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1
Preston, Ian. "The redistributive effect of progressive taxation." Thesis, University of Oxford, 1989. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.303546.
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Sims, Theodore S. (Theodore Stuart). "Taxation, optimization, and the January seasonal effect (and other essays in taxation and finance." Thesis, Massachusetts Institute of Technology, 1995. http://hdl.handle.net/1721.1/11396.
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Tunehed, Per. "Labor taxation and its effect on employment : A study of labor taxation in 13 countries." Thesis, Umeå universitet, Nationalekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-170275.
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The purpose of this thesis is to try to determine the effect that labor taxation has on the employment rate in 12 European countries and the United States. This will be done in order to determine more generally the effect that taxation of income has on the employment rate. The empirical model will use an ordinary least squares (OLS) panel regression, and will use panel corrected standard errors. The variables consists of five indicators: the employment rate – which is the dependent variable – and the tax wedge – which is the main independent variable, in addition to GDP per capita, the inflation rate and output per hour which works as control variables. Data covers the years 1998-2008. The conclusion is that taxation on labor has a negative effect on the employment rate. A one percentage point increase in the growth rate of the tax wedge causes the growth rate of the employment rate to fall by 0.1205 percentage points in the continental European country group and 0.0555 percentage points in the Anglophone country group. An increase of 0.1763 percentage points was measured for the Nordic country group, but this was not statistically significant.
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Kay-Hards, James. "The effect and application of section 8C in respect of the Private Equity Industry." Master's thesis, University of Cape Town, 2018. http://hdl.handle.net/11427/29237.
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Employers have used various means to remunerate, retain and incentivize employees. One of these methods, is through the allocation of ownership in the employer to the employee, which help align the financial interests of the company and the staff member. SARS and National Treasury regulate the taxation of these forms of remuneration, typically called employee share incentive schemes, through section 8C of the Income Tax Act. A common practice among these schemes, is for the employer to impose some form of restriction on the equity shares issued to the employee, usually limiting the holder’s ability to dispose of the instrument. Once an equity share with a restriction is issued to an employee by an employer – section 8C of the Act applies. These types of structures are prevalently in the private equity industry, but with a slight nuance: the employee will receive an equity share indirectly or directly linked to the private equity fund(s) operated by the private equity fund management company. This provides the staff member with ‘skin in the game’, ensuring the longevity of the private equity fund can be sustained, and provides a foundation on which a rapport can be built with investors. The underlying investments in the private equity fund will provide the value of the equity shares in question. In most cases, these amounts will be in capital in nature owing to the length of holding period and the intention with which those investments are acquired. However, the effect of section 8C is to classify the gains on the employees’ equity shares as income rather than capital. The private equity industry finds itself in a precarious position with respect to the long-term equity incentivisation of staff and aligning this with the long-term nature of the fund’s underlying investments.
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Pupongsak, Suparerk. "The effect of trade liberalization on taxation and government revenue." Thesis, University of Birmingham, 2010. http://etheses.bham.ac.uk//id/eprint/837/.
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This thesis investigates the trade and revenue impact of trade liberalization. The purpose is to address the following issues: to examine the effect of trade liberalization on the volume of imports and exports, taxation, and its association with the enhancement of the performance of overall tax system. An empirical analysis is conducted by, first, adding liberalization factors to the import and export demand functions to assess their impact on imports and exports. The results indicate that, for Thailand, trade liberalization does not lead to the deterioration in the trade balance. Instead, it helps improve export performance. However, trade deficit may still occur due to a high income elasticity of demand for imports, rooted from its import structure. Although trade liberalization is not found to be associated with the problem of trade imbalance, the fiscal imbalance may still persist due to the mechanism of tariff reduction. In order to deal with the fiscal problem, the government needs to implement domestic tax reform. The consequence of reform may vary since liberalization impacts on taxation differ greatly depending on various factors. The study examines its effect on taxation, by applying a tax effort model and employing a two-way fixed effect approach. The results suggest that tax reform in less developed and developing countries, by moving away from trade tax to domestic taxes, may be inapplicable since domestic taxes may also severely suffer from liberalization. However, tax reform is still necessary and thus the study applies the concept of tax buoyancy and elasticity to evaluate the ability of Thailand’s tax system to mobilize its revenue after the reform. The results reveal that the tax system as a whole is buoyant and elastic due to the high tax-to-base buoyancy of corporate income tax, especially in the post-AFTA period. The main findings from empirical studies have important policy implications for tax strategies of Thailand and other developing countries.
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Amberger, Harald, and Saskia Kohlhase. "The Effect of International Taxation on Group Structures of Multinationals." WU Vienna University of Economics and Business, Universität Wien, 2018. http://epub.wu.ac.at/5446/1/SSRN%2Did2929347.pdf.
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We examine the effect of tax burden differences between organizational forms on multinationals choosing an organizational form for a newly established foreign affiliate. Analyzing micro-level data on inbound foreign direct investment relations in Germany, we find that a higher tax burden on foreign income earned in a corporate subsidiary significantly increases the tendency of a multinational to choose a non-corporate flow-through. Income-shifting opportunities, industry-specific risk, country-level differences in regulatory quality, and host-country experience moderate this effect and thus shape the cost-benefit relation of organizational forms in cross-border settings. In addition, we document that multinationals establishing a new affiliate as a flow-through on the basis of a tax benefit invest less in that affiliate and exhibit a more complex group structure. Taken together, our results provide evidence on how tax rules shape group structures of multinationals and suggest that an asymmetric taxation of organizational forms has economic consequences.Series: WU International Taxation Research Paper Series
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Lasfer, Mohammed Ameziane. "The effects of taxation on the financial behaviour of the firm." Thesis, University of Bath, 1987. https://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.376439.
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Mbatia, Carolyne Nkatha. "Effect of foreign aid dependency on taxation revenue in Sub-Saharan Africa." Master's thesis, University of Cape Town, 2018. http://hdl.handle.net/11427/27983.
