The original theory of capital cost and capital structure put forward by Nobel Prize Winners Modigliani and Miller has since been modified by many authors, and this book discusses some of them. The book's authors have created general theory of capital cost and capital structure - the Brusov-Filatova-Orekhova (BFO) theory, which generalizes the Modigliani-Miller theory to encompass companies of an arbitrary age (and arbitrary lifetime). Despite the availability of this more general theory, the classical Modigliani-Miller theory is still widely used in practice. In this book, the authors for the first time generalize it for cases of practical relevance: for the case of variable profit; for the case of advance tax-on-profit payments and interest on debt payments; for the case of several tax-on-profit and interest on debt payments per period; and for the combination of all three effects. These generalizations lead to valuable theoretical results as well as significantly widen of practical application this theory in practice and increase of the quality of finance management of the company. As well, the book investigates the applications of said results in corporate finance, investments, taxation and ratings, where employing a generalized Modigliani-Miller theory can be very fruitful.

For women and other marginalized groups, the reality is that the laws regulating estates and trusts may not be treating them fairly. By using popular feminist legal theories as well as their own definitions of feminism, the authors of this volume present rewritten opinions from well-known estates and trust cases. Covering eleven important cases, this collection reflects the diversity in society and explores the need for greater diversity in the law. By re-examining these cases, the contributors are able to demonstrate how women's property rights, as well as the rights of other marginalized groups, have been limited by the law.

This book elucidates the murky realities of China's taxation system today, and advocates bold plans for change. Theorizing finance and taxation in relation to a national political system, the authors explain the current tangled-up realities of China's creaky, inherited and uneven tax system- and put forward a plan for radical change. This book will be of interest to finance professionals, economists, and scholars of the Chinese economy. The focus is to properly handle the three basic economic and social relations between the government and the market (and the enterprises as the main market entities), between the central and local governments, and between the public power system and the citizens. This book follows the research context of problem orientation - goal orientation - practical operation, and puts forward the ideas, basic goals and paths of fiscal system reform that adapt to the modernization of national governance.

The six papers in this vohune represent state-of-the-art empirical and conceptual research on various aspects of the taxation of multinational corporations. They were commissioned for and presented at a conference organized by Price Waterhouse LLP on behalf of the International Tax Policy Forum, held in Washington, DC in March, 1994. The ftrst four papers were originally published in the May, 1995 issue of International Tax and Public Finance. The Slemrod paper appeared in the Policy Watch Section of the November, 1995 issue of that journal. The foregoing papers were subject to the normal refereeing procedures of the journal, and the summaries that follow are drawn from there. The Leamer paper has not been previously published. Altshuler and Mintz examine one aspect of the 1986 u. s. Tax Reform Act --the change in the rules for the allocation of interest expense between domestic-(U. S. ) and foreign-source income. In the absence of rules, a parent with excess credits could reduce U. S. tax liability by allocating interest expense toward itself; thus reducing its taxable domestic income without any compensating increase in either the U. S. tax due on foreign-source income or the foreign tax due (which is independent of U. S. rules).

The main objective of this book is to restate the important theories and evidence from economic analysis concerning intergovernmental fiscal issues. More importantly, the second objective of the book is to identify gaps in knowledge, empirical uncertainties, and missing theoretical structures and then to establish a preliminary agenda for new research on this topic. The book is organized in two sections. The first covers the core body of intergovernmental fiscal relations, including optimal size for jurisdictions and assignment of public sector functions, the formulation and execution of tax policy in an intergovernmental setting, and the appropriate structure and use of intergovernmental transfers. In the second section, the core knowledge is applied to four major policy areas: education, welfare, fiscal interaction in urban areas, and economic development. In thinking about a new research agenda, the authors call for more current and authoritative estimates of fiscal incidence, including interjurisdictional spillovers, for more fundamental research about the federation process and effects of consolidation, for new evidence about the long run, general equilibrium effects of interjurisdictional competition, and for basic research about the choice process and establishment of intergovernmental fiscal institutions and policies by federal and subnational governments.

Part of a series dealing with all aspects of taxation, including tax policy and issues at the federal, state, local, or international level. The series primarily publishes empirical studies that address compliance, computer usage, education, legal, planning, or policy issues.

This book presents 15 original papers and commentaries by a distinguished group of tax policy and tax administration experts. Using international examples, they highlight the state of knowledge of tax reform, present new thinking about the issue, and analyze useful policy options. The book 's general goal is to examine the current and emerging challenges facing tax reformers and to assess possible directions future reforms are likely to take. More specific themes include distributional issues, how to tax capital income, how to design specific taxes (e.g., the income tax, the value-added tax, the property tax), how to consider the politics and administrative aspects of tax reform, and how to combine the separate insights into comprehensive tax reform.

