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        <rdf:li rdf:resource="https://hdl.handle.net/10419/202436" />
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    <dc:date>2026-04-28T22:37:24Z</dc:date>
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  <item rdf:about="https://hdl.handle.net/10419/175499">
    <title>Financial trouble across generations: Evidence from the universe of personal loans in Denmark</title>
    <link>https://hdl.handle.net/10419/175499</link>
    <description>Title: Financial trouble across generations: Evidence from the universe of personal loans in Denmark
Authors: Kreiner, Claus Thustrup; Leth-Petersen, Søren; Willerslev-Olsen, Louise C.
Abstract: Do people end up in financial trouble simply because of adverse shocks to income and wealth, or is financial trouble related to persistent differences in financial attitudes and behavior that may be transmitted from generation to generation? We address this question using a new administrative data set with longitudinal information about defaults for the universe of personal loans in Denmark. We provide non-parametric evidence showing that the default propensity is more than four times higher for individuals with parents who are in default compared to individuals with parents not in default. This intergenerational relationship is apparent soon after children move into adulthood and become legally able to borrow. The intergenerational relationship is remarkably stable across age groups, levels of loan balances, parental income levels, childhood school performance, time periods and different measures of financial trouble. Basic theory points to three possible explanations for the correlation across generations in financial trouble: (i) children and parents face common shocks; (ii) children and parents insure each other against adverse shocks; (iii) financial behavior differs across people and is transmitted across generations. Our evidence indicates that the last explanation is the most important. Finally, we show that the intergenerational correlation in financial trouble is not fully incorporated in interest setting on loans, pointing to the existence of an interest rate externality in the market for personal loans.</description>
    <dc:date>2017-01-01T00:00:00Z</dc:date>
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  <item rdf:about="https://hdl.handle.net/10419/202436">
    <title>The basic environmental economics of the circular economy</title>
    <link>https://hdl.handle.net/10419/202436</link>
    <description>Title: The basic environmental economics of the circular economy
Authors: Sørensen, Peter Birch
Abstract: This paper sets up a Ramsey model with exhaustible natural resources to study the optimal recycling of polluting raw materials and household waste products. During the process of economic development it is optimal for the economy to go through an initial 'linear' phase with no recycling followed by a 'circular' phase where some materials and waste products are recycled to alleviate growing natural resource scarcity and environmental degradation. Ensuring the optimal degree of recycling in a market economy requires a Pigouvian tax on non-recycled raw materials combined with a subsidy to recycling of household waste and a tax on man-made wealth to internalize the environmental cost of capital accumulation.</description>
    <dc:date>2017-01-01T00:00:00Z</dc:date>
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  <item rdf:about="https://hdl.handle.net/10419/175497">
    <title>The deterrence effect of whistleblowing: An event study of leaked customer information from banks in tax havens</title>
    <link>https://hdl.handle.net/10419/175497</link>
    <description>Title: The deterrence effect of whistleblowing: An event study of leaked customer information from banks in tax havens
Authors: Johannesen, Niels; Stolper, Tim B. M.
Abstract: We document that the first leak of customer information from a tax haven bank caused a significant decrease in the market value of Swiss banks known to be assisting with tax evasion and that the decrease was largest for the banks most strongly involved. These findings suggest that markets expected the leak to increase the perceived risk of committing and assisting with tax evasion and thus to lower both demand and supply in the market for criminal offshore banking services. This interpretation finds support in further evidence that the leak caused a sharp drop in foreign-owned deposits in tax havens.</description>
    <dc:date>2017-01-01T00:00:00Z</dc:date>
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  <item rdf:about="https://hdl.handle.net/10419/175498">
    <title>Taxing multinationals beyond borders: Financial and locational responses to CFC rules</title>
    <link>https://hdl.handle.net/10419/175498</link>
    <description>Title: Taxing multinationals beyond borders: Financial and locational responses to CFC rules
Authors: Clifford, Sarah
Abstract: Using a large panel dataset on worldwide operations of multinational firms, this paper studies one of the most advocated anti-tax-avoidance measures: Controlled Foreign Corporation rules. By including income of foreign low-tax subsidiaries in the domestic tax base, these rules create incentives for multinationals to move income away from low-tax environments. Exploiting variation around the tax threshold used to identify low-tax subsidiaries, we find that multinationals redirect profits into subsidiaries just above the threshold and place more new subsidiaries just above compared to just below the threshold. The resulting increase in global corporate tax revenue partly accrues to the rule-enforcing country.</description>
    <dc:date>2017-01-01T00:00:00Z</dc:date>
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