Optimal Capital Taxation - Publications - Faculty & Research - Harvard Business School

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Article

Do Strong Fences Make Strong Neighbors?

By: Mihir Desai and Dhammika Dharmapala

Many features of U.S. tax policy towards multinational firms-including the governing principle of capital export neutrality, the byzantine system of expense allocation, and anti-inversion legislation-reflect the intuition that building "strong fences" around the United... View Details

Keywords: International Taxation; Initial Public Offerings; Foreign Portfolio Investment; Policy; Taxation; Multinational Firms and Management; Globalized Markets and Industries; Initial Public Offering; Mergers and Acquisitions; Foreign Direct Investment; United States

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06 Jun 2013
Working Paper Summaries

Do Strict Capital Requirements Raise the Cost of Capital? Banking Regulation and the Low Risk Anomaly

Keywords: by Malcolm Baker & Jeffrey Wurgler; Banking; Financial Services

Research Summary

Wage Policies and Incentives to Invest in Firm-Specific Human Capital (joint with George Baker and Nancy Dean Beaulieu)

The accumulation of firm-specific knowledge improves firm productivity and employee reten-tion, by creating a wedge between what the employee is worth inside and outside the firm. How does the firm create incentives for investment in firm-specific human capital when... View Details

04 Oct 2021
Blog Post

Tapping into “Nontraditional” Private Equity and Venture Capital Talent at HBS

Recruiters reviewing hundreds of resumes for highly coveted roles in private equity and venture capital will often see candidates with backgrounds in banking and investing. This training and experience provides candidates with excellent... View Details

Keywords: Venture Capital; Venture Capital

December 2020
Article

Stock Market Returns and Consumption

By: Marco Di Maggio, Amir Kermani and Kaveh Majlesi

This paper employs Swedish data containing security level information on households' stock holdings to investigate how consumption responds to changes in stock market returns. We exploit households’ portfolio weights in previous years as an instrument for actual... View Details

Keywords: Capital Gain; Dividend Income; Consumption; Near-rational Behavior; Investment Return; Household; Spending; Behavior

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2009
Working Paper

Endowments, Fiscal Federalism, and the Cost of Capital for States: Evidence from Brazil, 1891-1930

By: Andre C. Martinez Fritscher and Aldo Musacchio

There is a large amount of literature that aims to explain what determines country risk (defined as the difference between the yield of a sovereign's bonds and the risk-free rate). In this paper, we contribute to the discussion by arguing that an important explanatory... View Details

Keywords: Business History; Sovereign Finance; Goods and Commodities; Risk and Uncertainty; Trade; Taxation; Cost of Capital; Revenue; Brazil

2009
Working Paper

Endowments, Fiscal Federalism, and the Cost of Capital for States: Evidence from Brazil, 1891-1930

By: Andre C. Martinez Fritscher and Aldo Musacchio

There is a large amount of literature that aims to explain what determines country risk (defined as the difference between the yield of a sovereign's bonds and the risk free rate). In this paper, we contribute to the discussion by arguing that an important explanatory... View Details

Keywords: Trade; Cost of Capital; Revenue; Sovereign Finance; Goods and Commodities; Taxation; Business History; Risk and Uncertainty; Brazil

April 2010
Article

Endowments, Fiscal Federalism, and the Cost of Capital for States: Evidence from Brazil, 1891-1930

By: Andre C. Martinez Fritscher and Aldo Musacchio

There is a large literature looking at the determinants of country risk (defined as the difference between the yield of a sovereign's bonds and the risk-free rate). In this paper, we contribute to the discussion by arguing that an important explanatory factor is the... View Details

Keywords: Bonds; Performance Capacity; Taxation; Revenue; Governance; Geographic Location; Trade; Price; Cost of Capital; Risk and Uncertainty; Public Administration Industry; Brazil

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11 Oct 2021
Blog Post

Crafting a Nontraditional Path to Venture Capital and Private Equity with Morgan Sheil (MBA 2021)

a year and a half working in supply chain optimization at Pinnacle Foods in New Jersey, Sheil faced a choice – begin her MBA now or pull one more lever of change. “I had the option to either go to HBS or I could do something else for a... View Details

Article

The Stock Selection and Performance of Buy-Side Analysts

By: Boris Groysberg, Paul M. Healy, Georgios Serafeim, Devin Shanthikumar and Gui Yang

We examine the selection and performance of stocks recommended by analysts at a large investment firm relative to those of sell-side analysts during the period mid-1997 and 2004. The buy-side firm's analysts issued less optimistic recommendations for stocks with larger... View Details

Keywords: Buy-side Analysts; Sell-side Analysts; Stock Recommendations; Recommendation Optimism; Recommendation Performance; Investment Recommendations; Conflicts Of Interest; Financial Markets; Financial Institutions; Stocks; Financial Services Industry; United States

