To see the other types of publications on this topic, follow the link: Tax management portfolios.
Journal articles on the topic 'Tax management portfolios'
Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles
Consult the top 50 journal articles for your research on the topic 'Tax management portfolios.'
Next to every source in the list of references, there is an 'Add to bibliography' button. Press on it, and we will generate automatically the bibliographic reference to the chosen work in the citation style you need: APA, MLA, Harvard, Chicago, Vancouver, etc.
You can also download the full text of the academic publication as pdf and read online its abstract whenever available in the metadata.
Browse journal articles on a wide variety of disciplines and organise your bibliography correctly.
1
Horvitz, Jeffrey E., and Jarrod W. Wilcox. "Tax Management of Stock Portfolios." Journal of Investing 14, no. 1 (February 28, 2005): 83–89. http://dx.doi.org/10.3905/joi.2005.479392.
Full text
2
Santodomingo, Rey, Vassilii Nemtchinov, and Tianchuan Li. "Tax Management of Factor-Based Portfolios." Journal of Index Investing 7, no. 2 (August 31, 2016): 78–86. http://dx.doi.org/10.3905/jii.2016.7.2.078.
Full text
3
Davidson, R. B. "The Value of Tax Management for Bond Portfolios." Journal of Wealth Management 1, no. 4 (January 31, 1999): 49–55. http://dx.doi.org/10.3905/jwm.1999.320344.
Full text
4
Moore, Howard. "Practical Applications of Tax Management of Factor-Based Portfolios." Practical Applications 4, no. 2 (October 31, 2016): 1.11–4. http://dx.doi.org/10.3905/pa.2016.4.2.176.
Full text
5
Brunel, Jean L. P. "A Tax-Aware Approach to the Management of Multiasset Class Portfolios." Journal of Wealth Management 1, no. 4 (January 31, 1999): 57–70. http://dx.doi.org/10.3905/jwm.1999.320345.
Full text
6
Shittu, Ekundayo, and Erin Baker. "Optimal Energy R&D Portfolio Investments in Response to a Carbon Tax." IEEE Transactions on Engineering Management 57, no. 4 (November 2010): 547–59. http://dx.doi.org/10.1109/tem.2009.2023107.
Full textAbstract:
In this paper, we deal with a very timely issue-R&D strategies needed for compliance with a climate policy in an economically optimal way. We provide interesting insights into the composition of R&D portfolios across the main mitigation options for decision makers and policy makers. We address the optimal R&D investment response of a decision maker or an engineering manager-at the firm level with a portfolio of alternative technologies-to a rising carbon tax. Understanding the optimal allocation of investments in these technologies is crucial because like most economic resources, there is a limitation on the investment capabilities of a firm to undertake these innovative efforts. In addition, environmental R&D spending is irreversible and investment decisions made today have multiperiod consequences on the energy technologies landscape. Thus, we explore the reaction of a firm's optimal investment in an energy R&D portfolio comprising four different technologies to increases in a future carbon tax. We find that investment allocation depends on the elasticity of substitution between fossil and nonfossil energy inputs, and the relative costs and efficacy of the R&D programs; and that overall investment tends to decrease in risk depending on firm flexibility and specifications.
7
Pinelli, Jean-Paul, Josemar Da Cruz, Kurtis Gurley, Andres Santiago Paleo-Torres, Mohammad Baradaranshoraka, Steven Cocke, and Dongwook Shin. "Uncertainty Reduction Through Data Management in the Development, Validation, Calibration, and Operation of a Hurricane Vulnerability Model." International Journal of Disaster Risk Science 11, no. 6 (November 20, 2020): 790–806. http://dx.doi.org/10.1007/s13753-020-00316-4.
Full textAbstract:
AbstractCatastrophe models estimate risk at the intersection of hazard, exposure, and vulnerability. Each of these areas requires diverse sources of data, which are very often incomplete, inconsistent, or missing altogether. The poor quality of the data is a source of epistemic uncertainty, which affects the vulnerability models as well as the output of the catastrophe models. This article identifies the different sources of epistemic uncertainty in the data, and elaborates on strategies to reduce this uncertainty, in particular through identification, augmentation, and integration of the different types of data. The challenges are illustrated through the Florida Public Hurricane Loss Model (FPHLM), which estimates insured losses on residential buildings caused by hurricane events in Florida. To define the input exposure, and for model development, calibration, and validation purposes, the FPHLM teams accessed three main sources of data: county tax appraiser databases, National Flood Insurance Protection (NFIP) portfolios, and wind insurance portfolios. The data from these different sources were reformatted and processed, and the insurance databases were separately cross-referenced at the county level with tax appraiser databases. The FPHLM hazard teams assigned estimates of natural hazard intensity measure to each insurance claim. These efforts produced an integrated and more complete set of building descriptors for each policy in the NFIP and wind portfolios. The article describes the impact of these uncertainty reductions on the development and validation of the vulnerability models, and suggests avenues for data improvement. Lessons learned should be of interest to professionals involved in disaster risk assessment and management.
8
Lemmon, Michael L., and Thanh Nguyen. "Dividend yields and stock returns in Hong Kong." Managerial Finance 41, no. 2 (February 9, 2015): 164–81. http://dx.doi.org/10.1108/mf-01-2014-0009.
Full textAbstract:
Purpose – The positive relationship between dividend yield and risk-adjusted return, which is called the dividend yield effect, is well documented in the US market. Yet, the drivers of the yield effect are unclear. Some argue this evidence is consistent with the prediction that the investor-level tax burden is capitalized in stock prices, also known as the tax capitalization hypothesis. Still others contend that nontax omitted factors drive the yield effect. The purpose of this paper is to contribute to the debate by exploring if the yield effect occurs in Hong Kong market where no taxes exist on either dividend income or capital gain. Design/methodology/approach – The authors use two main approaches to detect the dividend yield effect. The first approach groups stocks into portfolios based on dividend yields and tests for the presence of a yield effect at the portfolio level. The second approach employs the Fama-MacBeth methodology at the firm level and tests if a yield effect is existent after controlling for firm characteristics known to explain stock returns. Findings – The paper documents a robust dividend yield effect in the Hong Kong market and suggests that nontax reasons help to explain the yield effect. Originality/value – Tax capitalization is a long-standing question in financial economics and the research evidence is mixed. The findings do not completely rule out the tax capitalization hypothesis. The main contribution is to illustrate the difficulty of conducting a powerful test of this hypothesis in practice and to urge caution in interpreting the dividend yield effect as evidence in support of this hypothesis.
9
Ke, Mei-Chu, Jian-Hsin Chou, Chin-Shan Hsieh, Tsung-Li Chi, Cheng-Te Chen, and Tung Liang Liao. "Testing the monthly anomaly with stochastic dominance." Managerial Finance 40, no. 2 (January 7, 2014): 137–56. http://dx.doi.org/10.1108/mf-07-2013-0182.
Full textAbstract:
Purpose – This study uses stochastic dominance (SD) theory to examine whether the traditional festival, such as the Spring Festival (often in February), affects the patterns of monthly anomaly for the Taiwan Stock Exchange (TWSE). The paper aims to discuss these issues. Design/methodology/approach – The authors employ a new bootstrap-based test due to Linton, Maasoumi and Whang (hereafter LMW). The LMW test is well suited for financial time series data, such as monthly returns of various portfolios in this study, because it allows for general dependence among the prospects (distributions) and does not require the observations to be identically and independently distributed. Findings – The particular findings of this study are that the February effect and the February-size effect indeed exist in the TWSE. Furthermore, allowing part of investors' assets is invested in the risky asset and the remaining part in a risk-free asset, first finding for monthly anomaly in the extant literature, is useful in distinguishing the performance among various size-month portfolios. Originality/value – Instead of tax-loss and window dressing hypothesis, the Spring Festival money movement hypothesis can be used to well explain the findings.
