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Financial Regulations 1最新文献

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The 2001 Debt and Equity Tax Rules: Evidence of Non-Tax Neutrality in Australia 2001年债务和股权税收规则:澳大利亚非税收中立的证据
Pub Date : 2011-08-21 DOI: 10.2139/ssrn.1913984
J. Fenech, Victor Fang
Tax arbitrage was extensive within the convertible market in Australia. The Treasury sought ways to minimize the tax misclassification issue and in 2001, the Commonwealth enacted the New Business Tax System (Debt and Equity) Bill 2001. This paper investigates whether the new tax rules classify convertibles in accordance to their economic substance rather than their legal form. The findings suggest evidence of stability and consistency within the convertible market post 2001. However, the economic substance of a security depends on the stock price at conversion/maturity. Hence, allocating a tax classification at issuance raises doubts on whether the security can be appropriately classified in accordance to its economic substance. The findings suggest that the non-financial cohort within the equity-like category are non-tax neutral. This category is highly unlikely to convert to common stock, similar to fixed-income securities.
在澳大利亚的可转换市场中,税收套利非常普遍。财政部寻求将税收错误分类问题最小化的方法。2001年,联邦颁布了《2001年新营业税制度(债务和股权)法案》。本文研究了新税法是否根据其经济实质而不是其法律形式对可转换资产进行分类。研究结果表明,2001年后可兑换市场的稳定性和一致性。然而,证券的经济实质取决于转换/到期时的股票价格。因此,在发行时分配税收分类,会让人怀疑证券能否根据其经济实质进行适当的分类。研究结果表明,类股票类别中的非金融类别是非税收中性的。这类债券几乎不可能转换为普通股,类似于固定收益证券。
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引用次数: 0
Bank Risk Within and Across Equilibria 均衡内和均衡间的银行风险
Pub Date : 2011-07-26 DOI: 10.2139/ssrn.2136842
Itai Agur
This paper models a financial sector in which there is a feedback between individual bank risk and aggregate funding market problems. Greater individual risk taking worsens adverse selection problems on the market. But adverse selection premia on that market push up bank risk taking, leading to multiple equilibria. The model identifies shifts among equilibria as a function of parameter shocks. Measures that reduce individual bank default risk within an equilibrium can actually make the system as whole more sensitive to shocks. Risks may thus seem small and market risk premia low precisely when the system as whole is most fragile.
本文对单个银行风险与总体融资市场问题之间存在反馈关系的金融部门进行了建模。更大的个人风险承担加剧了市场上的逆向选择问题。但市场上的逆向选择溢价推高了银行的风险承担,导致多重均衡。该模型将均衡之间的转移识别为参数冲击的函数。在均衡状态下降低单个银行违约风险的措施,实际上会使整个体系对冲击更加敏感。因此,风险可能看起来很小,市场风险溢价也可能很低,而恰恰是在整个体系最脆弱的时候。
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引用次数: 8
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Financial Regulations 1
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