ERN Public Economics: Fiscal Policies & Behavior of Economic Agents eJournal, Vol. 8 No. 45, 11/18/2013

[Economics Research Network]

if this message does not display correctly, click here PUBLIC ECONOMICS: FISCAL POLICIES & BEHAVIOR OF ECONOMIC AGENTS eJOURNAL Vol. 8, No. 45: Nov 18, 2013 Browse ALL abstracts for this journal   Links: Subscribe ~ Unsubscribe | Distribution | Network Directors | Advisory Board | Submit ~ Revise Your Papers Table of Contents Public Economics Gone Wild: Lessons from Venture Capital Douglas J. Cumming, York University - Schulich School of Business The Measurement of Impacts of Tax Rates on the Risk Level of Listed Viet Nam Banking Firms During 2009-2011 Dinh Tran Ngoc Huy, International University of Japan - GSIM, HCMC, Vietnam Efficacy of a Bidder Training Program: Lessons from LINC Dakshina G. De Silva, Department of Economics, Lancaster University Management School Timothy P. Hubbard, Colby College - Department of Economics Georgia Kosmopoulou, University of Oklahoma - Department of Economics Russia's Fiscal Gap Eugene Goryunov, Gaidar Institute for Economic Policy Maria Kazakova, Gaidar Institute for Economic Policy, Russian Presidential Academy of National Economy and Public Administration Laurence J. Kotlikoff, Boston University - Department of Economics, Gaidar Institute for Economic Policy Arseny Mamedov, Gaidar Institute for Economic Policy Kristina Nesterova, Russian Presidential Academy of National Economy and Public Administration (RANEPA) Vladimir Nazarov, Gaidar Institute for Economic Policy, Russian Presidential Academy of National Economy and Public Administration Elena E. Grishina, Russian Presidential Academy of National Economy and Public Administration (RANEPA) Pavel Trunin, Gaidar Institute for Economic Policy, Russian Presidential Academy of National Economy and Public Administration Alexey Shpenev, Gaidar Institute for Economic Policy Competition for FDI and Profit Shifting: On the Effects of Subsidies and Tax Breaks Oscar Amerighi, ENEA - Italian National Agency for New Technologies, Energy and Sustainable Economic Development Giuseppe De Feo, University of Strathclyde, Glasgow - Strathclyde Business School - Department of Economics, University of Pavia - Department of Political Economy and Quantitative Methods ^top PUBLIC ECONOMICS: FISCAL POLICIES & BEHAVIOR OF ECONOMIC AGENTS eJOURNAL "Public Economics Gone Wild: Lessons from Venture Capital"  International Review of Financial Analysis, Forthcoming DOUGLAS J. CUMMING, York University - Schulich School of Business Email: dcum...@schulich.yorku.ca A recent article in the Journal of Public Economics has asserted, among other things, that government venture capital funds in Europe have crowded out private venture capital. I explain that the findings in that paper are based on empirical measures that are completely flawed. Moreover, I show with data spanning 13 countries and the years 1989-2011 that government venture capital funds in Europe have not crowded out private venture capital investment. Finally, I draw implications for studying venture capital and public policy for other countries such as India and China. "The Measurement of Impacts of Tax Rates on the Risk Level of Listed Viet Nam Banking Firms During 2009-2011"  DINH TRAN NGOC HUY, International University of Japan - GSIM, HCMC, Vietnam Email: dtnhu...@gmail.com The emerging stock market in Viet Nam has been developed since 2006 and affected by the financial crisis 2007-2009. This paperwork analyzes the impacts of tax policy on market risk for the listed firms in the banking industry as it becomes necessary. First of all, by using quantitative and analytical methods to estimate asset and equity beta of total 9 listed companies in Viet Nam banking industry with a proper traditional model, we found out that the beta values, in general, for many institutions are acceptable. Second, under 3 different scenarios of changing tax rates (20%, 25% and 28%), we recognized that there is not large disperse in equity beta values, estimated at 0,109, 0,108 and 0,107. These values are low and acceptable. Third, by changing tax rates in 3 scenarios (25%, 20% and 28%), we recognized equity beta mean value has positive relationship with the increasing levels of tax rate. Finally, this paper provides some outcomes that could provide companies and government more evidence in establishing their policies in governance. "Efficacy of a Bidder Training Program: Lessons from LINC"  DAKSHINA G. DE SILVA, Department of Economics, Lancaster University Management School Email: d.de...