10
Altiparmakov, Nikola, and Gordana Matković. "The development of private pensions in Serbia: caught between a generic blueprint and an unconducive local environment." Transfer: European Review of Labour and Research 24, no. 1 (February 2018): 57–71. http://dx.doi.org/10.1177/1024258917746033.
Full textAbstract:
Serbia is one of the rare eastern European countries that decisively dismissed the controversial pension privatisation agenda whereby mandatory private pension funds would be introduced to (partially) replace existing public pay-as-you-go (PAYG) benefits. Instead, Serbia opted for a more traditional western European approach, combining PAYG cost-containment parametric reforms with the introduction of tax-preferred supplementary private pensions. We explain that the desire for equitable intergenerational burden-sharing was one of the key factors behind the decision-making process that made Serbia diverge from regional trends and World Bank orthodoxy. Nonetheless, problems that have plagued mandatory private funds in neighbouring countries, such as excessive operating costs and undiversified portfolios, have also been prevalent in the Serbian voluntary private pension fund industry, which failed to achieve tangible labour market coverage and whose survival has been due mostly to exclusive tax privileges.
11
Çamlibel, Mehmet Emre, Levent Sümer, and Ali Hepşen. "RISK-RETURN PERFORMANCES OF REAL ESTATE INVESTMENT FUNDS IN TURKEY INCLUDING THE COVID-19 PERIOD." International Journal of Strategic Property Management 25, no. 4 (May 25, 2021): 267–77. http://dx.doi.org/10.3846/ijspm.2021.14957.
Full textAbstract:
The purpose of this research is to give an insight into the Turkish real estate investment funds (T-REIFs) by comparing their risk-return performances with the main benchmark investment tool Istanbul Stock Exchange-100 (BIST-100) Index. This study evaluated the performance of T-REIFs in four different periods between January 2017 and December 2020 (2017m1–2017m12, 2018m1–2018m12, 2019m1–2019m12 and 2020m1–2020m12) including the Coronavirus Disease (Covid-19) period by applying the Sharpe and Treynor ratios. In a well-diversified portfolio both ratios give the same results, but in the presence of non-systematic risk and the portfolio is poorly diversified, the Treynor ratio is a better indicator than the Sharpe ratio. The findings of this study show that rankings of Sharpe and Treynor ratios may differ for each period. These results also support the fact that the portfolios of funds in the Turkish real estate market are not well diversified. By providing corporate tax exemptions, and by enabling the investors to diversify their investments and reduce their risks, real estate investment funds are important alternatives to direct real estate investments in Turkey. In that context, being one of the pioneer studies in this niche and a new topic in emerging markets, analyzing the return performances of T-REIFs and comparing them with the returns of the BIST-100 index is aimed to contribute to literature as well as provide insight to investors who may consider investing in the Turkish real estate capital market instruments.
12
Yeshugova, S. K., and S. K. Khamirzova. "Evaluation of the debt policy of the southern macroregion subjects in modern conditions." New Technologies 17, no. 5 (December 21, 2021): 73–81. http://dx.doi.org/10.47370/2072-0920-2021-17-5-73-81.
Full textAbstract:
The relevance of the topic is due to the fact that debt crises have an extremely negative impact on the national economy, which implies the need for constant attention on the part of the government to issues of public debt management in order to timely, identify possible violations of debt stability. The subject of the research is the debt sustainability of the constituent entities of the South of Russia as the ability of the constituent entities of the federation to timely and fully service the public debt without significant adjustments to the balance of income and expenses. The aim of the research is to assess the debt sustainability of the constituent entities of the South of Russia and develop measures aimed at increasing it in order to prevent the emergence of an imbalance in regional finances and reduce the likelihood of debt crises. An increase in government borrowing rises budget spending on public debt servicing and can provoke an imbalance in the financial system. Diversification of the debt portfolio helps to ensure its balance. The structure of the debt portfolios of the constituent entities of the Federation may include budget loans, government guarantees, government securities, loans from credit institutions and other instruments. The article notes that the debt sustainability of the constituent entities of the Russian Federation directly depends on the decisions made at the federal level and the amount of government spending directed to specific regions. Therefore, it is necessary to maintain such a level of debt sustainability, which will prevent the emergence of an imbalance in regional finances and reduce the likelihood of debt crises. This presupposes the application of uniform recommendations for assessing debt sustainability in all constituent entities of the Russian Federation. The analysis of the volume and structure of the state debt of the constituent entities of the South of Russia, carried out in the article, made it possible to conclude that the debt policy of the macroregion is fragmented: the structure of debt portfolios is heterogeneous; a change in the level of debt burden can be associated with both an increase in tax and non-tax revenues, a decrease in the amount of public debt, and with reverse processes.
13
Comín, Francisco, and Joaquim Cuevas. "THE DEADLY EMBRACE BETWEEN THE BANKS AND THE STATE IN SPAIN, 1850-2015." Revista de Historia Económica / Journal of Iberian and Latin American Economic History 35, no. 3 (November 2, 2017): 387–414. http://dx.doi.org/10.1017/s0212610917000106.
Full textAbstract:
AbstractThis paper focusses on the financial relations between the banking sector and the Treasury in Modern Spain. Tax systems have been insufficient, generating a chronic budget deficit. This drove to irresponsible public debt management, being the State a serial defaulter until 1987. This prevented the budget deficits could be financed by sovereign debt issued on the stock exchanges, and forced the state to resort to banks (public and private). The new series of public debt banks portfolios evolution is explained by their pursuit of returns and by changes in banking regulation and financial repression, which favoured the bankingstatus quo. The paper analyses the causes of banking regulation, derived from the public borrowing policy and also from the banking lobbying strategy. It examines the consequences of the deadly banking-state embrace which brought about the interconnection between fiscal and banking crises.
14
Leontieva, L. S., and E. B. Makarova. "DETERMINATION OF THE SUSTAINABILITY OF THE PROJECT PORTFOLIO OF THE OIL AND GAS SECTOR OF THE ECONOMY TO EXTERNAL FACTORS." Intelligence. Innovations. Investment, no. 1 (2021): 32–40. http://dx.doi.org/10.25198/2077-7175-2021-1-32.
Full textAbstract:
The oil and gas sector of the economy in many states remains the main source of foreign exchange and tax revenues to the budget. Moreover, its share, for example, in Russia, accounts for about 12 % of all industrial production. However, this sector, as the practice of world oil prices shows, is experiencing not only a rise, but also a decline. Consequently, the problem of forming a balanced portfolio of oil and gas assets is an object of close attention on the part of national oil and gas companies. The issues of choosing the optimal combination of oil and gas assets in the portfolio are no less urgent, especially among the tasks that all oil and gas companies face, both in Russia and abroad. An investment portfolio or a portfolio of oil and gas assets, which includes new projects for the commissioning of fields, as well as measures to enhance oil recovery, and exploration are objects of real investment. The high volatility of the oil and gas industry is influenced by various factors, including: macroeconomic, innovation risks and a number of others. These circumstances stimulate the sector to increase the resilience of its project portfolios in order to respond flexibly to changes. In an increasingly challenging and uncertain environment, oil and gas companies around the world face constant pressures as difficult strategic decisions and building long-term plans lead to a sustainable portfolio. In order to achieve their goals and maximize profitability, companies should apply certain algorithms in their practice. The article substantiates the role and importance of project portfolio management in achieving the goals of the state and companies in the oil and gas sector. The main goal of the article is to build an algorithm that is aimed both at determining the stability of the portfolio and the ability to flexibly respond to changes in the environment. The scientific novelty of the research lies in the determination of an algorithm for assessing the sustainability of a portfolio of projects of oil and gas companies. Application of this algorithm will allow oil and gas companies to take into account the influence of external factors. The research methodology is based on such methods as analysis of internal regulations and reporting of companies for project portfolio management, risk analysis, project ranking; grouping and classification method.
