Mostrando recursos 1 - 20 de 1.523

  1. Regulatory Compensation Limits and Business Performance - Evidence from the National Football League

    Petutschnig, Matthias
    Executives' compensation has been on the forefront of the public and political debate since the recent financial crisis. One of the measures publicly discussed is a general upper boundary to top management compensation packages ("salary cap", "maximum wage"). While such measures are novelties to the corporate world, the North American major sports leagues have been using maximum compensation regulations for decades. This paper exploits the 23-year experience with salary cap regulations from the National Football League (NFL). The results show a significant negative relation between the success of NFL teams and the amount of the net (after-tax) salary cap represented by the personal income tax rate of the...

  2. Spreading the word or reducing the term spread? Assessing spillovers from euro area monetary policy

    Feldkircher, Martin; Gruber, Thomas; Huber, Florian
    As a consequence of asset purchases by the European Central Bank (ECB), longer-term yields in the euro area decline, and spreads between euro area long-term yields narrow. To assess spillovers of these recent financial developments, we use a Bayesian variant of the global vector autoregressive (BGVAR) model with stochastic volatility and propose a novel mixture of zero impact and sign restrictions that we impose on the cross-section of the data. Both shocks generate positive and significant spillovers to industrial production in Central, Eastern and Southeastern Europe (CESEE) and other non-euro area EU member states. These effects are transmitted via the...

  3. Do individual salaries depend on the performance of the peers? Prototype heuristic and wage bargaining in the NBA

    Oberhofer, Harald; Schwinner, Marian
    This paper analyzes the link between relative market value of representative subsets of athletes in the National Basketball Association (NBA) and individual wages. NBA athletes are categorized with respect to multiple performance characteristics utilizing the k-means algorithm to cluster observations and a group's market value is calculated by averaging real annual salaries. Employing GMM estimation techniques to a dynamic wage equation, we find a statistically significant and positive effect of one-period lagged relative market value of an athlete's representative cluster on individual wages after controlling for past individual performance. This finding is consistent with the theory of prototype heuristic, introduced...

  4. The Convergence of the Middle Class. New evidence for Europe

    Derndorfer, Judith; Kranzinger, Stefan
    We analyse how the size of the middle class has evolved in 26 European countries between 2004 and 2013. With data from the European Survey on Income and Living Conditions (EU-SILC), we define households with a median equivalised disposable household income between 75% and 125% to be middle class. We find that in 16 out of 26 countries the middle class decreases and identify an increase in income polarization in all these countries, with the exception of Greece. We examine whether changes regarding the middle class can be attributed to changing household structure, unemployment rates or redistributive policies. Our results...

  5. Spotlight on the beneficiaries of EU regional funds: A new firm-level dataset

    Bachtrögler, Julia; Hammer, Christoph; Reuter, Wolf Heinrich; Schwendinger, Florian
    This study introduces a new firm-level dataset containing over two million projects co-funded by the European Union´s (EU) structural and Cohesion funds in 25 EU member states in the multi-annual financial framework 2007-2013. Information on individual beneficiary firms and institutions published by regional authorities is linked with business data from Bureau van Dijk´s ORBIS database. Moreover, we show how modern text mining techniques can be used to categorise EU funded projects into fifteen thematic categories proposed by the European Commission. A first analysis of the dataset reveals substantial heterogeneity of beneficiaries and projects across and within countries. While in the majority...

  6. Unpleasant Surprises: Sovereign Default Determinants and Prospects, Policy Research Working Papers, 5401

    Bandiera, Luca; Crespo Cuaresma, Jesus; Vincelette, Gallina A.
    This paper uses model averaging techniques to identify robust predictors of sovereign default episodes on a pooled database for 46 emerging economies over the period 1980-2004. Sovereign default episodes are defined according to Standard & Poor s or by non-concessional International Monetary Fund loans in excess of 100 percent of the country s quota. The authors find that, in addition to the level of indebtedness, the quality of policies and institutions is the best predictor of default episodes in emerging market countries with relatively low levels of external debt. For emerging market countries with a higher level of debt, macroeconomic...

