Analysis of insurance premiums and payouts for 1983-1984 designated high theft rate passenger cars. Final report.

National Highway Traffic Safety Administration, Washington, D.C.

Effect of rate of change of slip on the peak braking coefficient of passenger car tires. Technical report.

Mode of access: Internet.

Effects of deceleration and rate of deceleration on live seated human subjects. Final report.

Urban Mass Transportation Administration, Washington, D.C.

Effectiveness of alternative skid reduction measures. Volume I: evaluation of accident rate-skid number relationships. Final report.

Federal Highway Administration, Office of Research and Development, Washington, D.C.

Basic research in crashworthiness II - large deflection computerized analysis of rate sensitive elasto-plastic frame structures. Interim technical report.

National Highway Traffic Safety Administration, Washington, D.C.

Corporate profits, 1936-1944 /

Reproduced from typewritten copy.

Proposed taxation of individual and corporate incomes, inheritances and gifts. Hearings before the Committee on Ways and Means, House of Representatives, Seventy-fourth Congress, first session.

Considers (74) H.R. 8401, (74) H.R. 8402, (74) H.R. 8403.

What determines tax haven FDI

This paper examines the determinants of a multinational enterprise’s (MNEs) decision to invest in countries classified as tax havens. To the best of our knowledge this has not been analysed at the cross-country level before. We use the ownership-location-internalisation (OLI) paradigm and link it with financial specific advantages to develop a number of hypotheses which are subsequently tested by our empirical model. Our analysis is based on a large firm-level database covering 39,543 MNEs across the world for the period 2002- 2011. We find that higher corporate taxes faced by MNEs at home increase the likelihood of locating in a tax haven. Moreover, high technology manufacturing and services MNEs that possess large levels of intangible assets are also more likely to locate subsidiaries in tax havens. Finally, we find evidence that MNEs from countries with a more coordinated market orientation are less likely to locate in tax havens.

Financial Transaction Tax: Small is Beautiful

The case for taxing financial transactions merely to raise more revenues from the financial sector is not particularly strong. Better alternatives to tax the financial sector are likely to be available. However, a tax on financial transactions could be justified in order to limit socially undesirable transactions when more direct means of doing so are unavailable for political or practical reasons. Some financial transactions are indeed likely to do more harm than good, especially when they contribute to the systemic risk of the financial system. However, such a financial transaction tax should be very small, much smaller than the negative externalities in question, because it is a blunt instrument that also drives out socially useful transactions. There is a case for taxing over-the-counter derivative transactions at a somewhat higher rate than exchange-based derivative transactions. More targeted remedies to drive out socially undesirable transactions should be sought in parallel, which would allow, after their implementation, to reduce or even phase out financialtransaction taxes.

Tax morale and tax evasion: Social preferences and bounded rationality

We study a family of models of tax evasion, where a flat-rate tax finances only the provision of public goods, neglecting audits and wage differences. We focus on the comparison of two modeling approaches. The first is based on optimizing agents, who are endowed with social preferences, their utility being the sum of private consumption and moral utility. The second approach involves agents acting according to simple heuristics. We find that while we encounter the traditionally shaped Laffer-curve in the optimizing model, the heuristics models exhibit (linearly) increasing Laffercurves. This difference is related to a peculiar type of behavior emerging within the heuristics based approach: a number of agents lurk in a moral state of limbo, alternating between altruism and selfishness.

Vállalati magatartás és túlélési esélyek a posztszocialista átmenetgazdaságban (Corporate behaviour and chances of survival in a post-socialist transitional economy)

A tanulmányban paneladatokra támaszkodva vizsgáljuk a hazai feldolgozóipari vállalkozások középtávú túlélési esélyeit befolyásoló tényezőket. A kutatás során az 1993-ban mintába került cégekhez tértünk vissza 2000-ben. Az adatok szerint az ágazat, a létszám és a kapacitáskihasználtság mellett a vezetői magatartás és a vállalati stratégia is érdemben befolyásolta a vállalatok fennmaradási esélyeit. Azok a szervezetek, amelyekben a vezetők 1993-ban úgy vélekedtek, hogy a gazdaságban a normaszegő magatartás sikerre számíthat, az átlagosnál kisebb valószínűséggel maradtak életben az évtized végére. Azok a vállalatok, amelyeknek vezetői a vizsgálat elején sikeresnek tartották cégüket, illetve amelyek már 1993-ban is inkább megoldó jellegű válságmenedzselési eszközöket alkalmaztak, nagyobb arányban maradtak fenn, mint azok, amelyek halasztó jellegű eszközökkel próbáltak úrrá lenni a transzformációs visszaesés okozta krízisen. ________ The study uses panel data to examine the factor affected medium-term changes in the chances of survival among Hungarian manufacturing firms. The researchers revisited in 2000 firms surveyed in a 1993 sample. The figures show firms survival chances vary essentially not only by industry, size of labour force and utilization of capacity, but according to managerial behaviour and corporate strategy. Those whose managers be-lieved in 1993 that behaviour breaching accepted norms would succeed in the economy had a lower than average likelihood of surviving until the end of the decade. The survival rate was higher among those whose managers thought they would be successful or were already applying crisis-management techniques of a remedial nature in 1993, than among those using delaying tactics to tackle a crisis caused by the transformational recession.