15
Artese, Serena, Manuela De Ruggiero, Francesca Salvo, and Raffaele Zinno. "Economic Convenience Judgments among Seismic Risk Mitigation Measures and Regulatory and Fiscal Provisions: The Italian Case." Sustainability 13, no. 6 (March 16, 2021): 3269. http://dx.doi.org/10.3390/su13063269.
Full textAbstract:
The age of the Italian building heritage has prompted the Government to implement regulatory measures aimed at mitigating the seismic risk, encouraging anti-seismic interventions on residential buildings through specific tax benefits. This work intends to analyze the economic convenience associated with these building transformations from an appraisal perspective, proposing an analysis methodology aimed at evaluating the increase in market value of the transformed properties, and at identifying the most convenient among the various feasible interventions. The application to a case study allows highlighting the net economic benefits in the owners’ portfolios able to compensate the logistical inconveniences associated with this type of intervention, soliciting a greater awareness of seismic risk, and favoring private initiative at a widespread level.
16
Saldarriaga-Loaiza, Juan D., Sergio D. Saldarriaga-Zuluaga, Jesús M. López-Lezama, Fernando Villada-Duque, and Nicolás Muñoz-Galeano. "Optimal Structuring of Investments in Electricity Generation Projects in Colombia with Non-Conventional Energy Sources." Sustainability 14, no. 22 (November 15, 2022): 15123. http://dx.doi.org/10.3390/su142215123.
Full textAbstract:
Taking full advantage of fiscal and economic incentives has become a complex process for investors, who must find the right portfolio or capital structure to obtain viable and competitive generation projects. In this context, this paper proposes a methodology for the optimal structuring of investments in non-conventional energy sources (NCRES) considering fiscal and economic incentives. Three methods were evaluated: (1) levelized cost of electricity (LCOE) combined with three metaheuristic techniques; (2) discounted cash flow (DCF) with Monte Carlo simulation and value at risk (VaR); and (3) real options with Black and Scholes. The proposed approach presents as the main financial indicator the generation cost (GC), as well as three other financial indicators, namely: net present value (NPV), value at risk (VaR) and net present value for real options (NPVRO). The propose approach allows for defining different investment portfolios from where an investor can choose; each of which minimizes the GC. Furthermore, the methodology can be adapted to countries with different policies and fiscal incentives for the development of NCRES projects. The results show that for each metaheuristic, an optimal capital structure that minimizes GC is obtained; in this way, a GC of 0.032 (USD/kWh) is achieved for solar photovoltaic technology, with a reduction of 49.2%, when tax incentives are considered.
17
Marino, Bruno D. V., Vinh Truong, J. William Munger, and Richard Gyimah. "Direct measurement forest carbon protocol: a commercial system-of-systems to incentivize forest restoration and management." PeerJ 8 (April 27, 2020): e8891. http://dx.doi.org/10.7717/peerj.8891.
Full textAbstract:
Forest carbon sequestration offsets are methodologically uncertain, comprise a minor component of carbon markets and do not effectively slow deforestation. The objective of this study is to describe a commercial scale in situ measurement approach for determination of net forest carbon sequestration projects, the Direct Measurement Forest Carbon Protocol™, to address forest carbon market uncertainties. In contrast to protocols that rely on limited forest mensuration, growth simulation and exclusion of CO2 data, the Direct Measurement Forest Carbon Protocol™ is based on standardized methods for direct determination of net ecosystem exchange (NEE) of CO2 employing eddy covariance, a meteorological approach integrating forest carbon fluxes. NEE is used here as the basis for quantifying the first of its kind carbon financial products. The DMFCP differentiates physical, project and financial carbon within a System-of-Systems™ (SoS) network architecture. SoS sensor nodes, the Global Monitoring Platform™ (GMP), housing analyzers for CO2 isotopologues (e.g., 12CO2,13CO2, 14CO2) and greenhouse gases are deployed across the project landscape. The SoS standardizes and automates GMP measurement, uncertainty and reporting functions creating diverse forest carbon portfolios while reducing cost and investment risk in alignment with modern portfolio theory. To illustrate SoS field deployment and operation, published annual NEE data for a tropical (Ankasa Park, Ghana, Africa) and a deciduous forest (Harvard Forest, Petersham, MA, USA) are used to forecast carbon revenue. Carbon pricing scenarios are combined with historical in situ NEE annual time-series to extrapolate pre-tax revenue for each project applied to 100,000 acres (40,469 hectares) of surrounding land. Based on carbon pricing of $5 to $36 per ton CO2 equivalent (tCO2eq) and observed NEE sequestration rates of 0.48 to 15.60 tCO2eq acre−1 yr−1, pre-tax cash flows ranging from $230,000 to $16,380,000 across project time-series are calculated, up to 5× revenue for contemporary voluntary offsets, demonstrating new economic incentives to reverse deforestation. The SoS concept of operation and architecture, with engineering development, can be extended to diverse gas species across terrestrial, aquatic and oceanic ecosystems, harmonizing voluntary and compliance market products worldwide to assist in the management of global warming. The Direct Measurement Forest Carbon Protocol reduces risk of invalidation intrinsic to estimation-based protocols such as the Climate Action Reserve and the Clean Development Mechanism that do not observe molecular CO2 to calibrate financial products. Multinational policy applications such as the Paris Agreement and the United Nations Reducing Emissions from Deforestation and Degradation, constrained by Kyoto Protocol era processes, will benefit from NEE measurement avoiding unsupported claims of emission reduction, fraud, and forest conservation policy failure.
18
Lin, Guoyu, Chenyong Liu, Jehu Mette, and Rohan Crichton. "The Effect of Option Grants on Managerial Risk Taking: A Review." Risks 10, no. 8 (July 22, 2022): 143. http://dx.doi.org/10.3390/risks10080143.
Full textAbstract:
This article presents a systematic review of the theoretical and empirical literature on option grants and managerial risk taking. One of the objectives is the motivation of further research on the topic. Risk-averse managers hold less diversified portfolios and, thus, tend to take less risk than optimal for shareholders. More option grants may encourage risk taking and result in higher firm value or alternatively increase the sensitivity of wealth to stock-price fluctuations mitigating overall risk-taking incentives. The net effect of options on risk-taking behavior is, therefore, ambiguous and calls for more empirical investigation. This is crucial for fiscal policymaking and regulation reforms. Yet, establishing a causal link between option granting and managerial risk taking has been challenging due to reverse causality, omitted correlated variables and measurement errors. In this review, we revisit the VegaDelta question by synthesizing the relevant research in economics, finance and accounting. We find that the empirical literature has successfully utilized natural experiments (e.g., regulation changes) to better establish causality, even though some mixed results are also documented. Finally, we also emphasize potential future research avenues especially relating to accounting disclosure, earnings management and tax policy.
19
BORTNIKOV, Gennadiy, Oleksandr ,LYUBICH, and Dmytro HLADKYH. "State banks during wartime: key issues and response measures." Fìnansi Ukraïni 2022, no. 4 (July 1, 2022): 67–91. http://dx.doi.org/10.33763/finukr2022.04.067.
