題 目：Paradoxical Tax Effects on Investment Timing under Entry and Exit Flexibility -- Insights from an Economic Experiment
主講人：Caren Sureth教授(德國帕德邦大學)
時 間：2013年10月20日(星期日) 17:00-18:30
地 點：主樓216會議室
主講人簡介：
Caren Sureth, Professor and Chair for Business Administration and Business Taxation at the University of Paderborn (Germany). She is an internationally experienced academic person involved in business practice, research and teaching. Throughout her career, Caren Sureth got Admittance as a full member to the Nordrhein-Westfälische Akademie der Wissenschaften und der Künste (AWK NRW), is Member of the Advisory Board of Center for Accounting Research (CAR) at University of Graz, Austria Member of the Board of the Schmalenbach-Gesellschaft für Betriebswirtschaft e.V. was President of the Board of the German Academic Association for Business Research (VHB) . She is member in editorial board of different journals like “Die Betriebswirtschaftslehre”, “Business Research”, “Review of Managerial Science” etc. In recent years, she published more than 30 articles in wide variety of peer reviewed academic journals.
內容簡介：
This lecture will contribute to the discussion on the interaction between tax reform, investment behavior under flexibility, and risk. In particular, we design an experiment that is based on a discrete time analytical model with binomial random walk with both an entry and an exit option to test the theoretically predicted tax effects. In contrast to theoretical studies, independently of the existence of an abandonment option we find paradoxical tax effects with a rather simple experimental design. However, we observe this investor reaction only for a tax increase while the presence of an abandonment option seems to be irrelevant for investment timing in case of an experienced tax rate decrease. Our empirical evidence suggests that tax effects are much more common than it can be expected from the theoretical tax literature. This would imply that policy makers should be very careful in tax reform discussions and consider paradoxical reactions of the taxpayers.