Adómorál és adócsalás - társadalmi preferenciák és korlátozott racionalitás = Tax morale and tax system: social preferences and bounded rationality

Az adócsalásnak egy olyan modellcsaládját vizsgáljuk, ahol az egykulcsos adó kizárólag a közjavakat finanszírozza. Két megközelítés összehasonlítására összpontosítunk. Az elsőben minden dolgozó jövedelme azonos, és ebből minden évben annyit vall be, amennyi maximalizálja a nála maradó jövedelemből fedezhető fogyasztás nyújtotta hasznosság és a jövedelembevallásból fakadó hasznosság összegét. A második hasznosság három tényező szorzata: a dolgozó exogén adómorálja, a környezetében előző évben megfigyelt átlagos jövedelembevallás és saját bevallásából fakadó endogén hasznossága. A második megközelítésben az ágensek egyszerű heurisztikus szabályok szerint cselekszenek. Míg az optimalizáló modellben hagyományos Laffer-görbékkel találkozunk, addig a heurisztikán alapuló modellekben (lineárisan) növekvő Laffer-görbék jönnek létre. E különbség oka, hogy a heurisztikán alapuló modellben egy sajátos viselkedésfajta jelentkezik: számos ágens ingatag helyzetbe kerül, amelyben altruizmus és önzés között ingadozik. ________ The authors study a family of models of tax evasion, where a flat-rate tax only finances the provision of public goods and audits and wage differences are ne-glected. The paper focuses on comparing two modelling approaches. The first is based on optimizing agents, endowed with social preferences, their utility being the sum of private consumption and moral utility. The second approach involves agents acting according to simple heuristics. While the traditionally shaped Laffer curves are encountered in the optimizing model, the heuristics models exhibit (linearly) increasing Laffer curves. This difference is related to a peculiar type of behaviour: within the agent-based approach lurk a number of agents in a moral state of limbo, alternating between altruism and selfishness.

Financial transaction tax: Small is beautiful

The case for taxing financial transactions merely to raise more revenues from the financial sector is not particularly strong. Better alternatives to tax the financial sector are likely to be available. However, a tax on financial transactions could be justified in order to limit socially undesirable transactions when more direct means of doing so are unavailable for political or practical reasons. Some financial transactions are indeed likely to do more harm than good, especially when they contribute to the systemic risk of the financial system. However, such a financial transaction tax should be very small, much smaller than the negative externalities in question, because it is a blunt instrument that also drives out socially useful transactions. There is a case for taxing over-the-counter derivative transactions at a somewhat higher rate than exchange-based derivative transactions. More targeted remedies to drive out socially undesirable transactions should be sought in parallel, which would allow, after their implementation, to reduce or even phase out financial transaction taxes.

The Role of Marketing in Corporate Competitiveness: Marketing Practice Analysis of Hungarian Companies

The objective of this article is to analyse the marketing practice of Hungarian companies. On the one hand, the role of marketing function in the company has been revealed, and on the other hand the relationship between marketing efforts and market performance has been investigated. In frame of the Hungarian Competitiveness Studies, 300 marketing executives were surveyed to rate the marketing practice of their companies, concentrating on branding, pricing policy, applied marketing channels and promotional activities. The results confirm that sophisticated marketing practice leads to higher business performance. Keywords: marketing tools, competitiveness, performance

How much is corporate cash-pooling worth? Modelling and simulation

The paper analyzes a special corporate banking product, the so called cash-pool, which gained remarkable popularity in the recent years as firms try to centralize and manage their liquidity more efficiently. The novelty of this paper is the formalization of a valuation model which can serve as a basis for a Monte Carlo simulation to assess the most important benefits of the firms arising from the pooling of their cash holdings. The literature emphasizes several benefits of cash-pooling such as interest rate savings, economy of scale and reduced cash-flow volatility. The presented model focuses on the interest rate savings complemented with a new aspect: the reduced counterparty risk toward the bank. The main conclusion of the analysis is that the value of a cash-pool is higher in case of firms with large, diverse and volatile cash-flows having less access to the capital markets especially if the partner bank is risky and offers a high interest spread. It is also shown that cash-pooling is not the privilege of large multinational firms any more as the initial direct costs can be easily regained within a year even in the case of SMEs.