@lancaster.ac.uk TIMOTHY P. HUBBARD, Colby College - Department of Economics Email: timothy...@colby.edu GEORGIA KOSMOPOULOU, University of Oklahoma - Department of Economics Email: geor...@ou.edu In an effort to accommodate a change in the U.S. Federal Highway Administration's goals towards "race-neutral methods" concerning the involvement of Disadvantaged Business Enterprises in procurement contracting, the Texas Department of Transportation created a Learning, Information, Networking and Collaboration (LINC) bidder training program. We examine the costs, benefits, and efficacy of this program using ten years of data, leveraging firm-specific bidding patterns with participation dates. We study participation, entry and bidding patterns of LINC-trained relative to untrained firms. We also analyze market power effects and the survival rates of LINC graduates. "Russia's Fiscal Gap"  NBER Working Paper No. w19608 EUGENE GORYUNOV, Gaidar Institute for Economic Policy Email: gor...@iet.ru MARIA KAZAKOVA, Gaidar Institute for Economic Policy, Russian Presidential Academy of National Economy and Public Administration Email: kaza...@iet.ru LAURENCE J. KOTLIKOFF, Boston University - Department of Economics, Gaidar Institute for Economic Policy Email: kotl...@gmail.com ARSENY MAMEDOV, Gaidar Institute for Economic Policy Email: mam...@iet.ru KRISTINA NESTEROVA, Russian Presidential Academy of National Economy and Public Administration (RANEPA) Email: neste...@iet.ru VLADIMIR NAZAROV, Gaidar Institute for Economic Policy, Russian Presidential Academy of National Economy and Public Administration Email: naz...@iet.ru ELENA E. GRISHINA, Russian Presidential Academy of National Economy and Public Administration (RANEPA) Email: Gris...@iet.ru PAVEL TRUNIN, Gaidar Institute for Economic Policy, Russian Presidential Academy of National Economy and Public Administration Email: p...@iep.ru ALEXEY SHPENEV, Gaidar Institute for Economic Policy Email: shp...@me.com Every country faces what economists call an intertemporal (across time) budget constraint, which requires that its government’s future expenditures, including the servicing of its outstanding official debt, be covered by its government’s future receipts when measured in present value. The difference between the present value of a country’s future expenditures and its future receipts is called its fiscal gap.This study estimates Russia’s 2013 fiscal gap at 890 trillion rubles or $28 trillion. This longterm budget shortfall is 8.4 percent of the present value of projected GDP. Consequently, eliminating Russia’s fiscal gap on a smooth basis requires fiscal tightening by 8.4 percent of each future year’s projected GDP.One means of doing this is to immediately and permanently raise all Russian taxes by 29 percent. Another is to immediately and permanently cut all spending, apart from servicing outstanding debt, by 22.4 percent.How can a country with vast energy resources and foreign reserves and other financial assets that exceed its official debt still have very major fiscal problems? The answer is that the Russia’s energy resources are finite, whereas its expenditure needs are not. Moreover, Russia is aging and facing massive obligations from its pension system and other age related expenditures. Institutional subscribers to the NBER working paper series, and residents of developing countries may download this paper without additional charge at www.nber.org. "Competition for FDI and Profit Shifting: On the Effects of Subsidies and Tax Breaks"  OSCAR AMERIGHI, ENEA - Italian National Agency for New Technologies, Energy and Sustainable Economic Development Email: oscar.a...@enea.it GIUSEPPE DE FEO, University of Strathclyde, Glasgow - Strathclyde Business School - Department of Economics, University of Pavia - Department of Political Economy and Quantitative Methods Email: giusepp...