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Read e-book online A Review of Taxes and Corporate Finance PDF

By John, R Graham

ISBN-10: 1933019417

ISBN-13: 9781933019413

ISBN-10: 193301993X

ISBN-13: 9781933019932

A evaluation of Taxes and company Finance investigates the results of taxation on company finance concentrating on how taxes impact company regulations and enterprise price. a typical subject matter is that tax principles impact company incentives and judgements. A moment emphasis is on learn that describes how taxes impact expenditures and advantages. A overview of Taxes and company Finance explores the a number of avenues for taxes to impact company judgements together with capital constitution judgements, organizational shape and restructurings, payout coverage, reimbursement coverage, hazard administration, and using tax shelters. the writer offers a theoretical framework, empirical predictions, and empirical proof for every of those parts. each one part concludes with a dialogue of unanswered questions and attainable avenues for destiny study. A evaluate of Taxes and company Finance is efficacious examining for researchers and pros in company finance, company governance, public finance and tax coverage.

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The authors regress interest expense divided by preinterest pre-NDTS income on various variables including tax expense divided by pre-interest income. , interest owed to non-owners and owners, respectively). It is difficult to compare their results to Compusat-based research because Ayers et al. use a different dependent variable than most studies, and they delete firms with a negative value for the dependent variable (which raises statistical issues). 4. Personal taxes affect corporate debt vs. equity policy 27 in response to Myers’ (1984) challenge to show that corporate debt usage is positively affected by tax rates.

In a less direct test of the same incentives, Thomas (1988) finds time-series evidence that firms decrease DB contributions when their tax rate is falling, and cross-sectional evidence that high-tax firms have larger DB funding levels. Clinch and Shibano (1996) study pension reversions, which occur when a firm terminates an overfunded pension, settles its liabilities, and reverts the excess assets to the firm, all in one year. The reverted assets are taxable in the reversion year. S. Tax System firms with the largest tax benefit of reverting do so, and also that firms time reversion decisions to occur in years with particularly large tax benefits.

An untested implication of their argument is that there should be a large value gain in deals that result in firms returning capital to investors in any form other than taxable dividends (such as mergers). Research into this area could be informative. Rather than dividend taxes, an alternative argument is that capital gains taxes on future earnings are impounded into share prices. Consider a shareholder in a nondividend-paying firm and assume that the firm is expected to pay dividends at some point in the distant future.

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A Review of Taxes and Corporate Finance by John, R Graham

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