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Citations for "A Reconsideration of Investment Behavior Using Tax Reforms as Natural Experiments"

by Jason G. Cummins & Kevin A. Hassett & R. Glenn Hubbard

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  1. Kaoru Hosono & Masaki Hotei & Chie Umezaki, 2013. "External Finance Constraints and the Timing of Investment Spikes," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, Policy Research Institute, Ministry of Finance Japan, vol. 9(2), pages 365-404, March.
  2. Chatelain, J-B. & Generale, A. & Hernando, I. & Von Kalckreuth, U. & Vermeulen, P., 2002. "Firm Investment and Monetary Policy Transmission in the Euro Area," Working papers, Banque de France 97, Banque de France.
  3. Steven J. Davis & R. Jason Faberman & John Haltiwanger & Ron Jarmin & Javier Miranda, 2010. "Business Volatility, Job Destruction, and Unemployment," American Economic Journal: Macroeconomics, American Economic Association, American Economic Association, vol. 2(2), pages 259-87, April.
  4. Mikael Stenkula, 2012. "Taxation and entrepreneurship in a welfare state," Small Business Economics, Springer, Springer, vol. 39(1), pages 77-97, July.
  5. Cummins, J.G. & Hassett, K.A. & Hubbard, R.G., 1995. "tax Reforms and Investment: A Cross-Country Comparison," Working Papers, C.V. Starr Center for Applied Economics, New York University 95-28, C.V. Starr Center for Applied Economics, New York University.
  6. Fallick, Bruce C & Hassett, Kevin A, 1999. "Investment and Union Certification," Journal of Labor Economics, University of Chicago Press, University of Chicago Press, vol. 17(3), pages 570-82, July.
  7. Jason G. Cummins & Kevin A. Hassett & Stephen D. Oliner, 2006. "Investment Behavior, Observable Expectations, and Internal Funds," American Economic Review, American Economic Association, American Economic Association, vol. 96(3), pages 796-810, June.
  8. Wilson, Daniel J., 2009. "IT and Beyond: The Contribution of Heterogeneous Capital to Productivity," Journal of Business & Economic Statistics, American Statistical Association, American Statistical Association, vol. 27, pages 52-70.
  9. Anna Bottasso, 1996. "Firms’ Financial Structure And Real Decisions: A Critical Survey Of The Empirical Literature," CERIS Working Paper, Institute for Economic Research on Firms and Growth - Moncalieri (TO) 199623, Institute for Economic Research on Firms and Growth - Moncalieri (TO).
  10. Simon Gilchrist & Jae W. Sim, 2007. "Investment During The Korean Financial Crisis: A Structural Econometric Approach," Boston University - Department of Economics - Working Papers Series, Boston University - Department of Economics WP2007-001, Boston University - Department of Economics.
  11. Ramirez Verdugo, Arturo, 2005. "Tax Incentives and Business Investment: New Evidence from Mexico," MPRA Paper 2272, University Library of Munich, Germany, revised 04 Oct 2006.
  12. Gaiotti, Eugenio & Generale, Andrea, 2001. "Does monetary policy have asymmetric effects? A look at the investment decisions of Italian firms," Working Paper Series, European Central Bank 0110, European Central Bank.
  13. Monika Merz & Eran Yashiv, 2005. "Labor and the Market Value of the Firm," CEP Discussion Papers, Centre for Economic Performance, LSE dp0690, Centre for Economic Performance, LSE.
  14. Meyer, Bruce D, 1995. "Natural and Quasi-experiments in Economics," Journal of Business & Economic Statistics, American Statistical Association, American Statistical Association, vol. 13(2), pages 151-61, April.
  15. Robert Carroll & Douglas Holtz-Eakin & Mark Rider & Harvey S. Rosen, 1998. "Entrepreneurs, Income Taxes, and Investment," NBER Working Papers 6374, National Bureau of Economic Research, Inc.
  16. Kevin Hassett & Gilbert E. Metcalf, 1994. "Investment with Uncertain Tax Policy: Does Random Tax Policy Discourage Investment?," NBER Working Papers 4780, National Bureau of Economic Research, Inc.
