Tax Law (Books and Journals)
- European Financial Management From Nbr. 1-1, March 1995 to Nbr. 24-2, March 2018 Wiley, 2021
- La armonización del impuesto sobre hidrocarburos en la Unión Europea by: Dykinson, 2014
- Tratado de Aduanas e Impuestos Especiales by: J.M. Bosch Editor, 2013
- Las cláusulas anti-abuso específicas tributarias frente a las libertades de circulación de la Unión Europea by: J.M. Bosch Editor, 2010
- Reforma y armonización de la fiscalidad de los grupos societarios europeos by: J.M. Bosch Editor, 2009
- Studi Tributari Europei From Nbr. 1, June 2009 to Nbr. 1/2018, January 2018 Scuola Europea di Alti Studi Tributari, 2009
- European Tax Studies From Nbr. 1, June 2009 to Nbr. 1/2018, January 2018 Scuola Europea di Alti Studi Tributari, 2009
- Estudios Tributarios Europeos From Nbr. 1, June 2009 to Nbr. 1/2018, January 2018 Scuola Europea di Alti Studi Tributari, 2009
Characteristics of the financial system of Kosovo
The financial system in Kosovo since the post-war period and until the present has consistently increased in most of its values, which shows that financial institutions in Kosovo have established sound operation foundations by providing security and trust to clients. Banks are the only institution for injecting money into the economy. They are the key indicator in establishment of working places,
Background to Auditing and Role of Auditor
Financial markets crisis since 2007 has unfolded many issues regarding the supervision of financial institutions, financial reporting and auditing as of core importance to many regulatory bodies in order to ensure proper-functioning framework in the internal market. An audit, along with both adequate supervision and corporate governance, can contribute towards the financial health of the...
Structure of public debt in the Western Balkan Countries
The main purpose of this scientific research is to analyze the structure of the public debt in the Western Balkan Countries. This research is based on the principle of originality, which makes an att empt to show the structure of the public debt during the time period from 1995 until 2017. For draft ing of this scientific research we will use an all-inclusive methodology, using various research...
Credit risk management and nonperforming loans in commercial banks in Kosovo
The main purpose of this research is to analyze the credit risk and the level of nonperforming loans of commercial banks in Kosovo. Risk is an internal element of banking activity, but excessive risk and poor management can lead to losses, endangering the security of a bank. Given that banks play an important financial role, they must operate safely and soundly and have sufficient capital and...
The instrument for Pre-accession assistance (IPA), Albanian case through the enlargement process
This paper analyses the general framework of the IPA as a main financial instrument provided by the European Union for Western Balkans Countries + Turkey, which are the candidate countries toward the EU accession. This study is focused on the way that Albania has benefited and it’s going to profit by this instrument. Also, this paper comprises the main fields of the concentration of European...
Financial crisis in Albania under financial investor behavior perspective
Financial markets and also the population’s psychology of Balkan countries is very similar to one another. Being a Balkan country, studying individual financial behavior in Albania, is of great interest. The potential for future financial development of the countries of the region represents a good motivation to study financial behavior of Albanian investors. The paper displays an analysis of the
Some observations on the implementation of progressive and ?at taxes in the Albanian tax system
All taxes discourage something. Why not discourage bad things like pollution rather than good things like working or investment? - a well-known American economist Lawrence Summers has stated. But anyway, as Benjamin Franklin wrote in a 1789 “…in this world nothing can be said to be certain, except death and taxes”. In these circumtances, taxation is a phenomenon that no one can avoid, but anyway...
Pricing Sovereign Debt: Foreign versus Local Parameters
Sovereign bonds may be issued under either local or foreign parameters. This decision involves a tradeoff between the sovereign retaining discretion in managing the issue and relinquishing control to third parties. Examining three key bond parameters − governing law, currency, and stock exchange listing − we find that investors generally consider foreign‐parameter debt to be less risky than...
Growth options and firm valuation
This paper studies the relationship between firm value and a firm's growth options. We find strong empirical evidence that Tobin's Q increases with firm‐level volatility. The significance mainly comes from R&D firms, which have more growth options than non‐R&D firms. By decomposing firm‐level volatility into its systematic and unsystematic part, we document that only idiosyncratic...
