Topic
Refunding
About: Refunding is a research topic. Over the lifetime, 341 publications have been published within this topic receiving 2666 citations.
Papers published on a yearly basis
1 / 2
Papers
TL;DR: In this paper, the authors investigated Pareto-improving congestion pricing and revenue refunding schemes in general transportation networks, which make every road user better off as compared with the situation without congestion pricing.
Abstract: This study investigates Pareto-improving congestion pricing and revenue refunding schemes in general transportation networks, which make every road user better off as compared with the situation without congestion pricing. We consider user heterogeneity in value of time (VOT) by adopting a multiclass user model with fixed origin–destination (OD) demands. We first prove that an OD and class-based Pareto-improving refunding scheme exists if and only if the total system monetary travel disutility is reduced. In view of the practical difficulty in identifying individual user’s VOT, we further investigate class-anonymous refunding schemes that give the same amount of refund to all user classes traveling between the same OD pair regardless of their VOTs. We establish a sufficient condition for the existence of such OD-specific but class-anonymous Pareto-improving refunding schemes, which needs information only on the average toll paid and average travel time for trips between each OD pair.
105 citations
Posted Content•
TL;DR: The authors examines the refund approaches of tax administrations in 36 developing, transitional, and developed countries and evaluates the effectiveness of these approaches and suggests a model of best practice that takes into consideration compliance issues faced by countries during different stages of development.
Abstract: A key feature of the invoice-credit form of value-added tax (VAT) is that some businesses - notably exporters - will pay more tax on their purchases than is due on their sales, and so can seek refunds of excess credits from government. While refunding is straightforward in principle, serious problems arise in practice, including opportunities for fraud and corruption, and denial of refunds by governments with cash shortages. This makes the refund process the "Achilles heel" of the VAT. This paper examines the refund approaches of tax administrations in 36 developing, transitional, and developed countries. It evaluates the effectiveness of these approaches and suggests a model of best practice that takes into consideration compliance issues faced by countries during different stages of development.
69 citations
TL;DR: This article argued that serious fiscal vulnerabilities arising from many years of high government debt will create new and complex interactions between public debt management (PDM) and monetary policy (MP), and pointed out that although their formal mandates have not changed, recent balance sheet policies of many Central Banks have tended to blur the separation of their policies from fiscal policy.
Abstract: This paper argues that serious fiscal vulnerabilities arising from many years of high government debt will create new and complex interactions between public debt management (PDM) and monetary policy (MP). The paper notes that, although their formal mandates have not changed, recent balance sheet policies of many Central Banks (CBs) have tended to blur the separation of their policies from fiscal policy (FP). The mandates of debt management offices (DMOs) have usually had a microeconomic focus (viz, keeping government debt markets liquid, limiting refunding risks etc). Such mandates have usually eschewed any macroeconomic policy dimension. For these reasons, all clashes in policy mandate between CBs and DMOs have been latent and not overt.
67 citations
TL;DR: The majority of corporate bonds are callable before maturity at the option of the issuer, and the problem is to choose the optimal time to perform refunding (including the alternative of not refunding before maturity) as discussed by the authors.
Abstract: The majority of corporate bonds are callable before maturity at the option of the issuer. Unlike other security options (warrants, convertible bonds, etc.), the call provision cannot be resold; its value can be realized only by exercising it. The problem is to choose the optimal time to perform refunding (including the alternative of not refunding before maturity).
64 citations
TL;DR: In this article, the authors examine corporate call policy for 1,642 nonconvertible bonds that were called during the period 1975-94 and find that the vast majority of firms delay calls and call when the bond price exceeds the call price.
Abstract: We examine corporate call policy for 1,642 nonconvertible bonds that were called during the period 1975-94. The vast majority of firms delay calls and call when the bond price exceeds the call price. We find that larger, less liquidity constrained firms with a larger opportunity cost of delaying a call have shorter call delays. There is no evidence that refunding transaction costs, wealth redistribution effects, call notice periods, or a desire to eliminate restrictive covenants influences the timing of calls. An examination of call motives suggests that there is no one underlying motive that fits the average call. Copyright 2000 by University of Chicago Press.
59 citations
Related Topics (5)
Performance Metrics
| Year | Papers |
|---|---|
| 2021 | 9 |
| 2020 | 9 |
| 2019 | 16 |
| 2018 | 11 |
| 2017 | 18 |
| 2016 | 13 |