  7. Drivers of Convergence in Eleven Eastern European Countries, Policy Research Working Paper, 6185

    Crespo Cuaresma, Jesus; Oberhofer, Harald; Smits, Karlis; Vincelette, Gallina A.
    This paper investigates the drivers of growth and prosperity in a group of eleven European countries -- Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovenia, and Slovakia (the EU11). Since the EU11 began the transformation process, this group of emerging countries has made impressive strides as developing market economies and is anchoring development in European Union institutions. There are reasons to believe that the convergence of EU11 income per capita to Western European levels will continue, but will proceed more slowly. The paper concludes that trade and financial integration have sped along at a spectacular pace...

  8. Theories of (Un)sustainable Consumption

    Spash, Clive L.; Dobernig, Karin
    In this discussion paper we review and contrast alternative theories of consumption in terms of the intellectual basis they provide for understanding sustainable behaviours. A defining aspect of the modern literature in this field is the emphasis on the individual as a volitional agent who engages wilfully in the decision to consume. This is in stark contrast to earlier literature that concentrated on the structural lock-in of individuals to undesirable consumption patterns and the powers of corporations in creating consumer demand for their products and services. We argue that, in order to unravel consumption in its full complexity, and as a matter of utmost importance, understanding must...

  9. Tax Uncertainty and Dividend Payouts

    Amberger, Harald
    I examine whether and to what extent tax uncertainty affects a firm's dividend payouts. Based on the argument that tax uncertainty impairs the persistence and predictability of after-tax cash flows, I hypothesize and find that firms with greater tax uncertainty exhibit a lower probability of dividend payouts. The effect of tax uncertainty is stronger in the presence of financial constraints and weaker for firms that distribute dividends to alleviate agency conflicts. Furthermore, I find a negative effect of tax uncertainty on dividend levels, which is moderated by the costs of dividend reductions. These results are economically meaningful as a one...

  10. Performance Measures and the Uncertainties of Planning: Current Practice at Transportation Planning Organizations

    Hartell, Ann
    Transportation planning in the United States is moving to widespread use of performance-based planning methods as new federal requirements for Metropolitan Planning Organizations (MPOs) are implemented. In addition to requirements for measures of safety and infrastructure, many MPOs are adopting performance measures for other issues. This study explores current planning practice in using a performance-based approach to tackle a complex planning issue: location affordability, defined as the combined household cost burdens of housing and transportation. A review of long-range transportation plans at 20 large MPOs provides information on how location affordability is represented in regional transportation plans, how it is defined and measured, and how it is integrated...

  11. Preventing Tax arbitrage via Hybrid Mismatches: BEPS Action 2 and Developing Countries

    Kuzniacki, Blazej; Turina, Alessandro; Dubut, Thomas; Mazz, Addy; Quiñones, Natalia; Schoueri, Luís Eduardo; West, Craig; Pistone, Pasquale; Zimmer, Frederik
    The Organization for Economic Cooperation and Development (OECD) under Base Erosion and Profit Shifting (BEPS) Action 2 indicated that tax arbitrage via hybrid mismatch arrangements "result in a substantial erosion of the taxable bases of the countries concerned" and "have an overall negative impact on competition, efficiency, transparency and fairness." The relevant action allowing for neutralising the effects of hybrid mismatch arrangements is therefore needed and justified. To achieve that purpose, the OECD developed different anti-hybrid rules under BEPS Action 2. In that regard, however, one may ask whether addressing tax arbitrage via hybrid mismatches as proposed by the OECD is of interest and relevance for developing...

  12. The Need for and Meaning of Social Ecological Economics

    Spash, Clive L.
    Ecological economics has arisen over a period of three decades with a strong emphasis on the essential need to recognise the embeddedness of the economy in the biophysical. However, that element of realism is not matched by an equally well informed social theory. Indeed the tendency has been to adopt mainstream economic concepts, theories and models formulated of the basis of a formal mathematical deductivist approach that pays little or no attention to social reality. Similarly mainstream economic methods are employed as pragmatic devices for communication. As a result ecological economics has failed to develop its own consistent and coherent theory and failed to make the link...