Monetary policy uncertainty, positions of traders and changes in commodity futures prices
This paper examines the sensitivity of commodity price changes to monetary policy uncertainty. We find evidence that the response of commodity price changes hinges on the sign of the monetary policy shock, the level of monetary policy uncertainty as well as a recession dummy. Uncertainty associated with negative monetary policy shocks leads to a decrease in commodity prices and excess speculative
Negative bubbles: What happens after a crash
We study crashes using data from 101 global stock markets from 1692 to 2015. Extremely large, annual stock market declines are typically followed by positive returns. This is not true for smaller declines. This pattern does not appear to be driven by institutional frictions, financial crises, macroeconomic shocks, political conflicts, or survivorship issues.
Non‐myopic portfolio choice with unpredictable returns: The jump‐to‐default case
If a risky asset is subject to a jump‐to‐default event, the investment horizon affects the optimal portfolio rule, even if the asset returns are unpredictable. The optimal rule solves a non‐linear differential equation that, by not depending on the investor's pre‐default value function, allows for its direct computation. Importantly for financial planners offering portfolio advice for the long...
Risk Management in the banking and insurance sector
Risk management is becoming an integral part of every organization, especially for the banking and Insurance sector because of their high-risk business. Both sectors try to manage the risks of their clients and their own risks. But, challenges in the banking and insurance industry are frequently influenced by the liquidity rations and the amount and quality of capital as ground requirements for...
Investment of Vehicle Fixed Asset Investment on improving profitability (Case study of Parahyangan Express Karawang Branch)
The purpose of this study is to determine how much influence has fixed asset investment in profitability of Parahyangan Express Karawang Branch. This research uses the descriptive method with primary data source of Parahyangan Express Karawang Branch between 2007 - 2016. The result of this research is r average investment value of Parahyangan Express in the period 2007 until 2016. Parahyang n...
- Issue Information: European Financial Management 2/2018
- Tax on companies and European fiscal integration: The Portuguese corporation tax
- The Mining Tax Law in a Comparative Perspective
- Belgian Corporate Tax Reforms 2018-19
- VAT and cross-border e-commerce: regulatory amendments resulting from the 2016 Commission Action Plan
- The influence of EU law and OECD initiatives on corporate tax design in Italy
- Improved legal control over Chinese tax incentives: anything to learn from EU State aid?
- El Impuesto sobre Sociedades españoles en el contexto del la política fiscal española
Optimal ownership structure in private equity
We develop a tractable model to analyse the valuation of a general partner (GP) and the ownership allocation in a private equity (PE) fund. Our results indicate that holding ownership will increase GP's value. We further explore the influential factors that affect GP's optimal ownership decision. Our model predicts that GP's managerial skill has positive effects on GP's shareholding choice....
- Sentenza 'A-brauerei' C-374/17 o sulla sordità selettiva della Corte di Giustizia
- Greek Corporate Tax and European Tax Integration
Case 'A-Brauerei' C-374/17 or on selective deafness of the European Court of Justice
The case note analyses the judgment of the European Court of Justice “A-brauerei”, concerning the application of State aid control to fiscal measures. The contribution focuses on the analytical method deployed by the Court and is intended to highlight the criticalities of the current interpretation of ‘selectivity’. The latter is a fundamental element of the notion of State aid, at the core of...
- La lenta aproximación al derecho fiscal comunitario. Una experiencia personal
Market‐based estimates of implicit government guarantees in European financial institutions
I exploit the price differential of credit default swap (CDS) contracts written on debts with different levels of seniority to measure the implicit government guarantees enjoyed by European financial institutions from 2005 to 2013. I determine that the aggregate guarantee increased substantially during the recent financial crises and peaked at an average of 89 bps in 2011. My analysis suggests...
- Issue Information: European Financial Management 1/2018
Maximum diversification strategies along commodity risk factors
Pursuing risk‐based allocation across a universe of commodity assets, we find diversified risk parity (DRP) strategies to provide convincing results. DRP strives for maximum diversification along uncorrelated risk sources. A straightforward way to derive uncorrelated risk sources relies on principal components analysis (PCA). While the ensuing statistical factors can be associated with commodity...