  17. Kimball, Miles S, 1995. "The Quantitative Analytics of the Basic Neomonetarist Model," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 27(4), pages 1241-77, November.
  18. Theo Eicher & Stephen Turnovsky & Maria Carme Riera i Prunera, 2002. "Tax reforms and inequality: theoretical and empirical implications," Working Papers in Economics, Universitat de Barcelona. Espai de Recerca en Economia 82, Universitat de Barcelona. Espai de Recerca en Economia.
  19. Vivek Ghosal & Prakash Loungani, 1996. "Firm size and the impact of profit-margin uncertainty on investment: do financing constraints play a role?," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) 557, Board of Governors of the Federal Reserve System (U.S.).
  20. Gemmell, Norman & Kneller, Richard & McGowan, Danny & Sanz, Ismael & Sanz-Sanz, José F., 2013. "Corporate Taxation and Productivity Catch-Up: Evidence from European firms," Working Paper Series 2705, Victoria University of Wellington, Chair in Public Finance.
  21. Raffaello Bronzini & Guido de Blasio & Guido Pellegrini & Alessandro Scognamiglio, 2008. "The effect of investment tax credit: Evidence from an atypical programme in Italy," Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area 661, Bank of Italy, Economic Research and International Relations Area.
  22. Johannes Becker & Clemens Fuest & Thomas Hemmelgarn, 2006. "Corporate Tax Reform and Foreign Direct Investment in Germany – Evidence from Firm-Level Data," CESifo Working Paper Series, CESifo Group Munich 1722, CESifo Group Munich.
  23. James Smith, 2008. "That elusive elasticity and the ubiquitous bias: is panel data a panacea?," Bank of England working papers, Bank of England 342, Bank of England.
  24. Paul Gaggl & Gregg C Wright, 2014. "A Short-Run View of What Computers Do: Evidence from a UK Tax Incentive," Economics Discussion Papers, University of Essex, Department of Economics 752, University of Essex, Department of Economics.
  25. Bruce, Donald, 2000. "Effects of the United States tax system on transitions into self-employment," Labour Economics, Elsevier, Elsevier, vol. 7(5), pages 545-574, September.
  26. Tuomas A. Peltonen & Ricardo M. Sousa & Isabel S. Vansteenkiste, 2011. "Fundamentals, Financial Factors, and the Dynamics of Investment in Emerging Markets," Emerging Markets Finance and Trade, M.E. Sharpe, Inc., M.E. Sharpe, Inc., vol. 47(0), pages 88-105, May.
  27. Jason Cummins & R. Glenn Hubbard, 1995. "The Tax Sensitivity of Foreign Direct Investment: Evidence from Firm-Level Panel Data," NBER Chapters, National Bureau of Economic Research, Inc, in: The Effects of Taxation on Multinational Corporations, pages 123-152 National Bureau of Economic Research, Inc.
  28. Paolo Panteghini, 2001. "On Corporate Tax Asymmetries and Neutrality," German Economic Review, Verein für Socialpolitik, Verein für Socialpolitik, vol. 2(3), pages 269-286, 08.
  29. Darrel Cohen & Kevin A. Hassett & R. Glenn Hubbard, 1997. "Inflation and the User Cost of Capital: Does Inflation Still Matter?," NBER Working Papers 6046, National Bureau of Economic Research, Inc.
  30. Austan Goolsbee, 1998. "Investment Tax Incentives, Prices, And The Supply Of Capital Goods," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 113(1), pages 121-148, February.
  31. Vlieghe, Gertjan & Stephen Bond & Alexander Klemm & Rain Newton-Smith & Murtaza Syed, 2003. "The roles of expected profitability, Tobin's Q and cash flow in econometric models of company investment," Royal Economic Society Annual Conference 2003, Royal Economic Society 212, Royal Economic Society.