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There is an ongoing debate in the literature on the effect of foreign aid - concessional loans and grants - on fiscal tax revenues. Most scholars argue that loans have a positive effect on taxation revenue because of the obligation to repay them, whereas grants have a negative effect because the recipient treats them as 'free' money and as a substitute for taxation. This study focuses on the impact of foreign loans and grants on tax revenues for 42 Sub-Saharan African countries for the period 1990-2014. We test the above hypothesis for these African countries, but divide them into different income groups to account for underlying structural differences. Our results show that both concessional loans and grants have a negative effect on taxation revenue when all countries are pooled, and similarly for low-income and lower-middle income countries. As most of these countries received debt relief under the Highly Indebted Poor Country (HIPC) Initiative, we argue that recipient governments formulate an expectation of always receiving debt forgiveness and therefore treat both loans and grants as a "free" source of funds. This creates a disincentive to tax citizens who demand accountability for their taxes. However, upper-middle income countries (HICs) respond differently. Loans and grants have a positive effect on tax revenue in these countries. The effect of loans is a result of upper-income countries being ineligible for debt relief and therefore obligated to repay their loans, which creates an incentive to collect more taxes. The positive relationship between grants and tax revenue is explained by the fact that HICs have achieved a significant level of development, which translates to increased levels of efficiency and accountability in revenue systems from additional resources added to the fiscal. As a policy recommendation to address the disincentive created by grants, we argue that grants should be channeled through Non-Governmental Organisations (NGOs) or the private sector, rather than given directly to the governments.
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LONG, XIN. "Optimal taxation in R&D driven endogenous growth models." Doctoral thesis, Università degli Studi di Roma "Tor Vergata", 2009. http://hdl.handle.net/2108/1160.
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E' possibile incrementare il benessere e la crescita mediante imposte in somma fissa, il cui gettito non venga usato produttivamente? E' possibile incrementare il benessere e la crescita mediante imposte sul reddito da capitale i cui proventi vengano usati per sussidiare i salari? In questo lavoro dimostriamo come la risposta ad entrame le domande possa essere positiva in modelli di crescita endogena trainata da Ricerca e Sviluppo, sia del tipo con espansione della varietà dei beni sia del tipo con aumento della qualità dei beni. Il meccanismo chiave è l'aumento dell'offerta di lavoro che le politiche descritte possono indurre. Tali politiche agiranno sui due tipi di esternalità nel modello, la prima statica la seconda dinamica. Il peso relativo di queste esternalità determinerà il segno dell'effetto totale delle politiche sul benessere sociale. Mostriamo come, per valori dei parametri coerenti con le stime disponibili, crescita e benessere possano aumentare introducendo imposte in somma fissa, il cui gettito venga sprecato, mentre il programma di tassazione del capitale e sussidi ai salari possa aumentare il benessere, anche se la crescita può ridursi.Is it possible to increase growth and welfare by raising lump-sum taxes and disposing of the tax revenues? Is it possible to increase welfare by raising capital income taxes and redistributing the revenue as a subsidy to labor income? This thesis shows these may indeed be the case in standard R&D models with technological change, represented either by an increase in the variety of intermediate goods or by creative destruction. The key mechanism is that with elastic labor supply the tax programs can increase the employment rate in equilibrium. This creates two spillover effects on the R&D pace. In addition the tax programs themselves will have level effect on the instantaneous utility. The relative momentums of the spillovers and the level effect determine the sign of the welfare effect. It is shown that, for parameter values consistent with available estimates, the growth and welfare can both be improved under the wasted lump-sum tax program, and that the welfare effect can be positive even if the long-run growth rate decreases after the increase in the capital income tax rate.
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Ghalwash, Tarek. "Income, Energy Taxation, and the Environment : An Econometric analysis." Doctoral thesis, Umeå : Department of Economics, Umeå universitet, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-749.
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孫永淸 and Wing-ching Suen. "Taxation reform of China and its effects." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1998. http://hub.hku.hk/bib/B31269230.
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Suen, Wing-ching. "Taxation reform of China and its effects /." Hong Kong : University of Hong Kong, 1998. http://sunzi.lib.hku.hk/hkuto/record.jsp?B19872276.
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Burke, Tim. "The Effect of Excise Taxes on Cigarette Smuggling: An Instrumental Variable Approach." Scholarship @ Claremont, 2013. http://scholarship.claremont.edu/cmc_theses/764.
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I use an instrumental variable approach to estimate the effect of excise taxes on cigarette smuggling. The IV approach addresses the potential endogeneity of excise taxes while controlling for other determinants of smuggling. I use panel data on 47 states from 1990-2009. The main results confirm the validity of the instrument, the percent of Democrats in the upper house of state legislatures, but do not reject exogeneity of excise taxes. Robustness tests using an alternative measure of cigarette smuggling find the opposite result. All models find that per capita income and the number of federal police per 100,000 residents are significant determinants of smuggling.
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Young, Nikita Jade. "The effect of global e-commerce on taxation legislation and the permanent establishment concept in South Africa." Thesis, Rhodes University, 2013. http://hdl.handle.net/10962/d1001608.
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The objective of this thesis was to analyse the effect of the increasing popularity of global e-commerce on the South African legislative framework in respect of the taxation of non-resident enterprises, and to propose a possible solution for the taxation of e-commerce, taking into account previous theories. The methodology utilised comprised of a critical analysis of the legal rules relating to the taxation of a foreign entity's business profits by virtue of the application of the permanent establishment principle, its definition and evolution as a conceptual basis for taxation. Furthermore, an in depth evaluation of the various solutions that have already been proposed and, in some cases, implemented was undertaken. It was concluded that the application of the permanent establishment principle is wholly ineffective as a means to levy tax on the e-commerce business profits of a foreign entity as the principle relies too heavily upon a physical intermediary in the source state, whereas e-commerce transactions are conducted on the intangible trading platform of the Internet. In light of the numerous policy proposals advanced over the years, it was concluded that the most feasible and practical solution for the taxation of foreign e-commerce would be the imposition on a foreign entity in South Africa of a low withholding tax on the active business profits in excess of a pre-determined threshold. Key words: South African taxation; e-commerce; foreign business entity; permanent establishment; withholding tax
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Marais, Pierre. "A critical evaluation of the enterprise concept and the effect thereof on input tax and its apportionment for VAT purposes." Thesis, Stellenbosch : Stellenbosch University, 2014. http://hdl.handle.net/10019.1/86495.
