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Full-Text Articles in Social and Behavioral Sciences
Investor Valuations Of Japan's Adoption Of A Territorial Tax Regime: Quantifying The Direct And Competitive Effects Of International Tax Reform, Sebastien J. Bradley, Estelle Dauchy, Makoto Hasegawa
Investor Valuations Of Japan's Adoption Of A Territorial Tax Regime: Quantifying The Direct And Competitive Effects Of International Tax Reform, Sebastien J. Bradley, Estelle Dauchy, Makoto Hasegawa
Sebastien J Bradley
Despite an extensive literature on the normative implications of different international tax regimes and an empirical literature addressing individual specific predictions, there exists little evidence encompassing the broad range of effects of taxing corporations' foreign-source income on a worldwide or territorial basis. This paper takes a more comprehensive quantitative approach by examining stock market reactions surrounding four events over the course of which Japan's 2009 adoption of a dividend exemption system was developed into proposed law. Using an event study methodology which leverages individual firm characteristics and accounts for contemporaneous financial market developments, we find that Japanese firms with less …
Liquidity Policies And Financial Fragility, Danilo Lopomo Beteto Wegner
Liquidity Policies And Financial Fragility, Danilo Lopomo Beteto Wegner
Danilo Lopomo Beteto Wegner
This paper proposes an endogenous model of the formation of financial networks, where government and central bank policies that aim at enhancing market liquidity play a key role. Under these policies, large and less liquid investments become more profitable, but to finance them banks need to resort to the interbank market. This makes the structure of the financial network - and its associated exposure to shocks, i.e., fragility - to be dependent on liquidity policies chosen by the government and central bank. It is shown that, despite increasing the capitalization of the banking system, policies that enhance liquidity can make …
Cross-Country Heterogeneity In Students’ Reporting Behavior: The Use Of The Anchoring Vignette Method, Hana Vonkova, Gema Zamarro, Collin Hitt
Cross-Country Heterogeneity In Students’ Reporting Behavior: The Use Of The Anchoring Vignette Method, Hana Vonkova, Gema Zamarro, Collin Hitt
Gema Zamarro
Self-reports are an indispensable source of information in education research but they are often affected by heterogeneity in reporting behavior. Failing to correct for this heterogeneity can lead to invalid comparisons across groups. We use the parametric anchoring vignette method to correct for cross-country incomparability of students’ reports on teacher’s classroom management. Our analysis is based on the data from the Programme for International Student Assessment 2012. We show significant variation in implicit standards across countries. Correlations between countries’ average teacher classroom management levels and external variables like students test scores and public expenditure per pupil change substantially after our …