  32. Mojon, Benoît & Smets, Frank & Vermeulen, Philip, 2001. "Investment and monetary policy in the euro area," Working Paper Series, European Central Bank 0078, European Central Bank.
  33. Barnett, Steven A. & Sakellaris, Plutarchos, 1998. "Nonlinear response of firm investment to Q:: Testing a model of convex and non-convex adjustment costs1," Journal of Monetary Economics, Elsevier, Elsevier, vol. 42(2), pages 261-288, July.
  34. Giampaolo Arachi & Federico Biagi, 2005. "Taxation, Cost of Capital and Investment: Do Tax Asymmetries Matter?," Giornale degli Economisti, GDE (Giornale degli Economisti e Annali di Economia), Bocconi University, GDE (Giornale degli Economisti e Annali di Economia), Bocconi University, vol. 64(2-3), pages 295-322, November.
  35. Smith, James, 2008. "That elusive elasticity and the ubiquitous bias: Is panel data a panacea?," Journal of Macroeconomics, Elsevier, Elsevier, vol. 30(2), pages 760-779, June.
  36. Anne Brockmeyer, 2013. "The investment effect of taxation: evidence from a corporate tax kink," Working Papers, Oxford University Centre for Business Taxation 1317, Oxford University Centre for Business Taxation.
  37. Edge, Rochelle M. & Rudd, Jeremy B., 2011. "General-equilibrium effects of investment tax incentives," Journal of Monetary Economics, Elsevier, Elsevier, vol. 58(6), pages 564-577.
  38. David Altig, 2001. "Simulating Fundamental Tax Reform in the United States," American Economic Review, American Economic Association, American Economic Association, vol. 91(3), pages 574-595, June.
  39. Nazim Belhocine, 2010. "The Embodiment of Intangible Investment Goods," IMF Working Papers, International Monetary Fund 10/86, International Monetary Fund.
  40. Robert S. Chirinko & Steven M. Fazzari & Andrew P. Meyer, 2002. "That Elusive Elasticity: A Long-Panel Approach To Estimating The Price Sensitivity Of Business Capital," 10th International Conference on Panel Data, Berlin, July 5-6, 2002, International Conferences on Panel Data B3-1, International Conferences on Panel Data.
  41. Adam B. Ashcraft, 2001. "New evidence on the lending channel," Staff Reports, Federal Reserve Bank of New York 136, Federal Reserve Bank of New York.
  42. Palia, Darius & Lichtenberg, Frank, 1999. "Managerial ownership and firm performance: A re-examination using productivity measurement," Journal of Corporate Finance, Elsevier, Elsevier, vol. 5(4), pages 323-339, December.
  43. Caballero, Ricardo J., 1999. "Aggregate investment," Handbook of Macroeconomics, Elsevier, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 12, pages 813-862 Elsevier.
  44. Whited, Toni M., 2006. "External finance constraints and the intertemporal pattern of intermittent investment," Journal of Financial Economics, Elsevier, Elsevier, vol. 81(3), pages 467-502, September.
  45. Douglas Holtz-Eakin, 1995. "Public Policy and Entrepreneurship," Center for Policy Research Policy Briefs, Center for Policy Research, Maxwell School, Syracuse University 5, Center for Policy Research, Maxwell School, Syracuse University.
  46. Alan J. Auerbach & Kevin A. Hassett, 2000. "On the Marginal Source of Investment Funds," NBER Working Papers 7821, National Bureau of Economic Research, Inc.
  47. Tuomas A. Peltonen & Ricardo M. Sousa & Isabel S. Vansteenkiste, 2009. "Asset prices, Credit and Investment in Emerging Markets," NIPE Working Papers, NIPE - Universidade do Minho 18/2009, NIPE - Universidade do Minho.
  48. Casey B. Mulligan, 2002. "Capital Tax Incidence: First Impressions from the Time Series," NBER Working Papers 9374, National Bureau of Economic Research, Inc.
  49. Olivier Blanchard, 1998. "Revisiting European Unemployment: Unemployment, Capital Accumulation, and Factor Prices," NBER Working Papers 6566, National Bureau of Economic Research, Inc.