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Thesis (MAcc)--Stellenbosch University, 2014.ENGLISH ABSTRACT: In South Africa, value-added tax (‘VAT’) is classified as an indirect tax which is levied on goods or services supplied in the Republic of South Africa. In South Africa, VAT is a destination-based invoice type tax system which means that the consumption of goods and services are taxed. To register as a vendor for VAT purposes, the business conducted must fall within the ambit of an ‘enterprise’ as defined in section 1(1) of the Value-Added Tax Act, 1991 (Act No. 89 of 1991) (the VAT Act). Where a registered vendor makes taxable supplies of goods or services, it is subject to VAT at the standard rate in terms of section 7(1) of the VAT Act, unless and exemption or exception applies thereto. VAT incurred will constitute “input tax” as defined in section 1(1) of the VAT Act, where amongst others, the goods or services are acquired wholly for the purpose of consumption, use or supply in the course of making taxable supplies, or where the goods or services are acquired partly for such purpose, to such extent as determined in accordance with section 17(1) of the VAT Act. The vendor will therefore be confronted with various questions with regard to whether the activities are performed by the enterprise, or whether such activities fall outside the scope of VAT and therefore constitute non-enterprise activities. When the activities are regarded as enterprise activities, the vendor will have to determine whether the VAT incurred for the enterprise activities are used, consumed or supplied in making taxable supplies. Where the VAT incurred cannot be attributed to the making of taxable supplies, an apportionment of the VAT incurred is required. The apportionment method used in apportioning the VAT incurred for mixed purposes, must be fair and reasonable. This research assignment will therefore investigate and focus on the treatment of the VAT incurred by the business in deducting the correct amount of input tax.
AFRIKAANSE OPSOMMING: In Suid-Afrika word belasting op toegevoegde waarde (‘BTW’) geklassifiseer as ‘n indirekte belasting wat gehef word op die lewering van goed of dienste. BTW is ‘n destinasie-gebaseerde faktuurbasis wat beteken dat die verbruik van goed of dienste in Suid-Afrika aan belasting onderhewig is. Om vir BTW doeleindes te registreer, moet die besigheid of die bedryf aan die vereistes van ‘n ‘onderneming’ soos gedefineer in artikel 1(1) van die Belasting op Toegevoegde Waarde Wet (die BTW Wet) voldoen. ‘n Geregistreerde ondernemer wat goed of dienste lewer, moet BTW teen die standaardkoers ingevolge artikel 7(1) van die BTW Wet hef, tensy ‘n vrystelling of uitsondering op hierdie reël van toepassing is. Die belasting gehef ingevolge artikel 7(1) van die BTW Wet verteenwoordig insetbelasting indien die betrokke goed of dienste deur die ondernemer verkry word geheel en al met die doel van verbruik, gebruik of lewering in die loop van die doen vir belasbare lewerings. Indien die goed of dienste gedeeltelik vir daardie doel aangewend word, is die ondernemer verplig om die belasting toe te deel ingevolge artikel 17 van die BTW Wet. Die ondernemer word dus met verskeie vrae gekonfronteer om te bepaal of die goed of dienste aangewend word in die loop ter bevordering van die onderneming. Indien die goed of dienste nie vir daardie doel aangewend word nie, die sogenaamde ondernemingsaktiwiteite, sal die BTW aangegaan deur die ondernemer buite die bestek van die BTW Wet val en gevolglik as nie-ondernemingsaktiwitiete geklassifiseer word. Indien die BTW nie geheel en al gebruik word vir die maak van belasbare lewerings nie, moet die ondernemer die sogenaamde BTW toedeel volgens ‘n erkende toedelingsmetode ingevolge artikel 17 van die BTW Wet. Hierdie metode moet aan die vereistes van regverdigheid en redelikheid voldoen. Hierdie werkstuk fokus en ontleed die hantering van die BTW aangegaan deur die ondernemer met die doel om die korrekte insetbelasting aftrekking te bepaal.
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Luoma, Alem. "Tax competition among municipalities in the central part of Sweden : An empirical study: Does municipal taxation decisions depend on taxations in neighboring municipalities?" Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-26518.
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The primary task of this paper is to test the interactive relations between tax rates at municipality level. We include 96 municipalities between the years 2006 to 2013. The relations are estimated by panel data instrumental variable estimation method with fixed effect for overcoming the possible specific error of simultaneity. In addition, we choose a set of control variables to strength our analysis. The main findings of this study suggest, one percent tax cut in the neighboring municipality leads to a 0,62 percent decrease in the tax in the home municipality ceteris paribus. This result is in line with theory and is similar to findings in previous studies such as Edmark and Åhgren (2008).
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Lindgren, Ragnar. "On capital formation and the effects of capital income taxation." Doctoral thesis, Handelshögskolan i Stockholm, Samhällsekonomi (S), 1985. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-777.
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How should a tax on realized capital gains be designed in order to yield the same revenue and the same impacts on savings and portfolio choice as a tax on current income? Should income from risky investments be taxed at a higher or lower rate than income from assets without risk? How is the capital structure and the dividend policy of firms determined in the presence of taxes and what are the effects of tax differentials on the debt ratio, on the dividend policy, on the capial intensity, on the willingness to take nonfinancial risks and on the welfare of workers and investors? These and related questions are analyzed in this dissertation, which uses models based on the theory of neoclassical economics and the theory of finance. As background, a comprehensive presentation is given of the theory of savings, investment and portfolio choice. The general effects of capital income taxes on housholds and firms are also analyzed.Diss. Stockholm : Handelshögsk.
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Weis, Ariella. "Dividend puzzle revisited, effects of taxation, domestic and foreign profits." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1998. http://www.collectionscanada.ca/obj/s4/f2/dsk2/ftp01/MQ34922.pdf.
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Amaral, Ian Rodrigues do. "Economic analysis of carbon market and their effects of taxation." Universidade Federal do CearÃ, 2010. http://www.teses.ufc.br/tde_busca/arquivo.php?codArquivo=8374.
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nÃo hÃThis work aims to make an economic analysis of the Carbon Market, as a new international commerce that, each day, atracts new parts or investors, either to assume voluntary or imposed greenhouse effect gas reducion marks, or to especulate with this marketâs price variation and opportunity. Innitially there is a brief historic description of this market dawn, as well as the fundamental principles that leaded to its creation. The economic analysis itself begins with the suppliers and demandants exclusives characteristics, as well as the price formation in this market. The main objective of this research is, however, to study the negative effects, caused mainly by de excessive and not homogeneous taxing and positive effects that appears with the motivation that some internationals taxes offer to those who preffers the technological development other to the ordinary acquisition of international CREs.
