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A Brief Intro to Modern Portfolio Theory
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Using the discount rate as the required rate of return, the net present value of an investment is the present value of the cash inflows minus the present value of the cash outflows. By using the discount rate I conducted a test to see if the project is expected to earn our minimum desired rate of return. Here are my decision rules:. Corporation B is the better selection because:. Whilst, Jaffe et al. IRR is the rate at which the NPV of the project is equal to zero and investment decision becomes "accept the project if IRR is greater than the discount rate, [and] reject the project if IRR is less than the discount rate" Jaffe et al.

Importantly, IRR is a method for determining value that does not depend on the determination of a discount rate. This method requires the calculation of a discount rate such that the discounted value of future cost-benefit flows exactly equals the initial investment. Dean in Smith, As such, to apply the IRR reference must be made to the discount rate in order to arrive at a decision. Theoretically, the NPV and IRR techniques arrive at the same investment decision and an investor can be indifferent as to which method is used.

GST stands for" Goods and Services Tax", and is proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. GST implementation is a milestone in Indian tax system. It transforms the country into one unified common market. It will reduce the existing complexity of taxes as it subsumes VAT, Excise duty, service tax and Sales tax.

Gearing up for the next big wave in the Indian Economy free download Abstract: India is a Tax driven economy. This tax is levied on business owners, entrepreneurs and salaried people. The revenue thus generated by imposing taxes on the general public is used to run and develop the nation. Many economists have quoted that Specific Activity: Incubate for 1 hr.

Shanmugasundaram free download Abstract In India indirect taxes have driven business community to restructure and model their business systems owing to multiple taxes and costs involved. The Malaysian government's decision to implement the GST in April has affected every member of society in the country.

GST is a tax on goods and services with value addition at each stage having comprehensive and continuous chain of GST: It seeks to stream line the taxation system so that there is a single tax paid for supply of goods and services. It would be implemented from the second quarter of the financial year However, the financial year FY10 faces multiple downside risks.

The major risk emanates from the fallout affects of the global Will GST Exacerbate Regional Divergence free download This article analyses the extent of regional disparities in income per capita in India, considering both disparities amongst and within major states.

For within-state inequality, this article is the first to use a nightlights luminosity data set as a proxy for gross domestic GST compliance in New Zealand: A comparative study of taxpayers in the primary and trades sector free download Abstract Prior studies on tax compliance tend to focus on individuals and income tax.

Recent comprehensive reviews of the literature Alm, ; Torgler, have identified that groups of taxpayers and compliance with other tax types, such as consumption taxes, GST rollout, a revolutionary step towards strengthening economy of India free download Abstract The roll out of GST will be a revolutionary step in seventy years of independence in the field of indirect taxation reform in India. By amalgamating a large number of Central and state taxes into a single entity, it will mitigate the cascading or double taxation effect in a old goods service tax Goods and Services Tax free download Remaining Legislative Procedure: At present, the Central Government levies taxes on the manufacture of goods and the State Governments levy taxes on the sale of goods.

Moreover, State Governments are not permitted to tax services, which remain the sole domain of the The impacts of goods and services tax GST on middle income earners in Malaysia free download Goods and Services Tax GST is a consumption tax imposed on the sale of goods and services. It is a new tax instrument introduced by the Malaysian government soon, estimated in would be the soonest year Using theory of reasoned action to explain taxpayer intention to comply with goods and services tax free download Abstract The aim of this study is to investigate the perception of taxpayers towards the implementation of good and services tax GST in Malaysia.

Theory of reasoned action proposed by Fishbein and Ajzen was used as the underlying theory for the study. Goods and services tax: During this period, the PNG economy experienced high budget deficits, inflation, interest rates, and public debt Options for the Goods and Services Tax free download The Liberal commitment to replace the goods and services tax GST with a better tax has been studied by the House of Commons Finance Committee.

The question of alternatives to the GST is not a new one. Prior to its introduction in , a minority of tax experts Use of tax data: We find that these differences amplify the response of emerging economies to fluctuations in commodity prices. We show evidence consistent with these findings using cross-country data. Our consumption data come from household-level retail purchases in Nielsen and auto purchases from Equifax credit balances. We translate the regional consumption responses to an aggregate fiscal multiplier using a multi-region, New Keynesian model with heterogeneous agents and incomplete markets.