  50. Glomm, Gerhard & Kawaguchi, Daiji & Sepulveda, Facundo, 2008. "Green taxes and double dividends in a dynamic economy," Journal of Policy Modeling, Elsevier, Elsevier, vol. 30(1), pages 19-32.
  51. repec:hal:journl:halshs-00112525 is not listed on IDEAS
  52. Sumru Altug & Michel Demers, 2001. "The Impact of Tax Risk and Persistence on Investment Decisions," Economics Bulletin, AccessEcon, vol. 5(1), pages 1-5.
  53. Jawwad Noor, 2007. "Hyperbolic Discounting and the Standard Model," Boston University - Department of Economics - Working Papers Series, Boston University - Department of Economics WP2007-028, Boston University - Department of Economics.
  54. Eleni Angelopoulou & Heather D. Gibson, 2007. "The Balance Sheet Channel of Monetary Policy Transmission: Evidence from the UK," Working Papers, Bank of Greece 53, Bank of Greece.
  55. Hansson, Åsa, 2008. "Income taxes and the probability to become self-employed: The case of Sweden," Ratio Working Papers, The Ratio Institute 122, The Ratio Institute.
  56. Rosanne Altshuler & Jason Cummins, 1998. "Tax Policy and the Dynamic Demand for Domestic and Foreign Capital by Multinational Corporations," Departmental Working Papers, Rutgers University, Department of Economics 199808, Rutgers University, Department of Economics.
  57. Chetty, Raj & Saez, Emmanuel, 2004. "Dividend Taxes and Corporate Behaviour: Evidence from the 2003 Dividend Tax Cut," CEPR Discussion Papers, C.E.P.R. Discussion Papers 4722, C.E.P.R. Discussion Papers.
  58. Mark E. Doms & Timothy Dunne, 1998. "Capital Adjustment Patterns in Manufacturing Plants," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(2), pages 409-429, April.
  59. Rochelle M. Edge & Jeremy B. Rudd, 2005. "Temporary partial expensing in a general-equilibrium model," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 2005-19, Board of Governors of the Federal Reserve System (U.S.).
  60. Cristina Barceló, 2006. "A Q-model of labour demand," Banco de Espa�a Working Papers, Banco de Espa�a 0626, Banco de Espa�a.
  61. Sinai, Todd & Gyourko, Joseph, 2004. "The asset price incidence of capital gains taxes: evidence from the Taxpayer Relief Act of 1997 and publicly-traded real estate firms," Journal of Public Economics, Elsevier, Elsevier, vol. 88(7-8), pages 1543-1565, July.
  62. Walch, Florian & Dwenger, Nadja, 2011. "Tax Losses and Firm Investment: Evidence from Tax Statistics," Annual Conference 2011 (Frankfurt, Main): The Order of the World Economy - Lessons from the Crisis, Verein für Socialpolitik / German Economic Association 48699, Verein für Socialpolitik / German Economic Association.
  63. Kevin A. Hassett & R. Glenn Hubbard, 1999. "Are Investment Incentives Blunted by Changes in Prices of Capital Goods?," NBER Working Papers 6676, National Bureau of Economic Research, Inc.
  64. Karl WHELAN, 2002. "Some New Economy Lessons for Macroeconomists," Discussion Papers (REL - Recherches Economiques de Louvain), Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) 2002012, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  65. Auerbach, Alan J., 2002. "Taxation and corporate financial policy," Handbook of Public Economics, Elsevier, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 3, chapter 19, pages 1251-1292 Elsevier.
  66. Ben S. Bernanke & Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," NBER Working Papers 5146, National Bureau of Economic Research, Inc.
  67. Austan Goolsbee, 1998. "Taxes and the Quality of Capital," NBER Working Papers 6731, National Bureau of Economic Research, Inc.
  68. Fran�ois Gourio & Jianjun Miao, 2010. "Firm Heterogeneity and the Long-Run Effects of Dividend Tax Reform," American Economic Journal: Macroeconomics, American Economic Association, American Economic Association, vol. 2(1), pages 131-68, January.
