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The Global ETD Search service is a free service for researchers
to find electronic theses and dissertations. This service is
provided by the
Networked Digital Library of Theses and Dissertations.
Our metadata is collected from universities around the world. If you manage a university/consortium/country archive and want to be added, details can be found on the NDLTD website.
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Voluntary compliance and implied cost of equity capital : evidence from Canadian share repurchase programsLeung, Joanne 18 September 2008
Securities legislation in Canada and around the world does not mandate firms to fulfill announced share repurchase programs. As such, a firms repurchase program completion rate can be interpreted as a measure of the firms voluntary compliance, which communicates to investors the degree to which the firm is responsible, reliable and makes good faith efforts to fulfill its announced programs. We therefore expect that the voluntary compliance may reduce the riskiness of a firm and thus its cost of capital. In a sample of Canadian repurchase programs announced between 1995 and 2004, surprisingly, we find little evidence to suggest that a significant relationship exists between the firms repurchase program completion rate and the cost of equity. We present a number of explanations for this result.
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Voluntary compliance and implied cost of equity capital : evidence from Canadian share repurchase programsLeung, Joanne 18 September 2008 (has links)
Securities legislation in Canada and around the world does not mandate firms to fulfill announced share repurchase programs. As such, a firms repurchase program completion rate can be interpreted as a measure of the firms voluntary compliance, which communicates to investors the degree to which the firm is responsible, reliable and makes good faith efforts to fulfill its announced programs. We therefore expect that the voluntary compliance may reduce the riskiness of a firm and thus its cost of capital. In a sample of Canadian repurchase programs announced between 1995 and 2004, surprisingly, we find little evidence to suggest that a significant relationship exists between the firms repurchase program completion rate and the cost of equity. We present a number of explanations for this result.
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Income Tax Evasion and the Effectiveness of Tax Compliance Legislation, 1979-1982Stroope, John C. (John Clarence) 08 1900 (has links)
The federal income tax system in the United States depends upon a high degree of voluntary compliance. The IRS estimates that the voluntary compliance level is declining and that this tax compliance gap cost the government an estimated $90.5 billion in 1981. Between 1979 and 1982, Congress made several changes in the tax laws designed to improve tax compliance. Extensive data was collected by the IRS for 1979 and 1982 through the random sample audits of approximately 50,000 taxpayers on the Taxpayer Compliance Measurement Program (TCMP), which is conducted every three years. During the period 1979 through 1982, Congress lowered the marginal tax rates, added some fairly severe penalties, for both taxpayers and paid return preparers, and increased information reporting requirements for certain types of income.
In this research, it was hypothesized that voluntary compliance should increase in response to lower marginal rates, a higher risk of detection due to additional reporting requirements, and increased penalties. Multiple regression analysis was employed to test these hypotheses, using 1979 and 1982 TCMP data. Because of the requirements for taxpayer confidentiality, it was necessary for the IRS to run the data and provide the aggregate data results for the research.
The results provided insight into the effectiveness of tax compliance legislation. While the overall voluntary compliance level (VCL) increased from 1979 to 1982 by 1.53 per cent, the VCL increase for taxpayers in high marginal rates was much smaller (.42 percent) than the overall increase. This is very inconsistent with the notion that high marginal rates are driving noncompliance, and suggests that marginal rates may not be strong determinants of compliance. Probably other factors, such as opportunity for evasion, may be more important. There was little change from 1979 to 1982 of the compliance of returns done by paid return preparers. Because of the timing of many TEFRA provisions (effective in 1983), further research for years after 1982 is needed.
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Sovereignty, Peacekeeping, and the United Nations Emergency Force (UNEF), Suez 1956-1967: Insiders’ PerspectivesHilmy, Hanny 13 February 2015 (has links)
This research is concerned with the complex and contested relationship between the sovereign prerogatives of states and the international imperative of defusing world conflicts. Due to its historical setting following World War Two, the national vs. international staking of claims was framed within the escalating imperial-nationalist confrontation and the impending “end of empire”, both of which were significantly influenced by the role Israel played in this saga. The research looks at the issue of “decolonization” and the anti-colonial struggle waged under the leadership of Egypt’s President Nasser. The Suez War is analyzed as the historical event that signaled the beginning of the final chapter in the domination of the European empires in the Middle East (sub-Saharan decolonization followed beginning in the early 1960s), and the emergence of the United States as the new major Western power in the Middle East.
The Suez experience highlighted a stubborn contest between the defenders of the concept of “sovereign consent” and the advocates of “International intervention”. Both the deployment of the United Nations Emergency Force (UNEF) and its termination were surrounded by controversy and legal-political wrangling. The role of UNEF and UN peacekeeping operations in general framed the development of a new concept for an emerging international human rights law and crisis management. The UNEF experience, moreover, brought into sharp relief the need for a conflict resolution component for any peace operation. International conflict management, and human rights protection are both subject to an increasing interventionist international legal regime. Consequently, the traditional concept of “sovereignty” is facing increasing challenge.
By its very nature, the subject matter of this multi-dimensional research involves historical, political and international legal aspects shaping the research’s content and conclusions. The research utilizes the experience and contributions of several key participants in this pioneering peacekeeping experience. In the last chapter, recommendations are made –based on all the elements covered in the research- to suggest contributions to the evolving UN ground rules for international crisis intervention and management. / Graduate / hilmyh@uvic.ca
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