Kristjan Markovc, MSc

Ekipe:

Slovenska Reprezentanca:

Večji Uspehi:

National Research University Higher School of Economics,

Saint Petersburg,

Rusija

Januar 22, 2026

National Research University Higher School of Economics,

Saint Petersburg,

Rusija

Januar 15, 2025

Kristjan Markovc

University of Naples Federico II, Department of Economics and Statistics, Naples, Italy

This paper develops a theoretical model of firm behavior under gross receipts taxation (GRT) in an environment where entrepreneurs can choose between a profit-based tax regime and a GRT regime subject to a statutory eligibility threshold. Firms produce both legally reported and illegally concealed income, face convex costs of production, and are subject to an exogenous probability of audit. When audited, firms incur a fine proportional to the magnitude of undeclared income, capturing the increasing marginal risk of evasion. The model characterizes optimal reporting behavior, regime choice, and output decisions across heterogeneous firms, and yields sharp predictions regarding tax evasion, formal profitability, and the incidence of zombie firms. These theoretical predictions are compared to descriptive patterns from the 2013 introduction of the GRT in Slovenia.

Kristjan Markovc

University of Naples Federico II, Department of Economics and Statistics, Naples, Italy

This paper investigates the impact of the European Central Bank’s Corporate Sector Purchase Program (CSPP) on underwritten bonds within the Eurozone, employing panel data and a difference-in-differences framework. The analysis reveals that CSPP eligibility substantially reduces underwriting costs for eligible firms, with the most pronounced effects observed among those issuing ‘A’-rated bonds. This cost reduction facilitates access to financing under more favorable conditions, thereby enhancing the competitiveness of these firms in the capital markets. Furthermore, the study finds significant spill-over effects, where even non-targeted bonds experience shifts in underwriting cost structures, suggesting that the CSPP not only meets its targeted objectives but also triggers broader market adjustments. These insights underscore the program’s efficiency in lowering financing costs while highlighting the complex interplay between targeted policy interventions and overall market dynamics.

Kristjan Markovc

University of Naples Federico II, Department of Economics and Statistics, Naples, Italy

The resurgence of gross receipt taxation (“GRT”) as a means of securing reliable tax revenue and simplifying administration raises concerns about its impact on entrepreneurship and micro-sized firms. Using a 2013 legislative change in Slovenia as a natural experiment, this study examines the effects of GRT on micro-sized firms through a robust methodological approach, including difference-in-differences, fuzzy regression discontinuity, and propensity score matching. The findings indicate a statistically significant positive impact of GRT, but only for sole proprietors, with no effect on LLCs. The most plausible mechanism behind these results is improved tax compliance rather than increased investment or financial relief. By incentivizing firms to enter the simplified tax regime, GRT may encourage previously non-compliant businesses to report their true financial performance, leading to an observed rise in gross receipts. However, limitations in external validity persist due to firms’ self-selection into GRT taxation. These insights offer critical implications for policymakers considering GRT as a tool for revenue collection while balancing economic incentives for small business compliance.

Yuchen Bian

Donghua University, China

Kristjan Markovc

University of Naples Federico II, Department of Economics and Statistics, Naples, Italy

Haifeng GU

Donghua University, China

Shuiwen GAO

Donghua University, China

Public emergencies significantly impact the stability of the financial system. Leveraging the first COVID-19 outbreak in Hubei Province, China, as a case study, this paper employs a difference-in-difference (DID) model to investigate these effects. The analysis demonstrates the impact of public emergencies on bank risk and explores the role of digital transformation in mitigating these risks. The findings indicate that public emergencies increase bank risk; however, digital transformation can mitigate challenges to credit operations, thereby reducing this risk. Furthermore, the study reveals that only banks’ passive risk-taking is affected by public emergencies, while active risk-taking remains unaffected. This paper advocates for commercial banks to accelerate digital transformation initiatives to control and reduce risks during public emergencies.

Naslov: Vpliv dviga temperatur na donosnost zelenjave na Japonskem

Avtorja: Kristjan Markovc and Prof. Akira Hibiki

Ustanova: Tohoku Univerza

Termin: Avgust, 2021

Sodelovanje na konferenci

Termin: September 2019