  69. Victor R. Fuchs & Alan B. Krueger & James M. Poterba, 1997. "Why do Economists Disagree About Policy?," NBER Working Papers 6151, National Bureau of Economic Research, Inc.
  70. Chirinko, Robert S. & Fazzari, Steven M. & Meyer, Andrew P., 1999. "How responsive is business capital formation to its user cost?: An exploration with micro data," Journal of Public Economics, Elsevier, Elsevier, vol. 74(1), pages 53-80, October.
  71. Katsuya Takii, 2000. "Prediction ability and investment under uncertainty," Economics Discussion Papers, University of Essex, Department of Economics 518, University of Essex, Department of Economics.
  72. William M. Gentry & Christopher J. Mayer, 2003. "What Can We Learn About the Sensitivity of Investment to Stock Prices with a Better Measure of Tobin's q?," Department of Economics Working Papers, Department of Economics, Williams College 2003-03, Department of Economics, Williams College.
  73. Cummins, J.G., 1998. "Taxation and the Sources of Growth: Estimates from United States Multinational Corporations," Working Papers, C.V. Starr Center for Applied Economics, New York University 98-08, C.V. Starr Center for Applied Economics, New York University.
  74. Rodrigo Cerda & Felipe Larraín, 2005. "Inversión Privada e Impuestos Corporativos: Evidencia para Chile," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 42(126), pages 257-281.
  75. Steven M. Fazzari, . "Capital Income Taxes and Economic Performance," Economics Policy Note Archive, Levy Economics Institute 99-7, Levy Economics Institute.
  76. Le, Duc Thuc & Jones, John Bailey, 2005. "Optimal investment with lumpy costs," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 29(7), pages 1211-1236, July.
  77. James R. Hines Jr., 1998. "Investment Ramifications of Distortionary Tax Subsidies," NBER Working Papers 6615, National Bureau of Economic Research, Inc.
  78. Robert S. Chirinko & Steven M. Fazzari & Andrew P. Meyer, 2004. "That Elusive Elasticity: A Long-Panel Approach to Estimating the Capital-Labor Substitution Elasticity," CESifo Working Paper Series, CESifo Group Munich 1240, CESifo Group Munich.
  79. Rocio Sánchez-Mangas & Virginia Sánchez-Marcos, . "Reconciling female labor participation and motherhood: the effect of benefits for working mothers," Studies on the Spanish Economy, FEDEA 195, FEDEA.
  80. Casey B. Mulligan, 2003. "Capital Tax Incidence: Fisherian Impressions from the Time Series," NBER Working Papers 9916, National Bureau of Economic Research, Inc.
  81. Alan J. Auerbach & William G. Gale, 2009. "Activist Fiscal Policy to Stabilize Economic Activity," NBER Working Papers 15407, National Bureau of Economic Research, Inc.
  82. Karl Whelan, 1999. "Tax incentives, material inputs, and the supply curve for capital equipment," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 1999-21, Board of Governors of the Federal Reserve System (U.S.).
  83. repec:fth:prinin:389 is not listed on IDEAS
  84. Sharpe, Steven A. & Suarez, Gustavo A., 2013. "The insensitivity of investment to interest rates: Evidence from a survey of CFOs," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 2014-2, Board of Governors of the Federal Reserve System (U.S.).
  85. Ben Craig & Christopher A. Richardson, 1996. "The reduced form as an empirical tool: a cautionary tale from the financial veil," Economic Review, Federal Reserve Bank of Cleveland, Federal Reserve Bank of Cleveland, issue Q I, pages 16-25.
  86. Steve Bond & Jason Cummins, 2001. "Noisy share prices and the Q model of investment," IFS Working Papers, Institute for Fiscal Studies W01/22, Institute for Fiscal Studies.
  87. Wansbeek, Tom, 2001. "GMM estimation in panel data models with measurement error," Journal of Econometrics, Elsevier, Elsevier, vol. 104(2), pages 259-268, September.