Este trabalho procura realizar uma anÃlise econÃmica no Mercado de Carbono, como um novo setor de comÃrcio internacional que, a cada dia, atrai novos investidores ou participantes, seja assumindo metas obrigatÃrias ou voluntÃrias de reduÃÃo de emissÃes de gases de efeito estufa, seja para especular com a sua oscilaÃÃo de preÃos e oportunidades. Inicialmente conta-se com uma breve descriÃÃo histÃrica do surgimento desse mercado, bem como dos princÃpios basilares que levaram a sua criaÃÃo. A anÃlise econÃmica propriamente dita inicia-se com o estudo das caracterÃsticas exclusivas de seus ofertantes e demandantes, bem como da sua formaÃÃo de preÃo. O objetivo principal dessa pesquisa Ã, no entanto, estudar os efeitos negativos, causados principalmente pela cobranÃa excessiva e nÃo homogÃnea de impostos e efeitos positivos, que sÃo evidenciados no incentivo que alguns tributos supranacionais oferecem a quem prefere o desenvolvimento tecnolÃgico definitivo à aquisiÃÃo ordinÃria de RCEs internacionais..
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Ahn, Joongwoo. "Effects of taxation on household portfolio choice and risk taking /." Thesis, Connect to this title online; UW restricted, 1997. http://hdl.handle.net/1773/7496.
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Lau, Mak Yee-ming Alice. "An appraisal of the income distribution effects of the Hong Kong taxation system." [Hong Kong] : University of Hong Kong, 1985. http://sunzi.lib.hku.hk/hkuto/record.jsp?B12316167.
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Naidoo, Linton. "An analysis of the effect of the amendments to the taxation of foreign non-South African employment income." Master's thesis, Faculty of Law, 2019. http://hdl.handle.net/11427/30915.
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When South Africa moved from a source based to a residence based system of taxation on 1 March 2001, all South African residents were now being subject to tax on their world-wide income. Residents working outside the Republic were then at risk of being taxed twice on the employment income derived because of South Africa’s residence basis system of taxation. The section 10(1)(o)(ii) of the Income tax Act No. 58 of 1962 (“IT Act”) exemption was the relief mechanism for residents to prevent the possibility of double taxation on the employment income derived from working outside the Republic. As from the 1st of March 2020, Parliament has amended section 10(1)(o)(ii) of the IT Act. The section is amended so that foreign employment income should not be fully exempt in the hands of a resident. Section 10(1)(o)(ii) of the IT Act currently exempts in full, the foreign employment income derived by a resident subject to certain requirements as per the section. The amendment seeks to exempt the first one million rand (R1m) of a residents’ employment income earned outside of the Republic. Foreign employment income in excess of R1m will be taxed in the Republic, applying the normal tax tables for that particular year of assessment. All other requirements of section 10(1)(o)(ii) will not be affected by the amendment, therefore residents will still be required to fulfil the other requirements of the section such as to spend more than 183 and at least 60 continuous full days outside of the Republic rendering employment services during any 12-month period in order to qualify for the exemption. The primary reason for the amendment of section 10(1)(o)(ii) is to prevent situations where employment income is neither taxed in the foreign country nor in South Africa, i.e. double non-taxation, or where foreign taxes are imposed at a significantly reduced rate on employment income derived from working outside the Republic. The amendment of section 10(1)(o)(ii) exemption will negatively affect a resident earning in excess of R1m and working in a tax free or low tax jurisdiction. There are a few alternatives available to affected residents working outside the Republic such as: 1. Seek relief via section 6quat of the IT Act, which is a tax credit on foreign taxes paid. 2. Apply the relevant Articles of a Double Taxation Agreement (“DTA”) between South Africa and a source country in order to seek relief for juridical double taxation. 3. Immigrate and become a non-resident, which will trigger a deemed disposal for capital gains tax purposes in terms of section 9H(2) of the IT Act.
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Langer, Sebastian, and Artem Korzhenevych. "Equalization Transfers and the Pattern of Municipal Spending: An Investigation of the Flypaper Effect in Germany." Saechsische Landesbibliothek- Staats- und Universitaetsbibliothek Dresden, 2018. http://nbn-resolving.de/urn:nbn:de:bsz:14-qucosa-234984.
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We investigate how lump-sum equalization transfers affect expenditures and taxes in the municipalities of the largest German state North Rhine-Westphalia. In general, those general-purpose transfers cannot be treated as exogenous variables. Thus, for the identification of causal effects, two exogenous adjustments in the transfer allocation formula are used as instrumental variables. Findings suggest the existence of the “flypaper effect” – municipalities use transfers to increase expenditures but do not reduce tax rates. Extra money from transfers is mainly used to finance social expenditures and public facilities. A set of robustness checks, including a spatial dependence model, confirm the results.
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Van, der Mescht Elizabeth. "Limited interests in property an overview of limited interests in property with particular reference to the taxation of usufructs and more specifically the capital gains tax effects on disposal for individuals and for trusts." Master's thesis, University of Cape Town, 2012. http://hdl.handle.net/11427/12202.
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Includes abstract.Includes bibliographical references.
The aim of this dissertation is to provide an overview of limited interests in property with particular reference to the taxation of usufructs and more specifically to the capital gains tax effect on disposal for individuals and trusts.
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Xing, Chong, and 邢冲. "The effects of taxation of labor income on strategic asset allocation." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2011. http://hub.hku.hk/bib/B46972316.
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Fredriksson, Anders. "Bureaucracy, Informality and Taxation : Essays in Development Economics and Public Finance." Doctoral thesis, Stockholm : Institute for international Economic Studies, Stockholm University, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-27256.
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Kananovich, Volha. "Subordinate or equal partner? Framing the taxpayer-government relationship in news discourse and its effect on citizen political judgement." Diss., University of Iowa, 2019. https://ir.uiowa.edu/etd/6776.
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This dissertation explores the effects of mass-mediated taxpayer discourse on citizen perceptions of citizen-government relations in the context of the United States, a country where media and political discourse is heavily saturated with taxpayer talk. Specifically, this study considers two contrasting rhetorical constructions of the taxpayer. The first portrays the taxpayer as subordinate to the state by framing taxpaying as a citizen’s obligation through discussing it in legal and procedural terms of tax collection. The second constructs the taxpayer as a partner to which the government is accountable by emphasizing spending tax revenues and thus foregrounding the role of taxpaying in citizen’s claims for greater control over government actions.
Drawing on a variety of perspectives from political science, mass communication, tax compliance research, history, and social cognition, I developed and tested two models to predict the effects of these contrasting constructions on two dimensions of citizen-government relations: power and trust. To test the models, I conducted two randomized controlled experiments: one that utilized a student sample recruited from a large undergraduate class at the University of Iowa (N=207), and one that replicated the results on a nationally representative adult sample (N=617). An additional experiment on a student sample (N=154) validated the experimental treatment.