Full textAbstract:
Introduction. Ukrainian banking system in general and state-owned banks in particular have faced a set of unprecedented threats, risks and challenges associated with the outbreak of open armed aggression against Ukraine. The negative consequences of hostilities were, in particular, the loss of physical access of banks and customers to some branches and payment infrastructure, the growth of defaults and the suspension of lending. Problem Statement. Improving the stability and reliability of the banking system through the intervention of the central bank and creating favorable conditions for business. Purpose. The aim is to analyze the consequences of the armed conflict on the banking sector and substantiate the list of measures to reduce or neutralize this impact. Methods. General and special methods are used: analysis, synthesis, grouping, description, comparison, theoretical generalization and abstract-logical. Results. The actions of the Government and the National Bank in martial law were generally adequate, including measures to support the most vulnerable groups, reduce tax pressure on business, stimulate business activity by providing cheap loans under a number of government programs, comprehensive support for the banking system through the refinancing mechanism, mitigation of some regulatory requirements. The war made significant adjustments to the strategy of reforming state-owned banks. The structure of households\' funds also changed due to the sudden transformation of the pattern of their behavior. State-owned banks prefer to invest in treasury bills and NBU certificates rather than lending to customers. The main reason for the restrained growth of loan portfolios can be considered a decrease in demand for loans from reliable borrowers, and increasing credit risks. Conclusions. Banks with state capital have demonstrated their financial stability, have not experienced significant withdrawals from accounts, but have preferred to lend to large corporations or provide financial support to SMEs only through government programs of concessional loans. It is expedient to develop national loan restructuring programs together with the banking community, it is time to return to the idea of creating a full-fledged development bank in Ukraine on the basis of existing state-owned banks.
20
Yalunina, E. N., I. V. Frolova, T. V. Matytsyna, and T. G. Pogorelova. "Tax Portfolio Optimization of the Hotel Business Entity Based on Tax Control Criteria." SHS Web of Conferences 93 (2021): 02021. http://dx.doi.org/10.1051/shsconf/20219302021.
Full textAbstract:
Tax evasion is quite widespread in the hotel business activities in Russia. This fact does harm not only to the Russian economy as tourism is becoming one of the dynamically developing industries, but also to business entities since the lack of financial visibility contributes to internal thefts in these companies. Regular changes in the tax legislation associated with the growth of tax burden are taken hard by the enterprises of the hotel industry. This problem has become the most acute due to the fact that often companies involved into the hotel business falsify the key figures of financial and economic activity for the purpose of hiding the results of commercial activity in order to reduce or completely avoid paying taxes. The successful operation of the hotel business requires an appropriate tax management system. Tax portfolio development for the hotel business entity can become both a means of further business development and a source of onerous expenses. One of the key factors affecting the composition and amount of the tax portfolio is the use of tax alternatives. The main research goal of this study is to develop scientific and practical recommendations on risk-oriented management of the hotel business tax portfolio through the use of tax portfolio criteria. According to the goal, such objectives have been set and realized in the article as definition of institutional basis of tax control, a research of risk-oriented approach to tax portfolio management and identification of tax risks for any hotel business entity based on tax portfolio criteria.
21
Amanda, Citra, and Zaäfri Ananto Husodo. "Empirical test of Fama French three factor model and illiquidity premium in Indonesia." Corporate Ownership and Control 12, no. 2 (2015): 362–73. http://dx.doi.org/10.22495/cocv12i2c3p2.
Full textAbstract:
This study, using more than 10 years of monthly time-series data and controlling for the non-crisis as well as crisis period, investigates the existence of Fama-French three factors and liquidity to the excess return of stock portfolio in Indonesia. The results show that market beta is consistently positive and significant in each portfolios, when sorted by size-illiquidity and book-to-market (BM)-illiquidity. SMB could explain ILLIQ and vice versa, and in general the hypothesis in this research are accepted, also there are consistency in SMB when sorted by size-illiquidity and also BM-illiquidity which are two out of six are not significant. Subprime mortgage crisis statistically has no effect in all portfolios. The results supported Fama and French (1992, 1993) and the results of Lam and Tam (2011).
22
Falkenbach, Heidi. "DIVERSIFICATION BENEFITS IN THE FINNISH COMMERCIAL PROPERTY MARKET." International Journal of Strategic Property Management 13, no. 1 (March 31, 2009): 23–35. http://dx.doi.org/10.3846/1648-715x.2009.13.23-35.
Full textAbstract:
The Finnish commercial property market internationalised rapidly in the beginning of the 21st century. According to the portfolio theory and previous research on international property investments, the main motivation factor driving international real estate investments is the possibility to reach diversification benefits. The paper discusses the diversification benefits offered by the Finnish property market in its early years of internationalisation. As international real estate investors in the Finnish property market include investors with both real estate only, as well as mixed‐asset portfolios, the diversification benefits are studied both in terms of a Finnish mixed-asset portfolio, as well as international real estate portfolio. Santruka XXI a. pradžioje Suomijos komercinio nekilnojamojo turto rinkoje sparčiai vyko tarptautiniai procesai. Remiantis portfelio teorija ir ankstesniais tyrimais apie tarptautines investicijas i nekilnojamaji turta, pag rindinis veiksnys, kuris skatina tarptautines nekilnojamojo turto investicijas ‐ tai galimybe gauti diversifi kacijos teikiama nauda. Darbe aptariama, kokia nauda siūle Suomijos nekilnojamojo turto rinka ankstyvaisiais internacionalizacijos metais. Kadangi kai kurie Suomijos nekilnojamojo turto rinkoje veikiantys tarptautiniai nekilnojamojo turto investuotojai užsiima tik nekilnojamuoju turtu, o yra ir tokiu, kurie turi mišraus turto portfelius, diversifi kacijos nauda nagrinejama ir pagal Suomijos mišraus turto portfeli, ir pagal tarptautini nekilnojamojo turto portfeli.
23
Kalotay, Andrew. "Option-Enhanced Tax-Smart Portfolio Value." Journal of Portfolio Management 48, no. 5 (February 11, 2022): 182–88. http://dx.doi.org/10.3905/jpm.2022.1.341.
Full text
24
Turvey, Phillip A., Anup K. Basu, and Peter Verhoeven. "Embedded Tax Liabilities and Portfolio Choice." Journal of Portfolio Management 39, no. 3 (April 30, 2013): 93–101. http://dx.doi.org/10.3905/jpm.2013.39.3.093.
Full text
25
Xiao, Zhongyi, and Peng Zhao. "Intertemporal Relation Between The Expected Return And Risk: An Evaluation Of Emerging Market." Journal of Applied Business Research (JABR) 29, no. 3 (April 23, 2013): 809. http://dx.doi.org/10.19030/jabr.v29i3.7782.
Full textAbstract:
<span style="font-family: Times New Roman; font-size: small;"> </span><p style="margin: 0in 0.5in 0pt; line-height: 11.5pt; layout-grid-mode: char; mso-layout-grid-align: none; mso-line-height-rule: exactly; tab-stops: 266.7pt;" class="MsoNormal"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10pt; mso-themecolor: text1;">This paper explores the intertemporal relationship between the expected return and risk in Chinese exchange market. We investigate the characterization of time-series variation in conditional variance and capture the cross-sectional correlation among equity portfolios by incorporating multivariate GARCH-M model with dynamic conditional covariance (DCC). Restricting the slope to be the same across risky assets, the risk-return coefficient is estimated to be positive and highly significant. In addition, the estimates of portfolio-specific slopes provide evidence to support the robustness across different portfolio formations. Our findings, in the Intertemporal Capital Asset Pricing Model (ICAPM) framework, reveal that the risk premium induced by the conditional covariation of equity portfolio with the market portfolio remain positive after controlling for risk premia induced by conditional covariation with Fama French benchmark factors (HML and SMB). The SMB factor might provide a significant predictive power to hedge against market risk. However, four indices of alternative investments are not consistently priced in the ICAPM framework.</span></p><span style="font-family: Times New Roman; font-size: small;"> </span>
26
Guruli, Ana. "The impact of the banking system concentration level and the pandemic on the Georgian banking sector." Economics. Ecology. Socium 5, no. 1 (March 30, 2021): 24–32. http://dx.doi.org/10.31520/2616-7107/2021.5.1-3.
