The distinct characteristic in James Buchanan’s thinking about federalism in contrast to the traditional theory of fiscal federalism is his view about fiscal competition. In this paper, it is demonstrated that this thinking went through three stages. From the 1950s to the beginning of the 1970s, his analyses were well embedded in the traditional fiscal federalism literature and concerned with e...

Variations in aggregate poverty indices ca be due to differences in average poverty intensity, to changes in the welfare distances between those poor of initially unequal welfare status, and/or to emerging disparities in welfare among those poor of initially similar welfare status. This note uses a general cost-of-inequality approach that decomposes the total change in poverty into a sum of ind...

Based on the premise that non-trading reflects illiquidity, we hypothesize that managers use stock splits to attract more uninformed trading so that market makers can provide liquidity services at lower costs, which increases investors’ trading propensity and improves liquidity. The improvement allows investors to face reduced liquidity risk and require a lower liquidity premium, which in turn ...

We examine the form, adoption rates, and economic rationale for various mutual fund investment restrictions. A sample of U.S. domestic equity funds from 1994 to 2000 reveals systematic patterns in investment constraints, consistent with an optimal contracting equilibrium in the fund industry. Restrictions are more common when (i) boards contain a higher proportion of inside directors, (ii) the ...

the purpose of this study is to investigate the extent to which brand experience affects brand credit, brand attitude, and customer-based brand equity. by five-point likert scale, the data will be collected through questionnaire filled by 385 students in islamic azad university-firouzkouh branch using samsung, apple, nokia, sony, sony ericsson, and lg cell phones. lisrel is used to test researc...

the aim of this study is to examine the effect of advertising and sales promotions on brand equity creation. regarding the research purpose, this study is applied, and in terms of data collection this study is descriptive-causal based on structural equation modeling. the research tool for data collection was a valid questionnaire and the research population included consumers of samsung brand o...

brand plays an important role in contacting customers. even from the customer’s viewpoint, it is a symbol of product quality. measuring the brand equity in order to determine the brand position is of remarkable significance for companies, in particular iranian ones. the purpose of this article is to investigate the parameters that influence brand equity and provide a mathematical model for meas...

The tax burden on equity securities has varied substantially since US federal income taxes were introduced in 1913. Taxes on equity securities vary over time due to changes in dividend and capital gains tax rates and due to changes in corporate payout policies. Equity taxes also vary across firms due to persistent differences in propensities to pay dividends. Despite the continuing policy debat...

This study examines how accounting has informed private equity diversification claims and demand for private equity investments. Despite research showing private equity lacks portfolio diversification benefits, those marketing private equity assets continue to emphasize its diversification value, and demand for private equity investments has surged. Exploiting the change in international accoun...

We examine the choice of equity offering type and the accompanying information content using a sample of 4,708 equity offerings announced between 1980 and 1998. We find evidence that announcements of regular equity offerings involving primary shares convey unfavorable information about future operating performance, while announcements of regular offerings of secondary shares and shelf registrat...