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Tax reforms and inter-temporal shifting of corporate income: evidence from tax records in Slovakia
Bukovina, J. ; Lichard, Tomáš ; Palguta, J. ; Žúdel, B.
We use administrative tax return data for all corporations in Slovakia to demonstrate how policies facilitating inter-temporal income shifting result in elevated corporate income tax (CIT) elasticity estimates. Our strategy exploits kinks in the statutory tax schedules and policy reforms of tax carry-forwards. If inter-temporal shifting is neglected, our bunching estimates imply CIT elasticity of up to 0.65, suggesting a highly sensitive tax base with respect to the marginal tax rate. However, we show that CIT elasticity drops at least 21.2-49.1% when we remove the inter-temporal shifting component. This correction significantly reduces the estimated marginal excess burden of corporate taxation.
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Sentiment individuálnych investorov a verejne obchodované korporácie s vysokou tržnou kapitalizáciou
Bukovina, Jaroslav
This thesis studies the relation between the sentiment of individual investors and large-cap publicly traded corporations. The sentiment of individual investors is proxied by social media Facebook. In terms of investment decision making, the web or social media are main sources of information for individual investors. Due to technological development, the number of individual investors is growing. According to the behavioral finance theory, individual investors are considered as less rational agents that react to less rational information (emotions, social mood or opinion) irrelevant to fundamentals of securities. The impact of sentiment is studied at the level of volume of trade (liquidity) and stock prices. The results show a negative link between growing social media activity and volume of trade/stock prices. Delivered results can be considered as causal due to nature of employed data and presence of a weekend effect.
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Identifikácia vplyvu vnímania ekonomických subjektov na akciové trhy
Bukovina, Jaroslav
Author analyzed the perceptions of economic subjects tracked by stock market indexes and Facebook activity and its impact on stock prices. Contribution of this paper is twofold. In the first place, this paper studies unique data of Facebook activity and proposes the methodology for employment of social networks as a proxy variable which represents the perceptions of news in society. Next contribution is the contextualization of social networks principals to behavioral economy. Overall, author finds the negative impact of Facebook activity on stock prices and positive impact of stock market indexes. Author points the implications of the findings to protection of company's reputation and to investment strategy based on the existence of undervalued stocks. Author also discusses the potential of social networks for prediction of economic variables based on perceptions of economic subjects.
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