Full textAbstract:
Introduction. The importance of the banking sector is vital for the economic development of any country, since it is the main structural unit of monetary use, which plays the greatest role in the development of the state. As in all markets, we are faced with competition in the banking market, which is characterized by certain specifics, since the main product is money that cannot be replaced by other goods, and the main purpose of competition is to gain an advantage among agents operating in the same market, which is reflected in the final profit. The more the banking market develops and the more diversified the services offered to clients, the more the role of competition in the banking sector increases. The spread of the pandemic not only impeded the development of healthy competition, but also called into question the normal functioning and development of the banking sector.
Aim and tasks. The aim of the study is to determine the level of competition in the Georgian banking sector by the method of identifying total assets and net loans, which aims to identify the causes of the market concentration level and find solutions, as well as to determine and assess the shock effects of the pandemic, because The pandemic period has become an even bigger challenge for the Georgian banking sector, where most of the market players occupy a small volume of the market, the National Bank of Georgia is actively trying to keep up with the challenges, and in order to mitigate the negative impact caused by the pandemic
Results. The results of the study showed the monopoly functioning of the market, which is an obstacle to the development of a competitive market, resulting in unhealthy functioning of the market and the development of a flexible banking system, which ultimately negatively affects the stability of the country's economic development. As for the post-pandemic situation, it has been dealt with quite positively in Georgia, with the management of loan and deposit portfolios successfully managed through a temporary supervisory plan developed by the government, which has not been followed by outflow of funds from banks and loan portfolio mismanagement.
Conclusions. In conclusion, it should be noted that in a highly concentrated market, small banks should be promoted with various legislative benefits, which will lead to competition, it is possible to impose a so-called "Capital tax", which implies high demands on capital, it will allow small banks to develop in a healthy competitive environment. Despite the fact that no bank was disrupted during the virus shock in Georgia, the financial result was so unfavorable, it was damaged, the main reason for which was the provision of possible losses on loans, which amounted to a total of 1.22 billion GEL, the National Bank of Georgia is actively trying to keep up with the challenges.
27
Segal, Talya, and Warren Maroun. "Tax risk-management analysis: Comparison between the United States of America, the United Kingdom and South Africa." Journal of Economic and Financial Sciences 7, no. 2 (July 31, 2014): 375–92. http://dx.doi.org/10.4102/jef.v7i2.146.
Full textAbstract:
Tax risk-management (TRM) is a little-studied area of corporate governance, despite the proliferation of ever more complex tax legislation that can have a material impact on the sustainability of organisations. In this light, the aim of this research is to explore policies and procedures relied on by tax authorities in the United States of America, the United Kingdom and South Africa to encourage a culture of compliance with tax laws. For this purpose, the research differentiates between specific and generic tax risks. These include transaction, operational, compliance, financial accounting, portfolio, management and reputation risk. The study highlights how each TRM-related policy or programme addresses these tax risks and compares the TRM systems in the three jurisdictions.
28
Kalotay, Andrew. "Tax-Smart Portfolio Valuation and Performance Measurement." Journal of Portfolio Management 47, no. 8 (May 27, 2021): 50–56. http://dx.doi.org/10.3905/jpm.2021.1.256.
Full text
29
Moehle, Nicholas, Mykel J. Kochenderfer, Stephen Boyd, and Andrew Ang. "Tax-Aware Portfolio Construction via Convex Optimization." Journal of Optimization Theory and Applications 189, no. 2 (February 25, 2021): 364–83. http://dx.doi.org/10.1007/s10957-021-01823-0.
Full text
30
Osorio, M. A., N. Gulpinar, B. Rustem, and R. Settergren. "Tax impact on multi-stage mean-variance portfolio allocation." International Transactions in Operational Research 11, no. 5 (September 2004): 535–54. http://dx.doi.org/10.1111/j.1475-3995.2004.00475.x.
Full text
31
Malkina, Marina. "Influence of the Industrial Structure of Economy on the Risk Level of Russian Regions’ Tax Systems." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 65, no. 6 (2017): 2025–35. http://dx.doi.org/10.11118/actaun201765062025.
Full textAbstract:
The paper is aimed at study of the influence of industrial structure of regional economy on its tax system risk level. The tax systems risk level of Russian regions in 2006 – 2014 was assessed applying the H. Markowitz portfolio approach under the assumption that regional “portfolio” consists of main economic activities. It allowed us to evaluate contribution of various economic activities to total tax system risk, to decompose it into internal and external by origin and to identify the critical zones of instability in Russian regions. The coefficients of variation of tax yield rate revealed different relative impact of the economic activities on instability of regional tax systems. Besides, we found mainly positive albeit changing in strength correlation between internal and total tax system risk level and tax yield rate in economic activities. The diversification level of regional economies was evaluated by means of standard deviation of regional industrial structure from country structure considered as a benchmark. Inclusion of this level along with the tax yield rate and a set of control variables into two developed regressions estimated with GRP‑weighted least‑square method allowed us to confirm positive influence of diversification on the tax systems stability. Our results may be applicable to management of tax system risks at the regional level.
32
DeMiguel, Victor, and Raman Uppal. "Portfolio Investment with the Exact Tax Basis via Nonlinear Programming." Management Science 51, no. 2 (February 2005): 277–90. http://dx.doi.org/10.1287/mnsc.1040.0315.
Full text
33
Bhandari, Anmol, David Evans, Mikhail Golosov, and Thomas J. Sargent. "Fiscal Policy and Debt Management with Incomplete Markets*." Quarterly Journal of Economics 132, no. 2 (November 15, 2016): 617–63. http://dx.doi.org/10.1093/qje/qjw041.
Full textAbstract:
Abstract A Ramsey planner chooses a distorting tax on labor and manages a portfolio of securities in an economy with incomplete markets. We develop a method that uses second order approximations of Ramsey policies to obtain formulas for conditional and unconditional moments of government debt and taxes that include means and variances of the invariant distribution as well as speeds of mean reversion. The asymptotic mean of the planner's portfolio minimizes a measure of fiscal risk. We obtain analytic expressions that approximate moments of the invariant distribution and apply them to data on a primary government deficit, aggregate consumption, and returns on traded securities. For U.S. data, we find that the optimal target debt level is negative but close to zero, the invariant distribution of debt is very dispersed, and mean reversion is slow.
34
Gao, Xinzi, T. J. Wong, Lijun Xia, and Gwen Yu. "Network-Induced Agency Conflicts in Delegated Portfolio Management." Accounting Review 96, no. 1 (May 22, 2020): 171–98. http://dx.doi.org/10.2308/tar-2015-0422.
