Eseje o firemní dynamice a zdanění

Stojanovic, Danilo

In the first chapter, I show that the U.S. economy benefits from the 2003 tax cuts on dividends and capital gains. In my general equilibrium model, the tax reform reduces the costs of equity issuance, while dividend adjustment costs and a capital-adjusted limit on repurchases drive changes in dividends and repurchases. The tax reform stimulates small, productive firms to increase capital investment by borrowing more from shareholders. Large, less productive firms respond by reducing investment to finance increased payouts to shareholders. This capital reallocation increases aggregate productivity gains, with a part of increased payouts directed to consumption. In the second chapter, we show that increased firm-specific profit uncertainty reduces capital investment. Quantile regressions reveal this effect is stronger at higher level of investment for firms facing financing constraints compared to those with irreversible capital. Our general equilibrium model evaluates the impact of frictions and their role in transmitting the uncertainty shocks on real and financial outcomes. Firms reduce investment and increase cash holdings to avoid costly borrowing and irreversible capital adjustments. In the third chapter, we study the influence of changes in firms' entry, exit and borrowing on the propagation...

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