21,514 research outputs found
Selected Challenges From Spatial Statistics For Spatial Econometricians
Griffith and Paelinck (2011) present selected non-standard spatial statistics and spatial econometrics topics that address issues associated with spatial econometric methodology. This paper addresses the following challenges posed by spatial autocorrelation alluded to and/or derived from the spatial statistics topics of this book: the Gaussian random variable Jacobian term for massive datasets; topological features of georeferenced data; eigenvector spatial filtering-based georeferenced data generating mechanisms; and, interpreting random effects.Artykuł prezentuje wybrane, niestandardowe statystyki przestrzenne oraz zagadnienia ekonometrii przestrzennej. Rozważania teoretyczne koncentrują się na wyzwaniach wynikających z autokorelacji przestrzennej, nawiązując do pojęć Gaussowskiej zmiennej losowej, topologicznych cech danych georeferencyjnych, wektorów własnych, filtrów przestrzennych, georeferencyjnych mechanizmów generowania danych oraz interpretacji efektów losowych
What has been the tax competition experience of the past 20 years?
This paper describes tax reforms in OECD countries over the last 20 years and how they are related to tax competition. Both individual countries? reforms and multilateralinitiatives and developments are covered. This is followed by an overview of theempirical evidence on tax competition. Our conclusion is that the evidence for someinterdependence in tax setting behaviour is strong, although the exact process driving thisremains unclear. While the most basic tax competition models fail to explain thedevelopment in OECD countries, there is more than one possible explanation for thereforms undertaken if more advanced models are considered. The multilateral initiativesthat were implemented however do not seem to be related to resource-based taxcompetition, instead they are about taxing rights. This paper describes tax reforms in OECD countries over the last 20 years and how they are related to tax competition. Both individual countries? reforms and multilateralinitiatives and developments are covered. This is followed by an overview of theempirical evidence on tax competition. Our conclusion is that the evidence for someinterdependence in tax setting behaviour is strong, although the exact process driving thisremains unclear. While the most basic tax competition models fail to explain thedevelopment in OECD countries, there is more than one possible explanation for thereforms undertaken if more advanced models are considered. The multilateral initiativesthat were implemented however do not seem to be related to resource-based taxcompetition, instead they are about taxing rights
Performance pay and managerial experience in multitask teams: evidence from within a firm
This article exploits a quasi‐experimental setting to estimate the impact that a commonly used performance‐related pay scheme had on branch performance in a large distribution firm. The scheme, which is based on the Balanced Scorecard, was implemented in all branches in one division but not in another. Branches from the second division are used as a control group. Our results suggest that the Balanced Scorecard had some impact but that it varied with branch characteristics, and, in particular, branches with more experienced managers were better able to respond to the new incentives
Incentives and managerial experience in multi-taskteams: evidence from within a firm
This paper exploits a quasi-experimental setting to estimate the impact thata multi-dimensional group incentive scheme had on branch performance in a largedistribution firm. The scheme, which is based on the Balanced Scorecard, wasimplemented in all branches in one division, but not in another. Branches from thesecond division are used as a control group. Our results suggest that the balancedscorecard had some impact, but that it varied with branch characteristics, and inparticular, branches with more experienced managers were better able to respond tothe new incentives. This paper exploits a quasi-experimental setting to estimate the impact thata multi-dimensional group incentive scheme had on branch performance in a largedistribution firm. The scheme, which is based on the Balanced Scorecard, wasimplemented in all branches in one division, but not in another. Branches from thesecond division are used as a control group. Our results suggest that the balancedscorecard had some impact, but that it varied with branch characteristics, and inparticular, branches with more experienced managers were better able to respond tothe new incentives
Syzygy Theorems via Comparison of Order Ideals on a Hypersurface
We introduce a weak order ideal property that suffices for establishing the
Evans-Griffith Syzygy Theorem. We study this weak order ideal property in
settings that allow for comparison between homological algebra over a local
ring versus a hypersurface ring . Consequently we solve some
relevant cases of the Evans-Griffith syzygy conjecture over local rings of
unramified mixed characteristic , with the case of syzygies of prime ideals
of Cohen-Macaulay local rings of unramified mixed characteristic being noted.
We reduce the remaining considerations to modules annihilated by , ,
that have finite projective dimension over a hypersurface ring.Comment: To appear in JPA
Issues in the design and implentation of an R&D tax credit for the UK
R&D tax credits have become a popular policy tool for encouraging research and development (R&D) spending by business, with many countries offering subsidies of this form. The divergence between private and social rates of return to R&D expenditure by private firms provides one of the main justifications for government subsidies to R&D.2 In order to achieve the optimal level of R&D investment, government policy aims to bring private incentives in line with the social rate of return. An R&D tax credit does this by reducing the cost to the firm of doing R&D. Recent empirical evidence suggests that R&D tax credits are an effective instrument in stimulating additional R&D. However, in order to be desirable, a policy needs to be cost-effective and implementable.
This Briefing Note reviews some of the major issues in the design and implementation of R&D tax credits. In Section 2, we briefly discuss the existing tax treatment of R&D in the UK. In particular, we outline the new Research and Development Allowance - which is an allowance for expenditure on plant, machinery and buildings for use in scientific research and which is available to firms of all sizes - and the tax credit for R&D that is available to small and medium-sized enterprises (SMEs). We then discuss, in Section 3, some of the main design features of tax credits that have been implemented in other countries. The discussion mainly concerns the question of how to target new or incremental R&D so as to keep down the total exchequer cost. We discuss problems that arise in defining incremental R&D and how these can be tackled. In Section 4, we provide estimates of the amount of new R&D and the exchequer cost that would be likely to result from implementing different designs of R&D tax credit in the UK. Section 5 concludes. Some technical details are dealt with in the Appendix
Symposium: Confronting New Market Realities: Implications for Stockholders Rights to Vote, Sell and Sue: Objections to Disclosure Settlements: A “How To” Guide”
Objections to Disclosure Settlements: A How-To Guide
Stockholder litigation remains in crisis, with over seventy percent of major mergers and acquisitions subject to litigation. A contributing factor is the breakdown of the adversary process at settlement, when former opponents join hands in favor of a compromise that too often expends corporate resources for no real recovery to the plaintiff class. One obvious corrective is the shareholder’s objection to settlement, which restores adversarial character to the settlement process. Shareholders, however, face substantial difficulties in making such objections. In this article, the authors detail the problem and share their experiences in addressing these obstacles, providing a how-to manual for future shareholder objections to class action settlements in merger litigation
How has the UK corporation tax raised so much revenue?
We analyse a puzzle in the UK corporation tax: by both historic and international standards corporation tax revenues have been high while the statutory rate has been low. Possible explanations include the following: changes in tax law that may have increased effective tax rates; other factors such as higher profitability or different macro-economic conditions may have led to higher effective tax rates; and finally the size of the corporate sector may have increased. We find evidence for all three explanations, although none would be sufficient in itself. To the extent that higher profits, particularly financial sector profits may have led to high revenues, there are doubts as to whether revenues will continue to be so strong
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