Full textAbstract:
ABSTRACT Social ties between mutual funds and the companies in which they invest (investees) can both facilitate information transfers and encourage favoritism. Using the investment choices of mutual funds in China, we compare investment performance of holdings in companies that are socially connected to mutual funds versus those that are not. We find that funds allocate more investment to connected investees' stocks, especially when a fund is weakly monitored. This overweighting is greater in times of poor investee performance, when the benefits of additional investment to the connected investees are high. Weakly monitored funds' preference for connected stocks hurts the returns of these funds, yielding a 6.6 percent lower annualized risk-adjusted return, relative to closely monitored funds. These results suggest that, absent sufficient monitoring, agency conflicts generated by social networks can dominate the information advantages of these networks. JEL Classifications: G10; G11; G14.
35
Galloppo, Giuseppe, and Mauro Aliano. "Fund Manager Performance in Emerging Market: Factor Specialisation and Financial Crisis Impact." Journal of Emerging Market Finance 17, no. 1 (February 15, 2018): 130–58. http://dx.doi.org/10.1177/0972652717748101.
Full textAbstract:
In the branch of literature dealing with analysis of the consistency of management styles, this article investigates the relation between portfolio concentration and the performance of emerging market equity funds. Unlike previous studies, on global and US mutual fund, we focus on emerging markets equity, finding funds with higher levels of tracking error, display lower performance than funds with less diversified portfolios when we do not take into account specific concentration in holdings in different multifactor style. The explanatory power of local models that use local explanatory returns is recently investigated by De Groot, Pang and Swinkels (2012), Cakici, Fabozzi and Tan (2013) and Fama and French (2012). Following the same research line, the most remarkable finding of this article is that the fund-picking process, only based on the level of track error from a broad benchmark, can contribute to disappointing results when it is not also accompanied by information about the fund concentration in multiple market segment. According to the previous work, overall, we found that local factor market model provides quite good representation of local average returns for portfolios formed on size and style factors. The contribution of this research is two-fold. First, we examined emerging market funds from the perspective of active management and second, under the effect of strategies mentioned in Huij and Derwall (2011). Moreover, as additional analysis with respect to most of the previous papers, we also tested the effects of the crisis that we found to have not affected the main result.
36
Blouin, Jennifer L., Jana Smith Raedy, and Douglas A. Shackelford. "Equity Price Pressure from the 1998 Reduction in the Capital Gains Holding Period." Journal of the American Taxation Association 24, s-1 (January 1, 2002): 70–93. http://dx.doi.org/10.2308/jata.2002.24.s-1.70.
Full textAbstract:
This paper provides evidence consistent with shareholders' personal tax incentives affecting stock prices and trading volume. On June 24, 1998, the marginal tax rate on capital gains was reduced from 28 percent to 20 percent for individual investors holding shares between 12 and 18 months. This study compares firms whose initial public shareholders immediately benefited from the reduction to other IPO firms. The sample of immediately affected firms recorded mean, incremental, one-day stock price declines of −1.3 percent amid heavy trading. The results are consistent with capital gains tax planning constraining investment portfolio management. When the constraint was lifted, enough shareholders sold that prices moved. The results imply that despite increasingly liquid capital markets, transaction costs remain large enough to prevent investors from entering the market immediately and fully offsetting downward price pressure from individual capital gains tax management.
37
Dong, Guoshu, Lihong Wei, Jiaping Xie, Weisi Zhang, and Zhefu Zhang. "Two-echelon supply chain operational strategy under portfolio financing and tax shield." Industrial Management & Data Systems 120, no. 4 (December 31, 2019): 633–56. http://dx.doi.org/10.1108/imds-07-2019-0395.
Full textAbstract:
Purpose The development of small- and medium-sized enterprises (SMEs) is vital to the economy, as such the financing of SMEs has become the focus of government and enterprises. The purpose of this paper is to find the operational and financial strategies of the supplier and retailer in supply chain. Design/methodology/approach In a Stackelberg game, supplier moves first setting wholesale price, while the retailer follows, setting the ordering quantity. Enterprises maximize their profits by optimization. When measuring profit targets, the capital constraints and income taxes of two companies are considered. In the portfolio financing model, the retailer can obtain products from suppliers through trade credit, and the supplier can use asset-backed securitization (ABS) to solve his/her financing problems. Findings The wholesale price is a decreasing function of retailer’s initial cash balance, and the supplier’s financing interest rate is a decreasing function of his/her own capital, the incentive effect of the supplier’s price discount strategy on retailer is more intense in the supply chain with high-priced product or high-capital retailer. And in a capital-constrained supply chain, an increase in tax rate or financing rate does not necessarily motivate the supplier to increase wholesale price. Most importantly, if the supplier’s markup is moderate, portfolio financing has value for both retailer and supplier, while solving the financing problems of both parties. Research limitations/implications Future research can consider the explicit and implicit interest when supplier provides trade credit to retailer. It is also possible to consider the portfolio financing when multiple retailers are facing financial constraints. Practical implications It provides guidance for supply chain enterprises with financing needs, helping them find optimal decisions. With financial interest, enterprise income tax on the enterprises’ financing factors will produce a tax shield effect; thus, a cost–benefit analysis with the tax shield effect can provide more accurate picture when making corresponding decisions. Social implications Government takes feasible adjustments of tax rate for the sake of motivation on financial SMEs tax shield. Furthermore, ABS calls for service from financial institutions, which will, in turn, expedite financial institutions revenue. Originality/value The authors provide insights on enterprise financing models, combining ABS with trade credit, expanding enterprise financing channels and enriching the theory of financial supply chain and supply chain management. The authors analyze in detail the influence of tax factors on enterprises by introducing tax factors into traditional process of enterprise operation and financing strategy.
38
Gunadi, Gunadi. "A Little View of The Indonesian Tax System." Journal of Tax and Business 3, no. 1 (March 7, 2022): 65–71. http://dx.doi.org/10.55336/jpb.v3i1.17.
Full textAbstract:
Indonesia has come a long way in the last decade to improve its tax system in terms of both revenue generation and administrative efficiency. However, tax revenues are still low at 4,444 due to growing infrastructure spending and the need for social protection. With the exception of the natural resources sector, the best way to increase tax revenues is to expand the tax base and improve tax administration, rather than changing the size of taxes that appear more or less in line with international practice. Possible steps to expand the tax base include accepting more self-employed people in the tax system, targeting employer benefits and benefits, and reducing VAT exemptions. increase. Similarly, broad investment credit is not an ominous way to increase investment incentives over selective tax exemptions. The government plans to promote integration into the tax system in the long run, but the introduction of simplified tax systems to SMEs and SMEs is restricted by the government. Since 2002, tax administration has improved, internal control systems have improved, and administrative decision transparency has improved. New tax audits due to compliance risks in the resource sector, especially in income tax mining, could further improve the management system. This means that Indonesia now has access to international financial markets and a diverse portfolio of resources.
39
Tsai, Wen-Hsien. "A Green Quality Management Decision Model with Carbon Tax and Capacity Expansion under Activity-Based Costing (ABC)—A Case Study in the Tire Manufacturing Industry." Energies 11, no. 7 (July 16, 2018): 1858. http://dx.doi.org/10.3390/en11071858.
Full textAbstract:
Issues related to global environmental protection are highly important. Under the global trend of energy saving and carbon reduction, in order to lower the carbon emissions of products or services offered by enterprises, the Taiwanese government aims to control carbon emissions by constructing a carbon tax system and mandating enterprises to pay a carbon tax. The collection of a carbon tax can minimize the total social environmental cost and increase the efficiency of carbon reduction; the need to control the green quality cost can serve as a criterion of green management decision-making. This study aimed to reorganize carbon emissions in different stages of production in order to lower the total carbon emissions of products. Activity-based costing (ABC) was adopted to assess green quality management and production cost. The optimal green quality production portfolio was selected via a mathematical programming model to focus on the expansion of productivity and outsourcing strategy in order to effectively lessen the harmful effects on the environment and maximize profits. Besides academic contributions, the findings of this study could serve as a reference to enterprises on assessing the effects of carbon emissions, carbon taxes, and environmental management on production decision-making.
