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作者：Bergstresser, Daniel; Pontiff, Jeffrey
作者单位：Brandeis University; Boston College
摘要：We use the federal tax codes from 1926 through 2009 to construct the after-tax returns that individual investors, corporations, and broker-dealers would have generated on a set of benchmark portfolios. Portfolio strategies differ in the pace of capital gains realizations. This creates important heterogeneity in effective investment taxation beyond that implied by dividend yields. Tax burdens reduce the return premium that value portfolios earn over growth portfolios and the premium of small ma...
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作者：Huttunen, Kristiina; Pirttila, Jukka; Uusitalo, Roope
作者单位：Aalto University; Tampere University
摘要：Low-wage subsidies are often proposed as a solution to the unemployment problem among the low skilled but the empirical evidence on their effects is still scarce. This paper examines the employment effects of a Finnish payroll tax subsidy scheme, which is targeted at the employers of older, full-time, low-wage workers. The system's clear eligibility criteria open up an opportunity for a reliable estimation of the causal impacts of the subsidy scheme. Our results indicate that the subsidy syste...
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作者：Ramnath, Shanthi
作者单位：United States Department of the Treasury
摘要：This paper uses the Saver's Credit to analyze taxpayers' understanding of, and responses to, tax incentives. The Saver's Credit is a tax credit designed to encourage retirement savings among low and middle income households; however, the credit's structure creates notches, or discontinuous jumps, within a household's budget constraint. These notches provide an incentive to manipulate adjusted gross income to fall just below the level where the credit decreases. I use Public Use Tax Files from ...
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作者：Baird, Sarah; McIntosh, Craig; Oezler, Berk
作者单位：University of Otago; University of California System; University of California San Diego; The World Bank
摘要：Despite their explicit focus on reaching the poor, many community driven development (CDD) initiatives are only partially successful in targeting spending towards them. This paper examines Tanzania's flagship COD program and provides new evidence on the mechanisms by which the demand-driven components of the program may undermine the goal of pro-poor funding allocations. We exploit two data sources for the analysis: a census of wards for mainland Tanzania and a census of households in 100 prog...
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作者：Bubb, Ryan; Kaufman, Alex
作者单位：New York University
摘要：We show how ownership of the firm by its customers, as well as nonprofit status, can prevent firms from using contractual terms that take advantage of consumer biases. By eliminating an outside residual claimant with control over the firm, these alternatives to investor ownership reduce the incentive of the firm to offer such terms. However, customers who are unaware of their behavioral biases may fail to recognize this advantage of non-investor-owned firms. We present evidence from the consum...
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作者：Agranov, Marina; Schotter, Andrew
作者单位：California Institute of Technology; New York University
摘要：One of the key roles of government is to coordinate the activities of citizens. One reason why governments are efficient facilitators of coordinated action, in addition to their ability to force compliance or tax, is that they are typically endowed with more information than the individuals they govern. This advantage creates a dilemma for them, however, since it forces them to decide on how they should distribute the information in their possession to the population. This paper investigates t...
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作者：Lehmann, Etienne; Marical, Francois; Rioux, Laurence
作者单位：Universite Paris-Pantheon-Assas; Institut Polytechnique de Paris; ENSAE Paris
摘要：We estimate the responses of gross labor income with respect to marginal and average net-of-tax rates in France over the period 2003-2006. We exploit a series of reforms to the income-tax and payroll-tax schedules affecting individuals who earn less than twice the minimum wage. Our estimate for the elasticity of gross labor income with respect to the marginal net-of-income-tax rate is around 0.2, while we find no response to the marginal net-of-payroll-tax rate. The elasticity with respect to ...
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作者：Blume-Kohout, Margaret E.; Sood, Neeraj
作者单位：University of New Mexico; Robert Wood Johnson Foundation (RWJF); University of New Mexico; University of Southern California; University of Southern California
摘要：Recent evidence suggests that Medicare Part D increased prescription drug use among seniors, and increased pharmaceutical firms' revenues from sales. Previous studies also indicate that increases in market size induce pharmaceutical innovation. This paper assesses the impact of the Medicare Part D legislation on pharmaceutical research and development (R&D), using time-series data on the number of drugs entering preclinical and clinical development by therapeutic class and phase. We find that ...
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作者：Chen, Been-Lon; Lu, Chia-Hui
作者单位：Academia Sinica - Taiwan; National Taipei University
摘要：This paper studies the optimal factor tax incidence in a standard two-sector, human capital-based endogenous growth model elucidated by Lucas (1988). Capital income taxes generate dynamic inefficiency for capital accumulation and labor income taxes create dynamic inefficiency for human capital accumulation. A factor tax incidence is a tradeoff between these two inefficiencies. A switch from capital income taxes to labor income taxes reduces the long-run welfare coming from lower leisure and in...
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作者：Alpert, Abby; Duggan, Mark; Hellerstein, Judith K.
作者单位：University of California System; University of California Irvine; University of Pennsylvania; University System of Maryland; University of Maryland College Park; National Bureau of Economic Research
摘要：Generic drugs comprise an increasing share of total prescriptions dispensed in the U.S., rising from nearly 50% in 1999 to 75% in 2009. The generic drug market has typically been viewed at the wholesale level as a competitive market with price approaching marginal costs. However, the large presence of third party payers as final purchasers may distort prices at the retail level relative to what a standard model of price competition would predict. In this paper, we investigate how generic drug ...