July 2016
Article

Taxation, Corruption, and Growth

By: Philippe Aghion, Ufuk Akcigit, Julia Cagé and William R. Kerr

We build an endogenous growth model to analyze the relationships between taxation, corruption, and economic growth. Entrepreneurs lie at the center of the model and face disincentive effects from taxation but acquire positive benefits from public infrastructure.... View Details

Keywords: Endogenous Growth; Public Goods; Corruption; Crime and Corruption; Entrepreneurship; Taxation; Economic Growth

May 2013
Article

The Stock Selection and Performance of Buy-Side Analysts

By: Boris Groysberg, Paul Healy, George Serafeim and Devin Shanthikumar

Prior research on equity analysts focuses almost exclusively on those employed by sell-side investment banks and brokerage houses. Yet investment firms undertake their own buy-side research and their analysts face different stock selection and recommendation incentives... View Details

Keywords: Buy-side Analysts; Sell-side Analysts; Stock Recommendations; Recommendation Optimism; Recommendation Performance; Investment Recommendations; Conflicts Of Interest; Financial Markets; Financial Institutions; Financial Services Industry; United States

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2015
Working Paper

Executives' Financial Preferences and Shareholder Tax Outcomes

By: Gerardo Pérez Cavazos and Andreya M. Perez-Silva

We demonstrate that executives’ personal financial preferences impact both layers of shareholder taxes, corporate taxes and corporate payouts. We reconstruct executives’ insider equity portfolios to quantify their personal incentives and analyze stock sales that reveal... View Details

Keywords: Executives; Capital Gain; Dividends; Effective Tax Rate; Tax Avoidance; Taxation; Management Teams; Business and Shareholder Relations

March 2020
Article

Synergistic Value in Vertically Integrated Power-to-Gas Energy Systems

By: Gunther Glenk and Stefan Reichelstein

In vertically integrated energy systems, integration frequently entails operational gains that must be traded off against the requisite cost of capacity investments. In the context of the model analyzed in this study, the operational gains are subject to inherent... View Details

2009
Working Paper

Stretching the Inelastic Rubber: Taxation, Welfare and Lobbies in Amazonia, 1870-1910

By: Felipe Tamega Fernandes

This paper examines the effect of government intervention via taxation on domestic welfare. A case-study of Brazilian market power on rubber markets during the boom years of 1870-1910 shows that the government generated 1.3% of GDP through an export tax on rubber but... View Details

Keywords: Government Legislation; Taxation; Business and Government Relations; Welfare or Wellbeing; Rubber Industry; Brazil

February 2020 (Revised August 2021)
Case

Australia: Commodities, Competitiveness, Climate and China

By: Richard H.K. Vietor and Laura Alfaro

For the past few decades, Australia has dealt with the benefits and costs of repeated mining booms—inflation, a housing bubble, a current account deficit, and growing dependence on China. Between 1996 and 2007, however, Australia had most of these issues under control... View Details

Keywords: Commodities; Competitiveness; Carbon Tax; Environment; Capital Flows; Current Account; Mining; Economy; Problems and Challenges; Climate Change; Taxation; Competition; Financial Condition; Government and Politics; Inflation and Deflation; Environmental Sustainability; Australia

March 2011
Teaching Note

Valuation of AirThread Connections (Brief Case)

By: Erik Stafford and Joel L. Heilprin

Teaching note for case #4263. View Details

Keywords: Present Value; Tax Accounting; Capital Costs; Synergy; Telephony; Wireless Technologies; Assets; Cost of Capital; Valuation; Capital Structure; Cash Flow; Communication; Taxation; Accounting; Wireless Technology

January 2011
Article

Building a Better America—One Wealth Quintile at a Time

By: Michael I. Norton and Dan Ariely

Disagreements about the optimal level of wealth inequality underlie policy debates ranging from taxation to welfare. We attempt to insert the desires of "regular" Americans into these debates, by asking a nationally representative online panel to estimate the current... View Details

Keywords: Taxation; Policy; Perspective; Wealth; Equality and Inequality; Income; Demography; Debates; Welfare; Diversity; Philanthropy and Charitable Giving; United States

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March 2011
Supplement

Valuation of AirThread Connections, Faculty Spreadsheet Supplement (Brief Case)

By: Erik Stafford and Joel L. Heilprin

Keywords: Present Value; Tax Accounting; Capital Costs; Synergy; Telephony; Wireless Technologies; Assets; Cost of Capital; Valuation; Capital Structure; Cash Flow; Communication; Taxation; Accounting; Wireless Technology

Research Summary

Paper - Stretching the Inelastic Rubber: Taxation, Welfare and Lobbies in Amazonia, 1870-1910 (Job Market Paper)

This paper examines the effect of government intervention via taxation on domestic welfare. A case-study of Brazilian market power on rubber markets during the boom years of 1870-1910 shows that the government generated 1.3% of GDP through an export tax on rubber... View Details

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