40
Sigler, Kevin J. "Rules for withdrawing money from tax deferred retirement plans and portfolio value implications." Managerial Finance 28, no. 7 (July 2002): 27–34. http://dx.doi.org/10.1108/03074350210767951.
Full text
41
Veliotis, Stanley. "Equating U.S. Tax Treatment of Dividends and Capital Gains for Foreign Portfolio Investors." American Business Law Journal 56, no. 2 (May 20, 2019): 345–90. http://dx.doi.org/10.1111/ablj.12140.
Full text
42
Howard, Margot, Katherine A. Pancak, and Douglas A. Shackelford. "Taxes, Investors, and Managers: Exploring the Taxation of Foreign Investors in U.S. REITs." Journal of the American Taxation Association 38, no. 2 (June 1, 2016): 1–19. http://dx.doi.org/10.2308/atax-51506.
Full textAbstract:
ABSTRACT Exploiting a 2004 reduction in a unique capital gains withholding tax for foreign investors in U.S. publicly traded REITs, this paper explores both the sensitivity of real estate investors to changes in their own taxes and the reaction of real estate managers to changes in their investors' taxes. We find that both foreign investors and REIT managers responded to the tax change. This is consistent with taxes both restricting the flow of foreign capital into U.S. REITs and affecting the management of their real estate properties. To our knowledge, this is the first paper documenting that U.S. managers change their U.S. operations in response to the tax positions of foreign investors. This work should spur further study of the interplay between real estate and income taxes, the role of taxes on foreign portfolio investment, and the role of taxes on real managerial decisions. It should also be informative to policymakers who recently relaxed the discriminatory tax treatment for foreign investors in U.S. real estate after considering the issue for many years.
43
Sharma, Meena, Manish Didwania, and D. Suresh Kumar. "Performance Evaluation of Banks Sponsored Mutual Funds: An Analytical Study." Paradigm 23, no. 2 (August 5, 2019): 197–218. http://dx.doi.org/10.1177/0971890719859941.
Full textAbstract:
This research paper inspects the comparative performance evaluation of banks sponsored Indian mutual funds using traditional measure. The data comprises 166 open-ended equity, debt, liquid and equity linked saving schemes (tax savings) schemes during the period of April 2006–March 2017. The evidence shows that all sample schemes are well diversified. Public sector banks sponsored get first ranked because good return, all positive and diversified schemes and efficient performance of portfolio management as compared to Private sector and UTI banks sponsored mutual funds.
44
Janda, Karel, and Barbora Svárovská. "INVESTING INTO MICROFINANCE." Journal of Business Economics and Management 11, no. 3 (September 30, 2010): 483–510. http://dx.doi.org/10.3846/jbem.2010.24.
Full textAbstract:
This paper investigates investment performance of microfinance investment funds. The examined funds have recorded lower total risk than global stocks and bonds (measured by four benchmark indices) with moderate but stable returns. The analysis revealed that investment in microfinance investment funds that focus especially on debt instruments represents an attractive opportunity for the portfolio diversification as this asset class does not show any positive correlation with global or emerging capital markets. At the same time, it provides adequate risk-adjusted returns and may be therefore attractive not only for investors with a particular interest in the socially responsible aspect of investment into microfinance. Santrauka Šiame straipsnyje nagrinejamos investicijos i investicinius mikrofinansu fondus. Nagrinejami fondai yra žemesnes bendrosios rizikos nei pasaulio akcijos ir obligacijos (apskaičiuotos pagal keturis atskaitos rodiklius) su vidutiniška, bet stabilia graža. Analize parode, kad investavimas i investicinius mikrofinansu fondus, ypač i susijusius su isiskolinimo priemonemis, yra patraukli galimybe verslo portfolio diversifikacijai, nes ši turto kategorija nerodo jokios teigiamos koreliacijos su pasaulio ar naujomis kapitalo rinkomis. Tuo pačiu metu tai teikia adekvačia graža pagal rizika ir todel gali būti patrauklūs ne tik investuotojams, turintiems tam tikru interesu.
45
Marchenko, Olga, Nataliia Maryniv, and Olga Yarmak. "INNOVATION AS A FACTOR OF THE SOCIO-ECONOMIC EFFICIENCY OF TAX CONSULTING." Baltic Journal of Economic Studies 4, no. 4 (September 2018): 238–43. http://dx.doi.org/10.30525/2256-0742/2018-4-4-238-243.
Full textAbstract:
The aim of the article is to study the theoretical and methodological principles of the interconnection and interdependence of innovation and the socio-economic efficiency of tax consulting and on this basis to determine the areas and tasks of innovation management in this sphere. The subject of the study is innovation and innovative tax consulting services. Methodology. The research is based on the use of general scientific and special-scientific methods and techniques of scientific knowledge. The systematic approach enabled to reveal the content of the social and economic efficiency of tax consulting as the integrity of its economic performance as a practical legal activity based on enterprise and a structural unit of the national economy and socio-economic effects of its functioning as an institution of legal economy and the rule of law. The method of functional analysis enabled to substantiate the author’s approach to the definition of infrastructural and imputed functions of the tax-consulting institute, to reveal the content of its innovative function, its internal and external components. Based on a categorical analysis of innovations in the legal sphere, the concept of innovations and innovative services of tax consulting is considered to reveal a combination of legal, economic, social, and innovative characteristics in its content. The methodology of facet classification enabled to determine and characterize types of innovations in tax consulting, such as product, process, management-organizational, social innovations, as well as to ground areas and measures of management of innovative activity in this sphere of practical legal activity. The results of the study revealed that the social and economic efficiency of tax consulting as a unity of its economic performance and socio-economic effects are closely interconnected with its innovation, because innovations as certain changes in the product, technology, service provision, consulting, and market activity are efficiency factor, while possibilities of their implementation depend on the economic results of entrepreneurial activity in legal assistance on taxation and the quality of management of innovation activity. Practical implications. In the research, the classification of tax consulting innovations enabled to reveal the areas and management measures of innovation development in this practical legal activity to ensure its efficiency as a type of entrepreneurial activity and socio-economic institute, consisting of updating the product portfolio by developing and providing bundled, boutique services, development of niche industries; tax consulting on-line and automation of typical professional services; use of legal crowdsourcing and crowdfunding; introduction of the model of open innovation; management of innovative knowledge; formation of external and internal tax consulting networks; pro bono services. Relevance/originality. The proposed author’s approach to the definition of the socio-economic efficiency and the innovative function of tax consulting, their interconnection and interdependence is the theoretical basis for, first, studies of socio-economic and legal conditions and factors of effective legal assistance on taxation on an innovative foundation, and second, development of activities for the innovative improvement of tax consulting, and effective realization of its functions.
46
Zhang, Shengzhong, Yingmin Yu, Qihong Zhu, Chun Martin Qiu, and Aixuan Tian. "Green Innovation Mode under Carbon Tax and Innovation Subsidy: An Evolutionary Game Analysis for Portfolio Policies." Sustainability 12, no. 4 (February 13, 2020): 1385. http://dx.doi.org/10.3390/su12041385.