Taken together, the findings show that taxpayer discourse can affect citizen political judgement, but those effects do not operate through perceptions of power but instead through changes in political trust. When exposed to the tax-collection rhetoric, individuals in the nationally representative sample responded by deeming the government less trustworthy, which made them more motivated to monitor its actions. Notably, when participants were exposed to the public-spending frame, their reactions were statistically indistinguishable from those who did not read any taxpayer-related headlines at all. This suggest that in the context of the United States, where people are socialized into a public discourse that portrays the taxpayer as the ultimate sponsor and judge of government performance, this perspective can be internalized and become the default framework that citizens rely on in forming political judgement. However, when rhetorically denied this privileged position and placed in a subordinate role, citizens can push back by penalizing the government with greater distrust and reclaiming their right for citizen oversight.
Importantly, the distrust-generating effect of the tax-collection frame is mitigated by the perceived scope of government reliance on taxes. The more reliant on taxpayer money participants perceived the state to be, the more trust this frame generated, which is consistent with a cognitive-dissonance explanation. Finally, changes in trust were triggered by taxpayer framing among actual taxpayers, leaving individuals with no actual experience unaffected.
This study advances political communication research by refining the understanding of politically consequential citizen roles in communication scholarship to include that of the taxpayer as one of the most fiscally significant, personally relevant, media-salient, and — as this dissertation demonstrates — politically meaningful citizen roles. The project also contributes to political-science scholarship by suggesting that taxpayer discourse can prevent democratic backsliding in an established democracy and by making a case for considering the news media as an important element of the taxation-democratization nexus.
In addition to scholarly significance, the dissertation has clear policy implications because it suggests new ways to communicate the benefits of democratic governance in more tangible, relatable terms of paying taxes and claiming greater accountability for government performance.
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Alpert, Karen. "The effects of taxation on put-call parity and option exercise behavior /." [St. Lucia, Qld.], 2004. http://www.library.uq.edu.au/pdfserve.php?image=thesisabs/absthe18166.pdf.
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Toppa, Rebecca Saunders. "Some of the effects of capital taxation : a theoretical and empirical analysis." Thesis, McGill University, 1996. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=40453.
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The first chapter of this dissertation uses a three-sector intertemporal general equilibrium model to examine the effects of various taxes and favorable depreciation rules on capital accumulation and the depletion of natural resources. We find that in a world of infinitely lived firms and households, under certain conditions, taxation causes the steady-state level of capital to be lower than the no-tax level. This divergence, however is reduced by lower capital gains tax rates and favorable depreciation rules. We also find that taxation causes the extraction rate of natural resources to be faster than the social optimum. Although this difference is lessened by lower capital gains tax rates, it is exacerbated by a generous depreciation system. These results challenge the "conventional wisdom" that depreciation rules should be the same for all sectors.Although the first chapter highlights the importance of a general equilibrium analysis of a multi-sector economy with intertemporally optimizing firms and consumers, there are a number of issues that it neglects. Among these are the adjustment costs associated with investments, and the fact that consumers might plan only for a finite horizon. The second and third chapters of this dissertation take up these issues.
The second chapter, which also uses an intertemporal model, determines theoretically how various taxes and adjustment costs affect the growth paths of domestic corporations and foreign subsidiaries of American multinationals. We find that the effects of capital gains taxation and adjustment costs on the growth paths of domestic corporations and foreign subsidiaries of American multinationals are likely to be unfavorable.
Finally, the third chapter uses a three period overlapping generations model to examine the effects of the capital income tax, the labour income tax, and favorable depreciation rules on human and physical capital accumulation. We find that, under certain conditions, the capital income tax has a negative impact on steady-state levels of physical and human capital, and the steady-state physical capital to human capital ratio. Moreover favorable depreciation rules are shown to reduce the impact of the capital income tax.
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Iannone, Kathleen. "Green Skies: Effects of Environmental Taxation on the U.S. Domestic Airline Industry." Thesis, Boston College, 2011. http://hdl.handle.net/2345/2003.
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Thesis advisor: Frank GollopCan an emissions tax reduce the carbon footprint of U.S. domestic air travel without hurting the vitality of the industry? This empirical analysis models the U.S. domestic airline industry using a structural equations system and simulates the effects of a hypothetical carbon emissions tax on the market for U.S. air travel. The price elasticity of demand for air travel in the long-haul U.S. domestic passenger market substantiates that a low level environmental policy would not cause unmanageable harm to the airlines or consumers. This thesis is a practical, quantitative analysis of the feasibility of an environmental policy for U.S. aviation
Thesis (BA) — Boston College, 2011
Submitted to: Boston College. College of Arts and Sciences
Discipline: Economics Honors Program
Discipline: Economics
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Alkaddour, Mohamed. "The effect of taxation on implied cost of equity capital in the UK : an analysis of real estate investment trusts." Thesis, University of Southampton, 2012. https://eprints.soton.ac.uk/348339/.
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Previous literature which has examined taxation and implied cost of equity capital has by necessity foucsed on tax paying firms. There are no studies which investigate what happens to the cost of equity capital when companies change their tax status. The introduciton of the Real Estate Investment Trusts (REITs) in the UK in 2007 provides such a setting. It allows estimation of implied cost of equity capital for UK REITs both pre and post conversion to examine the relationship between taxation an the cost of equity capital using a significant change in taxation. This study will investigate whether the tax status of REITs has an effect on their implied cost of equity capital, and whether the existing models of implied cost of equity capital can be applied in the UK. These issues were empirically tested using implied cost of equity estimated by four different models. The results suggest that the REITs exemption from corporation level tax is associated with a significant increase in their implied cost of equity capital for levered REITs after conversion date, the majority of the variables employed are consistent with the exisiting literature, and the implied cost equity estimation models have produced reasonable estimations concluding that these models are valid for UK firms.
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Korzhenevych, Artem, and Sebastian Langer. "The Flypaper Effect in Germany: An East-West Comparison." Saechsische Landesbibliothek- Staats- und Universitaetsbibliothek Dresden, 2016. http://nbn-resolving.de/urn:nbn:de:bsz:14-qucosa-213629.
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We investigate the effect of general-purpose transfers on different expenditure categories and tax rates in the municipalities of Saxony (eastern Germany) and North Rhine-Westphalia (western Germany). Findings from the panel data analysis suggest the existence of the “flypaper effect” – municipalities use transfers to increase expenditures but do not reduce taxes. For most expenditure subcategories the estimated coefficients are alike, suggesting similarity of spending priorities in the two federal states despite the differences in the transfer dependency. Targeted support of eastern municipalities could potentially explain few identified differences in the spending behavior.
