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    <title>EconStor Collection: arqus Diskussionsbeiträge zur Quantitativen Steuerlehre</title>
    <link>http://hdl.handle.net/10419/54</link>
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      <title>Corporate taxation and investment: Explaining investment dynamics with firm-level panel data</title>
      <link>http://hdl.handle.net/10419/39073</link>
      <description>Titel: Corporate taxation and investment: Explaining investment dynamics with firm-level panel data
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&lt;br/&gt;Autoren: Dwenger, Nadja
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&lt;br/&gt;Zusammenfassung: Using a firm-level panel data set I assess whether dynamic models of investment provide an empirically fruitful framework for analyzing tax effects on changes in capital stock. In particular I estimate a one-step error correction model (ECM) complementing the usual estimation of a distributed lag model. A correction term accounts for non-random sample attrition, which has not been considered in previous studies on investment even though most (if not all) panel data sets on firms are incomplete. Both, ECM and distributed lag model, suggest that user cost of capital and output have an economically and statistically significant influence on capital formation. In the ECM, however, estimates are larger in size and match theoretical predictions more closely. My preferred estimate of -1.3 implies that a decrease in the user cost of capital by 10 percent will increase the firm's capital stock by 13 percent, on average. Taking my elasticity estimate to the Corporate Tax Reform 2008 I would expect that the reform only slightly increases capital stock, since the rather strong reduction in corporate income tax rate was partly compensated for by stricter depreciation allowances. Investment dynamics appear to be crucial for the coefficients of cash flow variables in investment equations. While cash flow effects are present in the (firstdifferenced) distributed lag model, they vanish in the ECM. This leads me to conclude that well documented cash flow effects point at dynamic misspecification in previous studies.</description>
      <pubDate>Wed, 29 Oct 2008 22:58:59 GMT</pubDate>
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    <item>
      <title>Zur Bedeutung von Grenzsteuersätzen bei der Beurteilung von Tarifverwerfungen: Eine theoretische und empirische Analyse am Beispiel von § 32b EStG und § 34 EStG</title>
      <link>http://hdl.handle.net/10419/39072</link>
      <description>Titel: Zur Bedeutung von Grenzsteuersätzen bei der Beurteilung von Tarifverwerfungen: Eine theoretische und empirische Analyse am Beispiel von § 32b EStG und § 34 EStG
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&lt;br/&gt;Autoren: Hechtner, Frank</description>
      <pubDate>Thu, 29 Oct 2009 22:58:59 GMT</pubDate>
    </item>
    <item>
      <title>Ist Steuerminimierung irrational?</title>
      <link>http://hdl.handle.net/10419/39071</link>
      <description>Titel: Ist Steuerminimierung irrational?
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&lt;br/&gt;Autoren: Löffler, Andreas; Kruschwitz, Lutz
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&lt;br/&gt;Zusammenfassung: Zuweilen wird die Meinung vertreten, dass es Investoren um jeden Preis vermeiden sollten, Steuern zu zahlen. Im Rahmen eines einfachen Portfoliomodells mit Steuern wird untersucht, ob Steuervermeidung tatsächlich auf μ-σ2-effiziente Lösungen führt. Für vier verschiedene Konzepte der Steuerminimierungspolitik wird gezeigt, dass sie effiziente Lösungen (weit) verfehlen.</description>
      <pubDate>Thu, 29 Oct 2009 22:58:59 GMT</pubDate>
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    <item>
      <title>The impact of profit taxation on capitalized investment with options to delay and divest</title>
      <link>http://hdl.handle.net/10419/39069</link>
      <description>Titel: The impact of profit taxation on capitalized investment with options to delay and divest
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&lt;br/&gt;Autoren: Schneider, Georg; Sureth, Caren
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&lt;br/&gt;Zusammenfassung: In entrepreneurial decisions making uncertain future profits often are a main characteristics of real investment opportunities. If investors can react to uncertainty the degree of irreversibility and timing flexibility inherent in the available project should be integrated into the decision calculus. In this paper we investigate the interdependencies of effects from profit taxation and real options. We model an investment decision including an option to invest and an option to abandon. We show that increasing the tax rate can lead to paradoxical tax effects, i.e. may foster an investor's willingness to invest into a capitalized investment. Instead, if we abstract from the possibility to abandon the investment object such paradoxical effect cannot be identified. Determining the after-tax value of the option to enter the investment project with and without an abandonment option we receive a critical cash flow cutoff level. We find that the value of the option to abandon depends on the tax rate and the amount of periodical cash flows. The option value can be increasing or decreasing in the tax rate. We find scenarios with paradoxical tax effects and show that the observed paradoxical effects are due to the presence of the real abandonment option itself. This finding contributes to the stream of literature that explains potential sources of paradoxical tax effects. The generated decision rules are helpful for investors facing risky investment opportunities and for discussing the economic impact of tax reforms. Furthermore, we highlight the overwhelming importance of integrating taxes in typically applied valuation approaches.</description>
      <pubDate>Thu, 29 Oct 2009 22:58:59 GMT</pubDate>
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