  88. Sumru Altug & Fanny S. Demers & Michel Demers, 2004. "Tax Policy and Irreversible Investment," CDMA Working Paper Series, Centre for Dynamic Macroeconomic Analysis 200404, Centre for Dynamic Macroeconomic Analysis.
  89. Daniel J. Wilson, 2005. "Beggar thy neighbor? the in-state vs. out-of-state impact of state R&D tax credits," Working Paper Series, Federal Reserve Bank of San Francisco 2005-08, Federal Reserve Bank of San Francisco.
  90. Pierre-Pascal Gendron & Gordon Anderson & Jack M. Mintz, 2003. "Corporation Tax Asymmetries and Firm-Level Investment in Canada," International Tax Program Papers, International Tax Program, Institute for International Business, Joseph L. Rotman School of Management, University of Toronto 0303, International Tax Program, Institute for International Business, Joseph L. Rotman School of Management, University of Toronto.
  91. Andrew Berg & Luisa Charry & Rafael A Portillo & Jan Vlcek, 2013. "The Monetary Transmission Mechanism in the Tropics," IMF Working Papers, International Monetary Fund 13/197, International Monetary Fund.
  92. Hamaaki, Junya, 2008. "Investment responses to Japanese tax reforms: A cross-industry comparison," Japan and the World Economy, Elsevier, Elsevier, vol. 20(4), pages 542-562, December.
  93. R. Glenn Hubbard, 1994. "Is There a `Credit Channel' for Monetary Policy?," NBER Working Papers 4977, National Bureau of Economic Research, Inc.
  94. Robert S. Chirinko, 2008. "ó: The Long And Short Of It," CESifo Working Paper Series, CESifo Group Munich 2234, CESifo Group Munich.
  95. Rochelle M. Edge & Jeremy B. Rudd, 2010. "General-equilibrium effects of investment tax incentives," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 2010-17, Board of Governors of the Federal Reserve System (U.S.).
  96. Casey B. Mulligan, 2002. "Capital, Interest, and Aggregate Intertemporal Substitution," NBER Working Papers 9373, National Bureau of Economic Research, Inc.
  97. Chatelain, Jean-Bernard & Generale, Andrea & Hernando, Ignacio & Von Kalckreuth, Ulf & Vermeulen, Philip, 2001. "Firm investment and monetary transmission in the euro area," Working Paper Series, European Central Bank 0112, European Central Bank.
  98. Emi Nakamura & Jón Steinsson, 2013. "High Frequency Identification of Monetary Non-Neutrality," NBER Working Papers 19260, National Bureau of Economic Research, Inc.
  99. James D. Shilling & Kerry D. Vandell & Ruslan Koesman & Zhenguo Lin, 2006. "How Tax Credits Have Affected the Rehabilitation of the Boston Office Market," Journal of Real Estate Research, American Real Estate Society, American Real Estate Society, vol. 28(4), pages 321-348.
  100. Edgerton, Jesse, 2010. "Investment incentives and corporate tax asymmetries," Journal of Public Economics, Elsevier, Elsevier, vol. 94(11-12), pages 936-952, December.
  101. Norman Gemmell & Richard Kneller & Danny McGowan & Ismael Sanz, . "Corporate Taxation and Productivity Catch-Up: Evidence from 11 European Countries," Discussion Papers, University of Nottingham, School of Economics 12/06, University of Nottingham, School of Economics.
  102. Russell Cooper & Joao Ejarque, 2003. "Financial Frictions and Investment: Requiem in Q," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 6(4), pages 710-728, October.
  103. Bloom, Nicholas & Griffith, Rachel & Van Reenen, John, 2000. "Do R&D Credits Work? Evidence From A Panel Of Countries 1979-97," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2415, C.E.P.R. Discussion Papers.
  104. Malcolm Baker & Jeffrey Wurgler, 2013. "Do Strict Capital Requirements Raise the Cost of Capital? Banking Regulation and the Low Risk Anomaly," NBER Working Papers 19018, National Bureau of Economic Research, Inc.