| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4041 |
| DP4041 Distance and FDI When Contracts are Incomplete | |
| Gianmarco Ottaviano; Alessandro Turrini | |
| 发表日期 | 2003-09-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | This Paper re-examines the impact of capital income taxes on the incentive to invest in the presence of risk. Specifically, it challenges a well-known claim in the literature that such a tax can leave incentives ?basically unaffected? because the tax liability is offset by a reduction in the post-tax risk of the investment. The Paper argues that this claim is based on a misinterpretation of the cost of capital, and that in general the cost of capital is not helpful in assessing investment incentives in the presence of risk. Instead it proposes an alternative measure, based on the market value of the pre-tax stochastic cash flows. This measure indicates that the disincentive effect of capital income taxes can be substantial. |
| 主题 | Public Economics |
| 关键词 | Capital income tax investment |
| URL | https://cepr.org/publications/dp4041 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533017 |
| 推荐引用方式 GB/T 7714 | Gianmarco Ottaviano,Alessandro Turrini. DP4041 Distance and FDI When Contracts are Incomplete. 2003. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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