@strath.ac.uk We investigate competition for FDI within a region when a foreign multinational firm can profitably exploit differences in statutory corporate tax rates by shifting taxable profits to lower-tax jurisdictions. In such framework we show that targeted tax competition may lead to higher welfare for the region as a whole than lump-sum subsidies when the difference in statutory corporate tax rates and/or their average is high enough. Tax competition is also preferable from an efficiency point of view (overall surplus) by changing the firm's investment decision when profit shifting motivations induce the firm to locate in the (before tax) least profitable country. ^top About this eJournal This eJournal distributes working and accepted paper abstracts. The topics in this eJournal include all of the subjects in Section H3 of the classification system of the JEL. Submissions To submit your research to SSRN, sign in to the SSRN User HeadQuarters, click the My Papers link on left menu and then the Start New Submission button at top of page. Distribution Services If your organization is interested in increasing readership for its research by starting a Research Paper Series, or sponsoring a Subject Matter eJournal, please email: R...@SSRN.com Distributed by Economics Research Network (ERN), a division of Social Science Electronic Publishing (SSEP) and Social Science Research Network (SSRN) Directors PUBLIC ECONOMICS EJOURNALS MICHAEL C. JENSEN Harvard Business School, Social Science Electronic Publishing (SSEP), Inc., National Bureau of Economic Research (NBER), European Corporate Governance Institute (ECGI) Email: mje...@hbs.edu Please contact us at the above addresses with your comments, questions or suggestions for ERN-Sub. Advisory Board Public Economics: Fiscal Policies & Behavior of Economic Agents eJournal ANTHONY B. ATKINSON University of Oxford - Department of Economics, CESifo (Center for Economic Studies and Ifo Institute) ALAN JEFFREY AUERBACH Robert D. Burch Professor of Economics and Law, University of California, Berkeley - Department of Economics, National Bureau of Economic Research (NBER), CESifo (Center for Economic Studies and Ifo Institute for Economic Research) PETER A. DIAMOND Institute Professor, Massachusetts Institute of Technology (MIT) - Department of Economics, National Bureau of Economic Research (NBER), CESifo (Center for Economic Studies and Ifo Institute) MARTIN S. FELDSTEIN Chief Executive Officer, National Bureau of Economic Research (NBER), George F. Baker Professor of Economics, Harvard University DON FULLERTON Professor, University of Illinois at Urbana-Champaign - Department of Finance, National Bureau of Economic Research (NBER), CESifo (Center for Economic Studies and Ifo Institute) ROGER H. GORDON University of California, San Diego (UCSD) - Department of Economics, Harvard University - Department of Economics, Fellow, Centre for Economic Policy Research (CEPR), National Bureau of Economic Research (NBER) MARK H. MOORE Guggenheim Professor of Criminal Justice Policy and Management, Harvard University - Kennedy School of Government - Hauser Center JAMES M. POTERBA Mitsui Professor/Associate Department Head, Massachusetts Institute of Technology (MIT) - Department of Economics, National Bureau of Economic Research (NBER) HARVEY S. ROSEN Princeton University - Department of Economics, National Bureau of Economic Research (NBER), CESifo (Center for Economic Studies and Ifo Institute) JOHN B. SHOVEN Professor, Stanford University - Department of Economics, National Bureau of Economic Research (NBER) HANS-WERNER SINN CEO, CESifo (Center for Economic Studies and Ifo Institute), Fellow, National Bureau of Economic Research (NBER), Director, Center for Economic Studies, Professor, Ludwig Maximilians University of Munich JOEL B. SLEMROD Paul W. McCracken Collegiate Professor of Business Economics and Public Policy, The Stephen M. Ross School of Business at the University of Michigan, National Bureau of Economic Research (NBER) MARK A. WOLFSON Professor, Stanford Graduate School of Business ^top Links: Subscribe to Journal | Unsubscribe from Journal | Join Site Subscription | Financial Hardship

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