debt policies of firms of different sizes. Small firms face very different tax rates than larger firms, and relative tax rates have also changed frequently over time, providing substantial information to identify tax effects. The results suggest that taxes have had a strong and statistically significant effect on d...
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作者：Ireland, NJ
作者单位：University of Warwick
摘要：The existence of distortions from individuals competing to attain social status by using consumption signals justifies some measure of income tax as a counter-acting distortion. The question posed here is whether it also constitutes a reason for a more progressive income tax schedule. The answer is found to be broadly negative if progressiveness is interpreted as a more convex tax schedule, unless the rich are more concerned with status-seeking than the poor. On the other hand, status-seeking ...
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作者：Salas, R
作者单位：Complutense University of Madrid
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作者：Lensink, R; Sterken, E
作者单位：University of Groningen
摘要：This paper analyzes equilibrium rationing on credit markets in the case of gains from waiting to acquire information about the future profitability of investment. We compare the competitive outcome with the socially optimal level of investment. We show that the opportunity to postpone investment changes the nature of the inefficiencies of the competitive outcome fundamentally. Without the option to wait, high risk firms tend to invest and the outcome is characterized by a situation of underinv...
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作者：Olsen, TE; Osmundsen, P
作者单位：Norwegian School of Economics (NHH); Equinor; Universitetet i Stavanger; Norwegian School of Economics (NHH)
摘要：Two jurisdictions compete to capture the rents of a large multinational enterprise (MNE) which invests locally and which is partly owned by local investors. The MNE contributes to local welfare by tax payments and dividends, and it has private information about the efficiency of the operations in the two localisations. It is shown that the distortions in the MNE's real investment portfolio are determined by a trade-off between fiscal externalities and equity externalities, and that investments...
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作者：Berman, E; Bui, LTM
作者单位：Boston University; National Bureau of Economic Research
摘要：The devolved nature of environmental regulation generates rich regulatory variation across regions, industries and time. We exploit this variation, using direct measures of regulation and plant data, to estimate employment effects of sharply increased air quality regulation in Los Angeles. Regulations were accompanied by large reductions in NOx emissions and induced large abatement investments for refineries. Nevertheless, we find no evidence that local air quality regulation substantially red...