Our model successfully generates the estimated positive local multiplier, a result that distinguishes our incomplete markets model from models with complete markets. The aggregate consumption multiplier is 0. The aggregate consumption multiplier is almost twice the local estimate because trade linkages propagate government spending across regions. We present a model which considers both regulatory burden of offshoring barriers and possible terms of trade gains from such barriers.

Non-tariff barriers are shown to be unambiguously welfare-reducing, and tariff barriers raise welfare only when associated terms-of-trade gains exceed resulting regulatory burdens, in which case there is a positive optimal offshoring tax. Otherwise, free trade is optimal. Welfare reductions from an offshoring tax are more likely with several developed nations engaging in offshoring. We derive and characterize the Nash equilibrium in such a case. Martin Working Paper A updated January We examine the conduct of monetary policy in a world where the supply of outside money is controlled by the fiscal authority-a scenario increasingly relevant for many developed economies today.

Central bank control over the long-run inflation rate depends on whether fiscal policy is Ricardian or Non-Ricardian. The optimal monetary policy follows a generalized Friedman rule that eliminates the liquidity premium on scarce treasury debt.

We derive conditions for determinacy under both fiscal regimes and show that they do not necessarily correspond to the Taylor principle. In addition, Non-Ricardian regimes may suffer from multiplicity of steady-states when the government runs persistent deficits.

With rapid industrial upgrading along the global value chain of manufactured goods, China has transformed, within one generation, from an impoverished agrarian society to a middle-income nation as well as the largest manufacturing powerhouse in the world. For example, many Eastern European and Latin American countries after WWII jumped to the stage of heavy industrialization without fully developing their labor-intensive light industries, and thus stagnated in the middle-income trap.

Also, there is a clear lack of proto-industrialization in the rural areas for many African economies that have remained in the low-income trap. Instead, correct government-led bottom-up industrial policies are the key to escaping the low- and middle-income traps.

When constructing unconditional point forecasts, both direct- and iterated-multistep DMS and IMS approaches are common. This is despite the fact that there are theoretical reasons to believe that DMS models are more robust to misspecification than are IMS models. In the context of unconditional forecasts, Marcellino, Stock, and Watson MSW, investigate the empirical relevance of these theories.

In this paper, we extend that work to conditional forecasts. We do so based on linear bivariate and trivariate models estimated using a large dataset of macroeconomic time series. Over comparable samples, our results reinforce those in MSW: The distinction is particularly clear when we forecast nominal rather than real variables where the relative gains can be substantial. We study the design of lender of last resort interventions and show that the provision of long-term liquidity incentivizes purchases of high-yield short-term securities by banks.

Using a unique security-level data set, we find that the European Central Bank's three-year Long-Term Refinancing Operation caused Portuguese banks to purchase short-term domestic government bonds that could be pledged to obtain central bank liquidity. This "collateral trade" effect is large, as banks purchased short-term bonds equivalent to The steepening of peripheral sovereign yield curves after the policy announcement is consistent with the equilibrium effects of the collateral trade.

These facts can be largely accounted for in a straightforward extension of a workhorse model of defaultable debt that accommodates a simple form of heterogeneity in time preference but not otherwise. Banking on the Boom, Tripped by the Bust: Wheelock Working Paper B updated January Bank lending booms and asset price booms are often intertwined.

Although a fundamental shock might trigger an asset boom, aggressive lending can push asset prices higher, leading to more lending, and so on. Such a dynamic seems to have characterized the agricultural land boom surrounding World War I. This paper examines i how banks responded to the asset price boom and how they were affected by the bust; ii how various banking regulations and policies influenced those effects; and iii how bank lending contributed to rising farm land values in the boom, and how bank closures contributed to falling prices in the bust.

We find that rising crop prices encouraged bank entry and balance sheet expansion in agriculture counties. State deposit insurance systems amplified the impact of rising crop prices on the size and risk of bank portfolios, while higher minimum capital requirements dampened the effects. Further, increases in county farm land values and mortgage debt were correlated with the number of local banks ex ante and increases in bank loans during the boom. When farm land prices collapsed, banks that had responded most aggressively to the asset boom had a higher probability of closing, while counties with more bank closures experienced larger declines in land prices than can be explained by falling crop prices alone.