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Porter, Susan L. "The effects of alternative state tax regimes on firms'accounting and financial decisions /." Thesis, Connect to this title online; UW restricted, 1994. http://hdl.handle.net/1773/8803.
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Trezevant, Robert Heath. "The effect of tax law changes on corporate investment and financing behavior: Empirical evidence from changes brought about by the Economic Recovery Tax Act of 1981." Diss., The University of Arizona, 1989. http://hdl.handle.net/10150/184897.
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This dissertation examines the relationship between debt and investment-related tax shields using changes in these classes of tax shields scaled by expected operating earnings following the passage of the Economic Recovery Tax Act(ERTA) in 1981. The substitution effect predicts that a negative relationship between changes in the two classes of tax shields will be observed in response to the increased investment-related tax shields offered by ERTA. Debt tax shields should decrease following ERTA since the probability of losing the tax benefit of tax shields would rise as investment-related tax shields increased following ERTA. Firms' probability of losing the deductibility of tax shields is used to segregate the sample into two groups. For the group of firms with a low probability of losing the deductibility of tax shields, the substitution effect is inapplicable and the relation between changes in the two classes of tax shields simply represents the debt securability effect. Since fixed assets can be used as collateral for debt, the debt securability hypothesis predicts a positive relationship between changes in debt and investment-related tax shields after the passage of ERTA. The model developed to segregate debt securability from the substitution effect reveals that, as predicted, the debt securability effect is positive for all firms and that the substitution effect is negative for those firms with a large probability of losing the benefits of tax shields. This reverses the findings of prior research. Controls for pecking order theory effects are introduced into the model to assure that the substitution effect observed is not due to debt ratio as predicted by Myers (1984). The findings described above remain intact except that the debt securability effect does not exist and the substitution effect is weaker for high-debt firms. Furthermore, support is offered for the pecking order theory. These results are robust to alternate specifications of time periods tested, variable definitions, data screening criteria and model specifications.
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Cagé, Julia. "Essays in the Political Economy of Information and Taxation." Paris, EHESS, 2013. http://www.theses.fr/2013EHES0112.
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Une augmentation de la concurrence sur le marché de l'information conduira-t-elle, nécessairement à une meilleure qualité de l'information et à une augmentation de la participation politique de la part de citoyens mieux informés? Il existe actuellement un consensus dans la littérature en économie des médias autour de cette vision optimiste. Le but du premier chapitre de cette thèse (Media Competition, Information Provision and Political Participation) est d'interroger son bien-fondé. L'impact de la concurrence dans les médias dépend de ses effets sur les incitations à produire de l'information. J'étudie les conséquences d'une augmentation du nombre de journaux sur la quantité et la qualité des informations qu'ils produisent et, au bout du compte, sur la participation politique. Dans le second chapitre, co-écrit avec Dorothée Rouzet (Improving National Brands: Reputation for Quality and Export Promotion Policies), nous: étudions l'effet de la réputation des entreprises et des pays sur les exportations. L'hypothèse de base est que les consommateurs ne peuvent pas observer parfaitement la qualité d'un bien avant de l'acheter, et se fondent donc sur la réputation du pays producteur, telle qu'elle peut être appréhendée dans la presse. Dans le troisième chapitre (The Long-Term Effects of the Printing Press in sub-Saharan Africa), co-écrit avec avec Valeria Rueda, j'étudie les déterminants historiques de la lecture des journaux en Afrique sub-Saharienne. Finalement, dans le dernier chapitre (The Fiscal Cost of Trade Liberalization, co-écrit avec Lucie Gadenne), j'analyse comment la libéralisation commerciale a affecté les recettes fiscales des pays en développementWill an increase in competition in the market place for news and ideas lead to a better coverage of general information and an increase in political participation? There seems to [he a consensus that it will be the case in media economics. More media competition is usually seen as welfare improving. The goal of the first chapter of this dissertation (Media Competition and the Provision of Information) is to revisit this common wisdom. I investigate the consequences of an increase in the number of newspapers on the quantity and quality of news provided and, ultimately, changes in political participation. In the second chapter, joint with Dorothée Rouzet (Improving ''National Brands": Reputation for Quality and Export Promotion Policies), we study the effect of firm and country reputation on exports when buyers cannot observe quality prior to purchase. Firm-level demand is determined by expected quality, which depends on both past experience with the good and the country of origin's reputation for quality. In the third chapter (The Long-Term Effects of the Printing Press in sub-Saharan Africa), jointly with Valeria Rueda, I study the historical determinants of newspaper readership in sub-saharan Africa. Finally, in the last chapter (The Fiscal Cost of Trade Liberalization) joint with Lucie Gadenne, I study how trade liberalization affects developing countries tax revenues
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Sumner, Jeanie Grace. "An Analysis of the Effect of State Regulation of Commercial Income Tax Preparers on the Quality of Income Tax Returns." PDXScholar, 1989. https://pdxscholar.library.pdx.edu/open_access_etds/1172.
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Occupational regulation of many professions has grown in magnitude and complexity in the past fifty years. Statutes relating to occupational regulation are often implemented by state legislatures without sufficient quantitative analysis.
Prior studies have analyzed the need for regulation to protect consumers. Some research has been published which addresses the differences in the quality of services offered by regulated and unregulated professions. Due to lack of data, the effect of state regulation on commercial income tax preparers has not been quantified.
Recently data from the 1979 cycle of the Taxpayer Compliance Measurement Program (TCMP) has been made available by the Internal Revenue Service (IRS). These data provided the opportunity for analysis relating to questions of quality of services offered by commercial income tax preparers.
The analysis evaluated differences in error rates or amounts between returns prepared in a highly regulated state--Oregon, a state with minimum regulation--California, and the remaining forty-eight unregulated states. Items were chosen from the tax returns to evaluate the integrity and competency of the tax preparer, the effect of continuing education, and the accumulated effect of the totals of income, adjustments, and deductions.
Descriptive statistics, cluster analysis, and non-parametric methods were used to test the hypotheses. Descriptive measures indicated that Oregon's error rates were among the lowest while California's errors were among the highest in the country. Cluster analysis grouped Oregon with states in the midwest while California grouped with other states in the sunbelt.
The non-parametric tests indicated that Oregon's error rates and amounts were statistically smaller than the unregulated states. When Oregon was compared to the clustered states or to other states in the Northwest, the differences were not significant. When the samples from California were compared to those from the unregulated states, it was evident that the error rates were substantially higher in California. When California's errors were considered relative to the states from the sunbelt, the results were similar. The final comparison was made relative to levels of regulation. The errors on the returns from California were significantly larger than those from Oregon in all areas tested.
