Tax Loss Carrybacks: Investment Stimulus versus Misallocation

2017 ◽  
Vol 93 (4) ◽  
pp. 101-125 ◽  
Author(s):  
Inga Bethmann ◽  
Martin Jacob ◽  
Maximilian A. Müller
Keyword(s):  
Productivity Loss ◽  
Future Prospects ◽  
Competitive Selection ◽  
Aggregate Output ◽  
Tax Regimes ◽  
Investment Response ◽  
Tax Loss ◽  
Loss Firms ◽  
Jel Classifications ◽  
Selection Of

ABSTRACT Tax regimes treat losses and profits asymmetrically when profits are immediately taxed, but losses are not immediately refunded. We find that treating losses less asymmetrically by granting refunds less restrictively increases loss firms' investment: A third of the refund is invested and the rest is held as cash or returned to shareholders. However, the investment response is driven primarily by firms prone to engage in risky overinvestment. Consistent with the risk of misallocation, we find a delayed exit of low-productivity loss firms receiving less restrictive refunds, indicating potential distortion of the competitive selection of firms. This distortion also negatively affects aggregate output and productivity. Our results suggest that stimulating loss firms' investment with refunds unconditional on their future prospects comes at the risk of misallocation. JEL Classifications: G31; H21; H25.

scholarly journals The Limitations in Current Studies of Organic Fouling and Future Prospects

Membranes ◽  
2021 ◽  
Vol 11 (12) ◽  
pp. 922
Author(s):  
Xianghao Meng ◽  
Shujuan Meng ◽  
Yu Liu
Keyword(s):  
Membrane Fouling ◽  
Separation Efficiency ◽  
Deep Understanding ◽  
Support Vector ◽  
Feed Water ◽  
Source Water ◽  
Future Prospects ◽  
Surrogate Substances ◽  
High Separation ◽  
Selection Of

Microfiltration and ultrafiltration for water/wastewater treatment have gained global attention due to their high separation efficiency, while membrane fouling still remains one of their bottlenecks. In such a situation, many researchers attempt to obtain a deep understanding of fouling mechanisms and to develop effective fouling controls. Therefore, this article intends to trigger discussions on the appropriate choice of foulant surrogates and the application of mathematic models to analyze fouling mechanisms in these filtration processes. It has been found that the commonly used foulant surrogate (sodium alginate) cannot ideally represent the organic foulants in practical feed water to explore the fouling mechanisms. More surrogate foulants or extracellular polymeric substance (EPS) extracted from practical source water may be more suitable for use in the studies of membrane fouling problems. On the other hand, the support vector machine (SVM) which focuses on the general trends of filtration data may work as a more powerful simulation tool than traditional empirical models to predict complex filtration behaviors. Careful selection of foulant surrogate substances and the application of accurate mathematical modeling for fouling mechanisms would provide deep insights into the fouling problems.

Auditor Selection and IPO Underpricing

2018 ◽  
pp. 358-389
Author(s):  
Miriam Koning
Keyword(s):  
Initial Public Offering ◽  
Quality Level ◽  
Signal Quality ◽  
Future Prospects ◽  
Ipo Underpricing ◽  
Audit Firm ◽  
Insurance Hypothesis ◽  
Quality Certification ◽  
Public Offering ◽  
Selection Of

This chapter focuses on the selection of an audit firm by UK initial public offering (IPO) firms. It documents that many IPO firms switch to an audit firm in a different segment (big, midsize, or small), which suggests that IPO firms carefully select an audit firm of a particular quality level before they go public. It examines whether the selection of an auditor by IPO firms is driven by the demand for certification or insurance. The authors find that IPO firms are more likely to choose a high-quality auditor when the uncertainty of the firm’s future prospects is higher and they want to signal quality (certification driven by signaling). In addition, they find that firms with riskier IPO offerings select higher-quality auditors, in line with the insurance hypothesis. They find mixed results for the certification hypotheses when testing for the effect of auditor reputation on initial returns.

scholarly journals GABA promotes the competitive selection of dendritic spines by controlling local Ca2+ signaling

2013 ◽  
Vol 16 (10) ◽  
pp. 1409-1416 ◽  
Author(s):  
Tatsuya Hayama ◽  
Jun Noguchi ◽  
Satoshi Watanabe ◽  
Noriko Takahashi ◽  
Akiko Hayashi-Takagi ◽  
...  
Keyword(s):  
Dendritic Spines ◽  
Competitive Selection ◽  
Selection Of

scholarly journals Transition to a Competitive Consultant Selection Method: A Case Study of a Public Agency in Israel

10.28945/4891 ◽  
2021 ◽  
Vol 16 ◽  
pp. 491-503
Author(s):  
Amichai Mitelman ◽  
Yahel Giat
Keyword(s):  
Data Storage ◽  
Selection Process ◽  
Selection Method ◽  
Competitive Bidding ◽  
Future Research ◽  
Sources Of Information ◽  
Qualitative Comparison ◽  
Competitive Selection ◽  
Selection Of

Aim/Purpose: This paper reports a case study of organizational transition from a non-competitive selection method to a novel bidding method for the selection of consultants in the Architectural and Engineering (A/E) industry. Background: Public procurement agencies are increasingly relying on external consultants for the design of construction projects. Consultant selection can be based on either competitive bidding, or quality-based criteria, or some combination between these two approaches. Methodology: Different sources of information were reviewed: internal documents, and quantitative data from the enterprise software platform (ERP). In addition, informal and unstructured interviews were conducted with relevant officials. Contribution: As there are mixed opinions in the scientific literature regarding the use of competitive bidding for the selection of consultants in the A/E industry, this paper contributes a detailed review of a transition to a competitive selection method and provides a financial and qualitative comparison between the two methods. In addition, the method implemented is novel, as it delegates most of the responsibility of hiring and managing consultants to one main contractor. Findings: While the new selection method was intended to reduce bureaucratic overload, it has unexpectedly also succeeded to reduce costs as well. Recommendations for Practitioners: It may be more efficient and profitable to adopt the selection method described in this study. Recommendation for Researchers: Similar methods can be applied to other industries successfully. Impact on Society: Our method was applied in a public organization and resulted in a better outcome, both financial and managerial. Adopting this approach can benefit public budgets. Future Research: The selection, data storage, and analysis methods are interrelated components. Future analysis of these components can help better shape the consultant selection process.

scholarly journals Competitive selection of superimposed stimuli moving through space

2010 ◽  
Vol 3 (9) ◽  
pp. 37-37
Author(s):  
M. Fallah ◽  
G. R Stoner ◽  
J. H Reynolds
Keyword(s):  
Competitive Selection ◽  
Selection Of
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