The relationship between venture capital and growth is examined using an endogenous growth model incorporating dynamic contracts between entrepreneurs and venture capitalists. At each stage of financing, venture capitalists evaluate the viability of startups. If viable, VCs provide funding for the next stage.

The success of a project depends on the amount of funding. The model is confronted with stylized facts about venture capital; viz. Raising capital gains taxation reduces growth and welfare.

Many models in the business cycle literature generate counter-cyclical price markups. This paper examines if the prominent models in the literature are consistent with the empirical findings of micro-level markup behavior in Hong In particular, I test the markup behavior of the following two models: First, I explore the Atkeson and Burstein model of oligopolistic competition, in which markups are an increasing function of firm market shares.

Coupled with an exogenous uncertainty shock as in Bloom , i. However, in contrast with the data, this model predicts that smaller firms reduce their markups. Second, I calibrate both Calvo and menu cost models of price stickiness to match the empirical heterogeneity in price dura tions across small and large firms, as in Goldberg and Hellerstein I find that both models can match the average counter-cyclicality of markups in response to monetary shocks. Furthermore, since small firms adjust prices less frequently, they exhibit greater markup counter-cyclicality, consistent with the empirical patterns.

Quantitatively, however, only the menu cost model, through its selection effect, can match the extent of the empirical heterogeneity in markup cyclicality. In addition, both sticky price models imply pro-cyclical markup behavior in response to productivity shocks. This paper studies the importance of firm-level price markup dynamics for business cycle fluctuations. The first part of the paper uses state-of-the-art IO techniques to measure the behavior of markups over the business cycle at the firm level.

I find that markups are countercyclical with an average elasticity of Importantly, I find substantial heterogeneity in markup cyclicality across firms, with small firms having significantly more countercyclical markups than large firms. In the second part of the paper, I develop a general equilibrium model that matches these empirical findings and explore its implications for business cycle dynamics.

In particular, I embed customer capital due to deep habits as in Ravn, Schmitt-Grohe, and Uribe into a standard Hopenhayn model of firm dynamics with entry and exit. In particular, during recessions, the endogenous higher exit probability for smaller firms implies that they place lower weight on future profits, leading them to charge higher markups.

This mechanism serves to endogenously increase the dispersion of firm sales and employment in recessions, a property that is consistent with the data. I further show that the resulting input misallocation amplifies both the volatility and persistence of the exogenous productivity shocks driving the business cycle.

Optimal fiscal policy in overlapping generations models by Carlos Garriga Working Paper A updated October In this paper, we explore the proposition that the optimal capital income tax is zero using an overlapping generations model. We prove that for a large class of preferences, the optimal capital income tax along the transition path and in steady state is non-zero.

For a version of the model calibrated to the US economy, we find that the model could justify the observed rates of capital income taxation for an empirically reasonable intertemporal utility function and a robust demographic structure.

Unconventional monetary policy and long yields during QE1:

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Research Paper on Capital Structure October 11, writer Research Papers 0 Capital structure is the percentage of the equity and debt capital used for the functioning of a firm and its wise management.

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The paper identifies the most important determinants of capital structure of listed Indian firms comprising both private sector companies and government companies for the period – Ten independent variables and three dependent variables have been tested using regression analysis.

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Capital Structure This Research Paper Capital Structure and other 64,+ term papers, college essay examples and free essays are available now on Autor: review • February 12, • Research Paper • 1, Words (8 Pages) • 1, Views4/4(1). - Contents: Introduction on Capital Structure Summary and Evaluation of Articles Conclusion References/Bibliography Introduction On Capital Structure: In the field of finance capital structure means a way an organization or firms finances their assets by the way of some mix and match of Equity, Debt or Hybrid Securities.

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Open access to lectures on finance, Karachi Stock Exchange data, and macroeonomic data of Pakistan. and its shareholders. In other words, by capital structure decisions, firms aim at minimising their cost of capital. The capital structure at which the over all cost of capital of the firm is minimum is known as optimal capital structure. An appropriate capital structure .