G. Galeotti* and M. Marrelli** *Universita di Perugia **Universita di Napoli 1. The economic analysis of optimal taxation has permitted considerable steps to be taken towards the understanding of a number of problems: the appropriate degree of progression, the balance between different taxes, the equity-efficiency trade-off etc .. Though at times considered as abstract and of little use in policy design, the issues it addresses are real ones and very much on the agenda of many countries. As usual in scientific debate, criticisms have contributed to the correct understanding of the theoretical problems involved and made clear that, at the present state of the art, definitive conclusions may be premature. A first well-taken criticism addresses the assumption, underlying optimal taxation models, of a competitive economy with perfect information on the part of individual agents and full market clearing. Once we leave the Arrow-Debreu world, it is no longer necessarily the case that taxes and transfers introduce distortions on otherwise efficient allocations.

This book explores the interaction between business and the system of taxation in Greece, from the mid-1950s up to 2008, the year that marked the eve of the economic crisis the country faced in the aftermath of the international financial crisis of 2007. The evidence presented confirms William Baumol's point about how taxation affects entrepreneurship. That is, it is shown that Baumol was right when indicating that problematic tax rules can lead to unproductive forms of entrepreneurship, such as tax evasion. However, the focus here is on aspects of the system of taxation that Baumol's model, examining solely tax rates and levels of taxation, neglected. This book shows that, as far as Greek entrepreneurship is concerned, the adverse effects of the system of taxation came mostly from a series of issues that increased its perceived unfairness and illegitimacy. The way that the tax system functioned also increased uncertainty, which was anything but beneficial for investing in business. This book contributes to the current debates about the Greek economy and the causes of the crisis affecting the country. In this respect, it also throws light on the big issue of tax evasion burdening the country's fiscal system. However, the research also belongs to the wider literature examining entrepreneurship from a business history perspective, to that focusing on the relation between entrepreneurship and institutions, to the debates regarding the ways entrepreneurship is affected by the socio-political and economic environment but also to institutional analyses about taxation.

This book covers the Tax Treaties which The People's Republic of China has signed with various nations of the European Region. This book is a collection of the treaties, supplementary materials, and selected implementing circulars. It is edited and ordered according to geographical/economic criteria and accompanied with integrated with tables, domestic tax systems reports, and accompanying circulars and treaty model texts. This book has never been compiled for Chinese tax treaties before, providing a new resource for firms and researchers to access the materials with ease. This book has the potential to be a part of a volume on China double tax treaties, and the book will encompass the entirety of China's Global Tax treaties. The intended readership of this book will be primarily professionals who are working in both the international accounting and legal industries. These readers frequently reference the treaties through the course of their normal business for the purpose of forming optimum tax structures and corporate structuring. However, it is also foreseeable that this book will be of interest to academic researchers in multiple fields from geo-politics, accounting, legal to economics.

The book is dedicated to the question of how much room for national tax policy Member States of the European Union will be able to maintain in the future. It focuses on the possibilities Member States have and the limits they face, such as the need to finance the welfare state or limits of European and International Law. The research question is looked at from different angles. Economic as well as legal aspects are included.

Many people have serious concerns about the environment and wonder whether solving environmental problems is compatible with continuing economic growth. This book provides an in-depth exploration of a proposed reform to the national tax system, whereby the burden of taxes is shifted from conventional taxes, such as those levied on labour and capital, to taxes on environmentally related activities, that involve resource use, particularly energy, or environmental pollution. There is some experience of such 'environmental tax reform' (ETR) in Europe, and the book briefly reviews this before considering how a more ambitious ETR in Europe could substantially reduce greenhouse gas emissions and material flows through the economy, while stimulating innovation and investment in the key 'clean and green' sectors of the economy which seem likely to play an increasing part in the creation of prosperity in Europe and elsewhere in the future.
Case studies of renewable energy, construction, fuel-efficient vehicles, and waste management in Germany show how these fast-growing sectors are making an increasing contribution to employment, output, and exports in the German economy, while improving the environment. The book explores the implications of introducing it on a much wider scale throughout the European Union. A unique modelling exercise, using two macroeconomic models, delivers varied and complementary insights into the economic and environmental results of a large-scale ETR in Europe, and its effects on and implications for the rest of the world. The modelling suggests that such a policy has a key role in the achievement of Europe's targets to reduce its greenhouse gas emissions, and, if implemented with cooperative policy in other countries, could significantly reduce global emissions.
The book is essential and hopeful reading for anyone who has wondered how, with today's intensifying environmental challenges, economic growth could become more environmentally sustainable.

The 1964 Kennedy-Johnson tax cut is often cited as the single most successful application of Keynesian stabilization policy. The author challenges this orthodox historical view by exposing the haphazard planning, simplistic economic theorizing, irreconcilable numerical projections, and partisan political influences on the Council of Economic Advisers. The focus of the book is on the decisions, advice and actions of the three Chairmen of the Council during the 1960s: Walter Heller, Gardner Ackley and Arthur Okun. They were the authors of the ambitious and optimistic new economics that attempted to manipulate aggregate demand in the US economy to reach potential output. By 1965 this goal was achieved, but when Vietnam War spending and Great Society programs were added to the tax cut, the subsequent policy paralysis in the face of a surging economy clearly indicated a lack of symmetry in fiscal policy implementation. Much of the evidence for this revisionist view comes from the participants own statements in the form of White House memoranda and confidential reports as well as from counter-factual exercises that allow alternative policies or swifter responses. This book will be of great interest to macroeconomists as well as to scholars and students interested in economic history and in the formulation and implementation of economic policy.