Full textAbstract:
Previous literature has shown that manufacturers’ choices between radical and incremental green innovation modes can greatly impact the tradeoff between industry growth and carbon emission reduction. Yet, how the government can motivate manufacturers to implement radical green innovations to reduce carbon emission is unclear. In this paper, the researchers construct an evolutionary game model to analyze the joint impacts of carbon tax and innovation subsidy on manufacturers’ choices of green innovation mode. We derive the conditions for manufacturers’ stable strategies. Based on those results, we find that four factors—carbon tax, innovation subsidy, consumer green preference, and manufacturers’ capabilities of absorbing and adopting new technologies—may facilitate the choice of radical innovation. Furthermore, we conduct numerical simulations to verify the theoretical results, and further illustrate how the synergy of carbon tax rate and subsidy level affects the evolution of the green innovation mode choices. Specifically, we demonstrate the superiority of portfolio policy in the early stage of green innovation over single policy. In contrast, in the later stage, it is carbon tax but not innovation subsidy that remains effective. We discuss the insights for the government to formulate appropriate environmental policies to effectively promote the adoption of green innovation and reduce carbon emission.
47
Leković, Milјan. "Cognitive Biases as an Integral Part of Behavioral Finance." Economic Themes 58, no. 1 (March 1, 2020): 75–96. http://dx.doi.org/10.2478/ethemes-2020-0005.
Full textAbstract:
AbstractThe complex world of finance is characterised by numerous irrationalities that representatives of behavioral finance seek to explain by cognitive biases (flaws, inclinations or anomalies). Cognitive biases represent imperfect perception of reality and are caused by limited cognitive capacities of decision-makers. By analysing cognitive biases, the paper aims to answer the following questions that standard finance fails: Why active portfolio strategy is still the most influential strategy in portfolio management despite the mounting evidence of unsuitability of its application? Why investors prefer dividend payout over increase in capital value (dividend puzzle)? Why investors ignore benefits of investment diversification and choose to invest in a small number of shares of well-known local businesses (diversification puzzle)? Why investors avoid to sell “loser” shares and thus reduce the tax burden? Why shares of small companies usually bring higher returns compared to shares of large companies? The answers to these questions are obtained by using qualitative research methodology, which also represents the main result of the research.
48
Chatterjee, Chanchal, and Paromita Dutta. "Exploring the Linkage between Profits and Asset–Liability Management." Paradigm 20, no. 2 (December 2016): 131–42. http://dx.doi.org/10.1177/0971890716670707.
Full textAbstract:
The article uses panel data regression on a sample of 26 public sector and 20 private sector banks operating in India over the period 2004–2005 to 2012–2013 in order to empirically examine the relationship between profits and asset–liability (A–L) composition of Indian banks. The sample was initially split into public sector and private sector banks. Earning before tax (EBT) of public sector banks appear to be generated by all the assets under the asset portfolio while, in private sector banks, the EBT seems to be produced by loans and advances and deposits and placings to banks. From liabilities’ perspective, the ‘short-term funding’ appears to be the cheapest for both the bank groups. The sample was then split into high-profit and low-profit banks. The results show that, compared to the high-profit banks, low-profit banks experience higher rate of return on loans and advances, investments and fixed assets. The study does not find that high-profit banks always enjoy relatively cheaper cost of funding than low-profit banks.
49
Kumar, Puneet, Amalanathan Paul, and M. Anil Kumar. "Risk Optimisation Analytics." International Journal of Social Ecology and Sustainable Development 12, no. 2 (April 2021): 48–62. http://dx.doi.org/10.4018/ijsesd.2021040103.
Full textAbstract:
Risk optimization using business analytics is gaining momentum in India over the last decade. In order to tap this huge opportunity, most of the startups are getting into the analytics field engaging in financial market survey to provide their customers with valid data. The objective of this study is to help “Sai Builders” in solving their portfolio investment problem as well as sinking funds problem using linear programming and to obtain the total optimum returns by satisfying all constraints. The authors solve the problem of minimizing portfolio risk measures. In addition, the expected return of the portfolio is maximized subject to the aforementioned risk measures. By using numerical experiments, they illustrate the impact of these risk measures on portfolio optimization. The analysis is done by using Excel Solver, and the optimum solution is achieved.
50
Hui, Eddie Chi Man, Otto Muk Fai Lau, and Kak Keung Lo. "A FUZZY DECISION‐MAKING APPROACH FOR PORTFOLIO MANAGEMENT WITH DIRECT REAL ESTATE INVESTMENT." International Journal of Strategic Property Management 13, no. 2 (June 30, 2009): 191–204. http://dx.doi.org/10.3846/1648-715x.2009.13.191-204.
Full textAbstract:
This study incorporated expert knowledge into the classical quadratic programming approach, i.e., Modern Portfolio Theory (MPT), through fuzzy set theory; in obtaining portfolio return optimization involving direct real estate investment. Two fuzzy mathematical programming models were uniquely specified and estimated in this study, namely, Zimmer‐mann's (2001) fuzzy tactical asset allocation (FTAA) flexible programming model and Ramik and Rimanek's (1985) FTAA robust programming model. These approaches try to overcome the drawbacks of traditional asset allocation models by including expert adjustment in the presence of imprecise information. The findings suggest that the fuzzy tactical asset allocation (FTAA Flexible Model), with the inclusion of expert judgments which contain information usually not found in historical data, is able to produce a portfolio just as efficient as traditional asset allocation models while minimizing the potential issues due to imprecision and vagueness of information. Meanwhile, the FTAA Robust Model proffers a more evenly‐distributed, yet with higher risks and lower returns, portfolio. Aside from the lack of emphasis on portfolio risks minimization, one reason attributed to such anomaly is the low level of returns of high‐risk stocks that are not selected by MPT and FTAA Flexible Models. It results in a unique situation where portfolio diversification does not necessarily guarantee an efficient investment decision. Santruka Šis tyrimas itraukia ekspertines žinias i klasikine kvadratinio programavimo metodika, pavyzdžiui, moderniaja portfelio valdymo teorija, per neapibrežtuju aibiu teorija, siekiant optimizuoti portfelio graža, apimant tiesiogines nekilnojamojo turto investicijas. Šiame tyrime išsamiai aprašomi ir ivertinami du neapibrežtojo matematinio programavimo modeliai. Tai Zimmermann (2001) neapibrežtasis aktyvu paskirstymo lankstusis programavimo modelis ir Ramik bei Rimanek (1985) neapibrežtasis aktyvu paskirstymo robustinis programavimo modelis. Juos taikant bandoma pašalinti tradiciniu aktyvu paskirstymo metodu trūkumus itraukiant ekspertu siūlomus pakeitimus nesant tikslios informacijos. Nustatyta, kad neapibrežtasis aktyvu paskirstymas (neapibrežtasis aktyvu paskirstymo lankstusis programavimo modelis) kartu su ekspertu vertinimais, paprastai apimančiais informacija, kurios negalima rasti tarp istoriniu duomenu, leidžia sudaryti toki pati efektyvu portfeli, kaip ir tradiciniai aktyvu paskirstymo modeliai, tačiau minimizuojant potencialius nesutarimus, kuriu atsiranda del netikslios ir neapibrežtos informacijos. Neapibrežtasis aktyvu paskirstymo robustinis programavimo modelis siūlo tolygiau paskirstyta, tačiau rizikingesni ir ne toki pelninga portfeli. Be portfelio rizikos minimizavimo trūkumo, dar viena priežastis, priskiriama prie šios anomalijos, yra maža dideles rizikos akciju graža, kuri nera pasirenkama moderniojoje portfelio valdymo teorijoje ir neapibrežtuju aktyvu paskirstymo lanksčiuosiuose programavimo modeliuose. Kaip rezultatas gaunama unikali situacija, kai portfelio diversifikavimas nebūtinai garantuoja efektyvu investavimo sprendima.