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| Author: | McGrattan, E. R. Prescott, E. C. |
| Title: | Taxes, regulations, and the value of U.S. and U.K. corporations |
| Journal: | Review of Economic Studies
2005 : VOL, 72:3 (252), p. 767-796 |
| Index terms: | companies equities United Kingdom growth theory regulations taxation USA |
| Language: | eng |
| Abstract: | This paper derives the quantitative implications of growth theory for U.S. corporate equity plus net dept over the period 1960-2001. It finds that there were large secular movements in corporate equity values relative to GDP, with dramatic declines in the 1970's and dramatic increases starting in the 1980's and continuing throughout the 1990's. The paper asks specifically whether the theory accounts for these observations. It finds that it does, with a critical factor being changes in the U.S. tax and regulatory system. |
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