This study examines how variations in states’ corporate income tax regimes affect new capital investment by business. Using U.S. state-aggregated data from 1983 to 1996, we find in pooled and fixed-effects regressions that new capital expenditures by corporations in the manufacturing sector are decreasing in the income tax burden on property (measured as the product of the statutory tax rate an...

This paper investigates the issue of an economic manufacturing quantity model for defective products involving imperfect production processes and rework. We consider that the demand is sensitive to promotional efforts/sales teams’ initiatives as well as the setup cost can be reduced through further investment. It also assumes that fixed quantity multiple installments of the finished batch are d...

Papers published in this report series are preliminary versions of journal articles and not for quotations. Abstract This paper extends the real options literature by discussing an investment problem, where a firm has to determine optimal investment timing and optimal capacity choice at the same time under conditions of irreversible investment expenditures and uncertainty in future demand. Afte...

This paper investigates the effect of different patent regimes on R&D investment and social welfare in a duopoly market with uncertain R&D process. We find that strong patent protection increases R&D investment of at least one firm but whether both firms’ R&D investment will be more under strong patent protection is ambiguous. While ex-ante welfare is more likely to be higher under strong paten...

This paper addresses the question of determining the optimal timing of interventions in information security management. Using utility theory, we derive the limiting condition under which, given a potential or realized risk, a decision to invest, delay, or abandon can be justified. Our primary focus is on the decision to defer costly deterministic investments, such as the removal of a service o...

Many investments create both fixed assets and options for future investments, or “growth options”. It is natural to expect these future growth options to affect the timing of the initial decision to invest. This paper examines the impact of growth options on this initial decision in a capacity expansion context. We show that the impact of the growth options depends on whether the initial invest...

40] A.J. Wilkie. Model completeness results for expansions of the ordered eld of real numbers by restricted Pfaaan functions and the exponential function. for discussions and comments, anonymous referees for suggesting numerous improvements, and Mihalis Yannakakis for his suggestions that helped improve the presentation.

sustained is by omitting any reference to the sensation novels thronged with palpably nervous middle-class bodies which gave rise during the 1860s to a fury of indignation. "The reader's nerves are affected like the hero's", Margaret Oliphant stridently complained in a review of the most famous of them all, Wilkie Collins's The woman in white (1860). Such omissions make Nerves and narratives, a...

e are pleased to have an cognizing the Silver Anni romarketing (JMM) and to amental role within schol ments here are based on an ast nine years, in which we nature and extent of mar ed a great deal while doin lesson involves the appr romarketing perspective fo g scholarship. s macromarketers well know by all sectors of marketing a we explore eight distinct issu n in Table 1, these eight po utur...

JEL Bibliographic Code O15, O18, O47, O53 We postulate that inferior factor productivity in China’s noncoastal provinces is a principal reason for their lower economic growth despite high investment rates relative to coastal provinces. Using the residual from a fixed-effect Solow growth model for the years 1978-93, we find that TFP is roughly twice as high in the coastal provinces. We estimate ...