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Lau, Mak Yee-ming Alice, and 劉麥懿明. "An appraisal of the income distribution effects of the Hong Kong taxation system." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1985. http://hub.hku.hk/bib/B31974430.
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Balfoussias, A. T. "Personal income taxation : Tax responsiveness, distributional and incentive effects; the case of Greece." Thesis, University of York, 1986. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.377286.
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Milde, Michael [Verfasser]. "Essays on the effects of deferred taxation and tax audit negotiations / Michael Milde." Hannover : Gottfried Wilhelm Leibniz Universität Hannover, 2020. http://d-nb.info/1224045858/34.
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Jolly, Sam. "The Effect Direct Shipment of Alcohol Has on the Three-Tier Distribution System." Scholarship @ Claremont, 2011. http://scholarship.claremont.edu/cmc_theses/257.
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After the failed experiment of Prohibition in the early 20th century, the 21st Amendment was passed to repeal the 18th Amendment as well as grant the power of alcohol regulation to the states. Within this power is the three-tier distribution system, where alcohol suppliers are required to sell their products to a wholesaling company, who later sell to a retailer. This system makes alcohol easy to regulate as well as encourages competition within the alcohol market. Today however, companies are finding ways through new legislation and court cases to bypass this three-tier system by shipping their products directly. This gives these companies a competitive advantage against others that have to sell their products through the three-tier system, and as a result the three-tier system is slowly starting to fade away.
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Yunus, Mohammad. "Essays on Optimal Mix of Taxes, Spatiality and Persistence under Tax Evasion." Digital Archive @ GSU, 2006. http://digitalarchive.gsu.edu/econ_diss/15.
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This dissertation analyzes the optimal mix of direct and indirect taxes in an economy with multiple tax collecting authorities when both the taxes are subject to evasion and to what extent the tax compliance behavior of individuals in the United States are persistent and spatially dependent. Essay I derives and provides an intuitive interpretation of: (i) impact of the changes in the government instruments on tax evasion by firms, the expected prices they charge, and the expected tax rates they face; (ii) a generalized version of Ramsey rule for optimal commodity taxation which accounts for income tax evasion from either or both the tax authorities; (iii) generalized formulae for the optimal income tax rate for each of the tax authorities; and (iv) the tradeoff between optimal tax rates and audit probabilities for each of the tax authorities. It also re-examines controversies surrounding the uniform income taxes and the differentiated commodity taxes, and investigates how income tax evasion affects the progressivity of the income tax rates. It concludes that whether or not tax evasion calls for reductions in the optimal income tax rates hinges on how tax evasion and the associated concealment costs vary across individual taxpayers. Essay II introduces the twin issues of spatiality and persistence in the individual income tax evasion. While the issue of persistence arises through accumulated learning over time, spatiality arises for several reasons. Some these include the exchange of information between taxpayers; the social norm of tax compliance: an individual would comply if everybody in the society complies and vice versa; individuals faced with dynamic stochastic decision problems that pose immense computational challenges may simply look to others to infer satisfactory policies and interpersonal dependence works through learning by imitating rather than learning by doing. State-level annual per return evasion of individual income tax and related data were used to examine the above hypotheses and found supports for both of them in the individual income tax evasion in the United States.
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Van, der Merwe Rowena. "Taxation of the South African tobacco industry : with special reference to its employment effects." Master's thesis, University of Cape Town, 1998. http://hdl.handle.net/11427/16116.
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Bibliography: pages 82-87.This study examines the economic impact of cigarette excise taxes in South Africa. In particular, it looks at the economic impact of increasing excise taxes, or in effect, reducing consumption, and the resultant impact on output and employment in the economy. Real cigarette excise taxes in South Africa have steadily declined over the period 1970 to 1995. As a result there has been a concomitant decrease in the real retail cigarette price, caused primarily by the tax component. The South African government has however, since 1995, despite vociferous opposition from the industry, effected tax increases greater than expected inflation to adjust the cigarette duty back to its former levels. The tobacco industry has argued that such actions will result in job losses. The industry has argued that, regardless of its effects on physical health, tobacco plays an important role in the communities' economic health, generating employment and contributing vital revenues to government coffers, which in a country like South Africa with high unemployment, has strong political appeal. This study examines these arguments. The first part of the paper looks at the effect of taxation on consumption and government revenue. Using a price elasticity estimate of -0.6 for South African cigarette consumption, a simulation model of the government's tax policy is run. This shows that the government's policy on tobacco taxes has been non-optimal and revenue could have increased by 2 percent, had the government maintained the real value of excise duties. The results suggest that an optimal tax for the government could be set at a level higher than the current 52 percent of retail price which, contrary to industry arguments would maximise government revenue. The second part of the paper, then addresses the question of employment losses in the economy in the wake of increases in excise taxes by government. An input-output model is used and the methodology is based on the assumption that expenditure switching will occur from cigarettes to other goods and services in the economy. The model is tested using 1995 data. The study looks at the impact on output and employment from this alternative spending and examines the argument that increased excise taxes will result in job losses. The results suggest that the economic effects of increased excise taxes on cigarettes, which would result in a change in personal consumption behaviour away from cigarettes, will not have the harmful effects on employment that the industry claims. South Africa as a whole would have gained net increases in output and employment if smokers quit their habit completely or even partially during 1995. The government's current taxation policy therefore bodes well for public health, public finance, and the economy.
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Derin, Pinar. "Endogenous Growth Testing In The European Union And Developing Countries: Taxation, Public Expenditure And Growth." Master's thesis, METU, 2003. http://etd.lib.metu.edu.tr/upload/1112127/index.pdf.
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In endogenous growth models, in contrast to the neoclassical growth models,
government expenditure and taxation have an effect on the long run growth rate. In
this thesis I examine whether the empirical evidence support the predictions of
endogenous growth models or the neoclassical growth models in relation to fiscal
policy. For this purpose I use panel data for fifteen European Union (EU) member and
thirty-three developing countries between the years 1970 and 1999. I specifically test
the following two propositions. The first proposition states that distortionary taxation
decreases growth while non-distortionary taxation does not. The second, states that
productive government expenditure increases growth while non-productive
expenditure does not. The empirical results are quite different between European Union countries and developing countries. The results do not support endogenous
growth especially for developing countries.
