Download e-book for kindle: A Review of Taxes and Corporate Finance by John, R Graham

By John, R Graham

ISBN-10: 1933019417

ISBN-13: 9781933019413

ISBN-10: 193301993X

ISBN-13: 9781933019932

A assessment of Taxes and company Finance investigates the implications of taxation on company finance targeting how taxes have an effect on company rules and company price. a typical subject is that tax ideas have an effect on company incentives and judgements. A moment emphasis is on examine that describes how taxes impact expenses and merits. A evaluate 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, danger administration, and using tax shelters. the writer offers a theoretical framework, empirical predictions, and empirical facts for every of those components. each one part concludes with a dialogue of unanswered questions and attainable avenues for destiny study. A evaluate of Taxes and company Finance is effective examining for researchers and pros in company finance, company governance, public finance and tax coverage.

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Extra resources for A Review of Taxes and Corporate Finance

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2000) describe various start-up financing issues including selecting a target debt ratio, as well as how market conditions and collateralization affect the sequence of initial financing choices. Lemmon et al. (2006) show that firms retain close to their original debt ratios decades after first going public, even as tax status changes. Pittman and Klassen (2001) examine capital structure in the years following IPO. , years since IPO) cross-sectional regressions and find evidence that taxes have a positive effect on the use of debt in the early years of a firm’s public life – but this relation wanes as the firm ages.

My view is that profitability should only affect the tax incentive to use debt to the extent that it affects the corporate marginal tax rate15 ; therefore, when testing for tax effects, the effects (if any) of profitability should be captured directly in the estimated MTR. Researchers would then interpret a stand-alone profitability variable as a control for potential nontax influences. 2 Directly estimating the marginal tax rate One of the problems that led to Myers’ capital structure puzzle is related to properly quantifying corporate tax rates and incentives.

Seida and Wempe (2000) show that individual investors accelerated recognizing capital gains (and delayed losses) in anticipation of the increase in capital gains tax rates associated with the 1986 tax act. See Poterba (2001) for a review of articles related to how personal taxation affects the timing and value of asset sales and purchases. Tax capitalization Another group of papers investigates tax capitalization. These papers argue that personal taxes are capitalized into share prices via retained earnings.

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

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