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