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Alberternst, Stephan, and Caren Sureth-Sloane. "The Effect of Taxes on Corporate Financing Decisions - Evidence from the German Interest Barrier." WU Vienna University of Economics and Business, Universität Wien, 2015. http://epub.wu.ac.at/4884/1/SSRN%2Did2563572.pdf.
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The literature suggests that when taking tax effects into account, debt ought to be preferable
to equity. Thus, with all else being equal, levered firms are expected to show higher firm values.
However, there are no uniform predictions of the size of this tax benefit from interest deductibility
nor on the effect of changes in interest deductibility. We believe that the German corporate tax reform
in 2008, which introduced an interest barrier, can serve as a promising "quasiexperiment" to investigate the effects from a reform of interest deductibility. A study of this reform on the basis of German financial statement data is of general interest because, first, similar interest barriers have been introduced in several countries and proposed by the OECD to fight BEPS. Second, the major
characteristics of the German tax system can be regarded as representative for most European and major Asian countries. Third, single entity financial statements for German companies allows us to capture tax and capital structure details that have not been available in most prior studies. With significance at the 5% level, we find evidence that the companies that are affected by the interest barrier reduce their leverage by 4.7 percentage points more than companies that are not affected by the interest barrier. We are the first to employ a detailed matching approach to the underlying rich dataset, which enables us to overcome several limitations of previous studies. Our results imply that capital structure reactions most likely have been underestimated in previous studies.Series: WU International Taxation Research Paper Series
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Naidoo, Kimera. "The importance of the capital versus revenue distinction in determining gross income and the effect this distinction has on the maxims of taxation." Bachelor's thesis, University of Cape Town, 2013. http://hdl.handle.net/11427/4523.
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Aronsson, Arvid, and Daniel Falkenström. "The Effects of Capital Income Taxation on Consumption : Panel data analysis of the OECD countries." Thesis, Jönköping University, IHH, Nationalekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-52920.
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This thesis investigates if the tax rate on dividend income has a significant effect on private consumption expenditure. This is done through a panel study on 36 OECD countries during the period 2000-2019. Regressions using differenced data and several control variables are used. The results are to some extent in line with previous empirical work studying the effects of tax changes on consumption. The results indicate that the taxation of capital income in the form of the overall tax rate on dividend income does not have a significant effect on private consumption expenditure. The theoretical mechanism deemed most likely to be in effect is tax planning since contradictory results are obtained regarding the effects of other tax rates in the form of taxes on labour income and VAT on private consumption expenditure.
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Nikolaou, Agelike. "Estimation of AIDS demand systems for Greece, with applications to the welfare effects of the EEC harmonisation of alcohol and tobacco taxes." Thesis, Birkbeck (University of London), 1990. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.297218.
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Matsunaga, Steven R. "The effects of financial reporting and tax costs on the relative use of employee stock options /." Thesis, Connect to this title online; UW restricted, 1992. http://hdl.handle.net/1773/8843.
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Fraichot, Jean-Pierre. "Impact du projet européen de taxation des transactions financières sur les marchés de capitaux." Thesis, Paris Sciences et Lettres (ComUE), 2018. http://www.theses.fr/2018PSLED036/document.
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La thèse étudie les effets du projet européen de taxation des transactions financières. Elle en analyse les conséquences sur la volatilité, la liquidité, les volumes des marchés d’actions et d’options, ainsi que sur le prix des actions et des obligations. Le Chapitre I, analyse les réactions des teneurs de marché d’option et conclut à un impact non significatif pour les marchés d’options très liquides, et un impact significatif pour les marchés d’options peu liquides, qui est maximal lorsque les positions des teneurs de marché sont détenues jusqu'à leur échéance. Le Chapitre II conclut à une hausse du coût du capital pour les entreprises européennes qui serait défavorisées vis à vis de leurs concurrents situés en dehors de l’EU. C’est la non liquidité des marchés d’options à maturité longue, et l’arbitrage entre dérivés de crédit et actions, qui conduit à cette hausse, d’après le Chapitre I. Le Chapitre III modélise simultanément les prix des actions et des obligations des entreprises. Il conclut à une baisse du prix de ces actifs due à l' introduction de la FTT. Les entreprises à fort levier et taxées à des taux faibles verraient une dépréciation du prix des actions plus élevée que leur concurrentes soumises à des taux plus élevés. Ceci suggère une harmonisation des taux de taxes dans l’EU préalablement à la mise en place de la FTT. Enfin, la FTT, qui déprime le prix des actifs émis par les entreprises, est en conflit avec la règlementation BASEL III qui vise à renforcer leurs fonds propres.En conclusion, notre approche par les options permet de formaliser l’impact sur la volatilité et de trouver une justification à la baisse du prix des actifs mise en évidence par plusieurs études empiriques portant sur des introductions passées de telles taxes au Royaume-Uni et en SuèdeThe dissertation reviews the effects, on capital markets, of implementing, within the EU, an excise tax (the FTT) on all financial transactions. We review the effects on the volatility, the liquidity, trading volumes and the price of assets. In Chapter I, we analyze the option market-makers hedging strategies. We conclude to an insignificant effect of the FTT in highly liquid options markets, as opposed to a significant effect in low liquid option markets, the maximum being reached when market makers hold positions until their expiration date. Chapter II evidences a negative impact of the FTT on the corporate cost of capital due to the illiquidity of long dated option markets, and the arbitrage between equity and credit derivatives. The FTT would increase considerably the cost of capital of European companies whose main competitors are outside the EU.In Chapter III, we model both stocks and bonds theoretical prices and conduct simulations of their reaction to the introduction of the FTT. We find that both shares and bond prices will be negatively affected by the FTT, increasing the cost of capital, in the short and long run. Companies with high leverage and a low tax rate will see the price of their shares fall further than the price of shares of comparable, high-tax, leveraged companies. This suggests that EU should level all corporation tax rates, within the EU, prior to the introduction of the FTT. Finally, the FTT has an antagonistic effect to the Basel III regulation which seeks to increase the capital of banks, because at the same time it lowers the prices of securities issued by Banks. In conclusion, our original approach focusing on options, is fruitful. It makes possible to quantify the impact of FTT on volatility and allows a theoretical justification of the negative impact on asset prices found in empirical reviews of past experience of the introduction of a FTT
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Kemmet, Lynndee Ann. "Intergovernmental fiscal policy in California: The 1993 property tax shift." CSUSB ScholarWorks, 1994. https://scholarworks.lib.csusb.edu/etd-project/912.
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