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ABSTRACT This paper examines how companies’ capital structure is affected by the corporate income tax system. Our analysis employs confidential company-level corporation tax return data in the UK. Our main identification strategy is based on variation in companies␣ marginal tax rates due to the existence of kinks in the corporate tax rate schedule. Using a dynamic adjustment model of capital structure, we find a positive and substantial long-run tax effect on companies' financial leverage. We show that there are considerable discrepancies between estimates of taxable profits reported in tax return data and in financial statements and that the estimated tax effect on capital structure using financial statements is likely to be biased downward. We find that companies adjust their capital structures gradually in response to changes in the marginal tax rate. Moreover, we find that the external leverage of domestic stand-alone companies and of multinational companies responds strongly to corporate tax incentives

We define as populist a party that champions short-term protection policies without regard for their long-term costs. First, we study the demand for populism: we analyze the drivers of the populist vote using individual level data from multiple waves of surveys in Europe. Individual voting preferences are in uenced directly by different measures of economic insecurity and by the decline in trust in traditional parties. However, economic shocks that undermine voters' security and trust in parties also discourage voter turnout, thus mitigating the estimated demand of populism when ignoring this turnout selection. Economic insecurity affects intentions to vote for populist parties and turnout incentives also indirectly because it causes trust in parties to fall. Second, we study the supply side: we find that populist parties are more likely to appear when the drivers of demand for populism accumulate, and more so in countries with weak checks and balances and with higher political fragmentation. The non-populist parties' policy response is to reduce the distance of their platform from that of new populist entrants, thereby magnifying the aggregate supply of populist policies.

ABSTRACT This research note presents and compares some first findings obtained by the project EINITE-Economic Inequality across Italy and Europe, 1300-1800. The main aim of the project is to investigate long-term trends in economic inequality in Italy and in Europe. Here we compare previously published data for Piedmont with some early findings for Lombardy and Veneto, in order to provide a broad picture of northern Italian inequality. The period we cover is particularly long (13th–early 19th centuries) for Piedmont, while for Lombardy and Veneto a somewhat shorter period is considered (15th–18th centuries). We provide an in-depth analysis of the archival sources usable to study long-term changes in economic inequality in northern Italy, and we provide some key measures of inequality over time (Gini indexes, top percentiles). We find evidence of a tendency for Italian inequality to increase almost everywhere and almost continuously over time, since about 1400 or 1450, confirming what has been suggested by previous studies that focused on Piedmont and Tuscany.

Students' experiences at university prepare them for a future in which they are expected to engage in life-long learning. Self-efficacy theory suggests that a persons beliefs in their capacity to learn will influence their participation in learning. This paper describes development of a new scale to measure self-efficacy for learning (SEL) among university students, designed to be appropriate for both campus-based and online learning, and for administration in a battery of tests on student development. Undergraduate students (n = 265) in a business school in Milan and a department of psychology in Rome participated in the final study. Beginning with a random sample of 200 participants, item response theory and exploratory factor analysis with LISREL were used to identify a 10 item scale to measure SEL. The scales properties were confirmed in a second random sample of 200 participants, using confirmatory factor analysis in LISREL. Correlation with expected grades was, consistent with earlier studies, moderately small (.22), but statistically significant.