  13. Environmental Values in Conservation: Ethics, Economics and Pragmatism

    Spash, Clive L.
    Series: SRE - Discussion Papers

  14. Six Dimensions of Concentration in Economics: Scientometric Evidence from a Large-Scale Data Set

    Glötzl, Florentin; Aigner, Ernest
    This paper scientometrically investigates concentration in economics between 1956 and 2016 using a large-scale data set. It is revealed that economics is highly concentrated along six dimensions: articles, journals, regions, institutions, authors, and paradigms. North America accounts for half of all published articles and three quarters of all citations, while the top twenty academic institutions reap a share of 42 percent of all citations. The top 100 authors alone receive a share of 15 percent. Five journals account for 27.7 percent of all citations and only 8 percent of all articles, and 3 percent of all citations may be attributed to...

  15. The macroeconomic effects of international uncertainty shocks

    Crespo Cuaresma, Jesus; Huber, Florian; Onorante, Luca
    We propose a large-scale Bayesian VAR model with factor stochastic volatility to investigate the macroeconomic consequences of international uncertainty shocks on the G7 countries. The factor structure enables us to identify an international uncertainty shock by assuming that it is the factor most correlated with forecast errors related to equity markets and permits fast sampling of the model. Our findings suggest that the estimated uncertainty factor is strongly related to global equity price volatility, closely tracking other prominent measures commonly adopted to assess global uncertainty. The dynamic responses of a set of macroeconomic and financial variables show that an international...

  16. Structural breaks in Taylor rule based exchange rate models - Evidence from threshold time varying parameter models

    Huber, Florian
    In this note we develop a Taylor rule based empirical exchange rate model for eleven major currencies that endogenously determines the number of structural breaks in the coefficients. Using a constant parameter specification and a standard time-varying parametermodel as competitors reveals that our flexible modeling framework yields more precise density forecasts for all major currencies under scrutiny over the last 24 years.

  17. The shortage of safe assets in the US investment portfolio: Some international evidence

    Huber, Florian; Punzi, Maria Teresa
    This paper develops a Bayesian Global VAR (GVAR) model to track the international transmission dynamics of two stylized shocks, namely a supply and demand shock to US-based safe assets. Our main findings can be summarized as follows. First, we find that (positive) supply-sided shocks lead to pronounced increases in economic activity which spills over to foreign countries. The impact of supply-sided shocks can also be seen for other quantities of interest, most notably equity prices and exchange rates in Europe. Second, a demand-sided shock leads to an appreciation of the US dollar and generally lower yields on US securities, forcing...

  18. The true art of the tax deal: Evidence on aid flows and bilateral double tax agreements

    Braun, Julia; Zagler, Martin
    Out of a total of 2,976 double tax agreements (DTAs), some 60% are signed between a developing and a developed economy. As DTAs shift taxing rights from capital importing to capital exporting countries, the prior would incur a loss. We demonstrate in a theoretical model that in a deal one country does not trump the other, but that the deal must be mutually beneficial. In the case of an asymmetric DTA, this requires compensation from the capital exporting country to the capital importing country. We provide empirical evidence that such compensation is indeed paid, for instance in the form of...

  19. International Taxation and the Role of Organizational Form Choices for Group Structures Multinationals

    Amberger, Harald; Kohlhase, Saskia
    We examine whether, when, and to what extent international taxation affects group structures of multinationals by way of organizational form choices. Analyzing micro-level data on inbound foreign direct investment relations in Germany, we find that multinationals are taxsensitive when choosing an organizational form for a foreign affiliate. We document that a one standard deviation increase in the tax burden difference between a corporate (i.e. subsidiary) and a non-corporate (i.e. flow-through) organizational form is associated with a 3.57 percentage point higher probability of establishing a flow-through. This effect, which predominantly results from differences in repatriation taxes between organizational forms, is economically meaningful and comparable to the effects of non-tax...

  20. Open City Data Pipeline

    Bischof, Stefan; Kämpgen, Benedikt; Harth, Andreas; Polleres, Axel; Schneider, Patrik
    Statistical data about cities, regions and at country level is collected for various purposes and from various institutions. Yet, while access to high quality and recent such data is crucial both for decision makers as well as for the public, all to often such collections of data remain isolated and not re-usable, let alone properly integrated. In this paper we present the Open City Data Pipeline, a focused attempt to collect, integrate, and enrich statistical data collected at city level worldwide, and republish this data in a reusable manner as Linked Data. The main feature of the Open City Data Pipeline are: (i) we...

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