This paper examines a revenue neutral green tax reform along the lines of the Double Dividend hypothesis. Using a dynamic general equilibrium model calibrated to the US economy, we find that increasing gasoline taxes and using the revenue to reduce capital income taxes does indeed deliver both types of welfare gains: from higher consumption of market goods ( an efficiency dividend), and from a ...

This paper examines the relation between ownership structure and dividend smoothing by comparing the degree of dividend smoothing engaged in by family and non-family firms. We expect family firms to exhibit less dividend smoothing behaviour than non-family firms due to lower agency conflicts and less information asymmetry experienced by family firms. Based on a sample of S&P 500 firms from 1997...

This paper studies how simultaneously liberalizing trade and tightening environmental policy affect welfare in a second-best world. We consider a three-good two-factor small open economy. We allow for non-tradables and for market power in the export market. The government is constrained to balance its budget at all times through distortionary taxes: a given income transfer has to be financed ou...

With the policy performance of Nordic countries especially from aspects energy security, equity, and environmental sustainability, this study provides more in-depth on countries’ disaggregated taxes. To examine greenhouse gas emission intensity effects tax, pollution resource transport tax alongside controlling for role employment rate gross domestic product over period 1995–2020, empirical too...

Using a new dataset which contains monthly data on 1,015 stocks traded on the London Stock Exchange between 1825 and 1870, we investigate the cross section of stock returns in this early capital market. Unique features of this market allow us to evaluate the veracity of several popular explanations of asset pricing behavior. Using portfolio analysis and Fama-MacBeth regressions, we find that st...

This study employs a real option pricing approach to conduct an evaluation of the optimal investment strategy for a firm confronted with sequential technology innovations. Stochastic assumptions of innovations in their arrival times and their profitability are added to the model, so as to conform to the most important characteristics of real-world technology markets. Furthermore, this study inc...