This book explores current digitalization issues in finance and accounting with particular focus on emerging and transitioning markets. It features models, empirical studies and cases studies on topics such as Fintech, blockchain technology, financing renewable energy, and XBRL usage from sectors such health care, pharmacology, transportation, and education. Such a complex view of current economic phenomena makes the volume attractive not only for academia, but also for regulators and policy-makers, when deliberating the potential outcome of competing regulatory mechanisms.

The prospect of simultaneously achieving a 'greener' environment, increased tax revenues and lower levels of unemployment has made ecological taxes an increasingly popular proposition. This volume examines the possibility of ecological tax reform in the Nordic countries of Denmark, Norway and Sweden. The potential for ecological tax reform is investigated on a theoretical and an empirical level. The social costs associated with environmental taxes are analysed and the impacts of a Swedish carbon tax are calculated by means of a static numerical model. Taxes on carbon, nitrogen and fertilisers are also examined. The authors find that the level of unemployment cannot be decreased by revenue neutral environmental taxes without any social costs and conclude that there are no easy ways to achieve full employment, a budget surplus and environmental sustainability. They conclude that further understanding of the functioning of the labour market, household decisions and the link between change in pollutant emissions and environmental damage is needed in order to make more concrete suggestions concerning ecological tax reforms. Green Taxes will be of immense use to academics and practitioners in the field of environmental economics.

This book focuses on the legal and social aspects of corporate governance through doctrinal and empirical research papers presented at the 9th International Conference on Governance Fraud Ethics and Social Responsibility held at National Law University Delhi in 2018. The papers encompass the internal and external factors that affect the interests of a company's stakeholders, including shareholders, customers, suppliers, government regulators and management, and several other important players. The book provides better clarity on the concept of corporate governance and how it is intertwined with factors such as sustainability, social responsibility and the role of government, taxation and audit, and shareholder engagement.

This book critically explores past and present principles of central banking, and outlines a new framework for future stabilization policy. Through compact and concise chapters, it demonstrates why a constant long-term interest rate would be the most beneficial target for monetary policy to follow. A novel set of policy tools and institutional arrangements suitable to reliably meet this target are developed. It is argued that the proposed framework would be clearly superior to conventional policies in preventing financial market crises, maintaining high employment, and keeping the economy at or near potential. The merits and shortcomings of alternative theories such as Modern Monetary Theory are also discussed. This book will be relevant to researchers and policymakers as well as professional investors, analysts, and commentators of financial markets and the economy at large.

This book is a comprehensive, scholarly account of Hong Kong Public Budgeting, spanning from the pre-1997 British rule to the post-1997 Chinese rule. Transcending the existing comparative budgeting studies which are either central-government focused or symmetric local-government focused, this book presents Hong Kong Public Budgeting as a distinctive case of territorial autonomy. It offers historical and comparative analyses of Hong Kong Public Budgeting, tracing the evolution of budgetary institutions and budgetary decision-making and examining the critical issues of budget openness, budget oversight, and budget allocation. This book will be of key interest to scholars and students of comparative budgeting studies. It will also be an excellent text for public budgeting instructors and students in East Asia and Hong Kong.

Taxpayer compliance is a voluntary activity, and the degree to which the tax system works is affected by taxpayers' knowledge that it is their moral and legal responsibility to pay their taxes. Taxpayers also recognize that they face a lottery in which not all taxpayer noncompliance will ever be detected. In the United States most individuals comply with the tax law, yet the tax gap has grown significantly over time for individual taxpayers. The US Internal Revenue Service attempts to ensure that the minority of taxpayers who are noncompliant pay their fair share with a variety of enforcement tools and penalties. The Causes and Consequences of Income Tax Noncompliance provides a comprehensive summary of the empirical evidence concerning taxpayer noncompliance and presents innovative research with new results on the role of IRS audit and enforcements activities on compliance with federal and state income tax collection. Other issues examined include to what degree taxpayers respond to the threat of civil and criminal enforcement and the important role of the media on taxpayer compliance. This book offers researchers, students, and tax administrators insight into the allocation of taxpayer compliance enforcement and service resources, and suggests policies that will prevent further increases in the tax gap. The book's aggregate data analysis methods have practical applications not only to taxpayer compliance but also to other forms of economic behavior, such as welfare fraud.

Critical Issues in Environmental Taxation provides valuable insights and analysis for legislators, policy makers and academics addressing the challenges of pursuing and achieving environmental goals through taxation policy. It contains pioneering and thought-provoking articles contributed by the world's leading environmental tax scholars representing various jurisdictions worldwide. Their aim is to ensure that by discussing and sharing environmental taxation issues that exist around the world, effective approaches used in one country may be considered and possibly implemented by governmental authorities in other countries. The articles published in this work are based on presentations at the Third Annual Global Conference on Environmental Taxation held in April 2002 in Woodstock, Vermont U.S.A.