Author: Dan Throop Smith
Publisher:
ISBN:
Category : Business enterprises
Languages : en
Pages : 332

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Author: Mariateresa Fiocca
Publisher: Dartmouth Publishing Company
ISBN:
Category : Business & Economics
Languages : en
Pages : 168

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Author: Alan J. Auerbach
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 60

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Book Description
This paper reviews the theory and evidence regarding the impact of taxation on corporate financial policy. Starting from a basic characterization of the classical corporate income tax and its effects, the analysis focuses on three areas of research: equity policy, debt-equity decisions, and choices regarding ownership structure and organizational form. The discussion stresses the distinction between nominal and more fundamental financial differences for example, in the relationship between borrowing and leasing and that financial policy involves choices not only among different underlying policies but also among characterizations of a given policy. The final section offers some brief reflections on the implications of continuing financial innovation

Author: Donald Eugene Farrar
Publisher: Forgotten Books
ISBN: 9780331971217
Category : Business & Economics
Languages : en
Pages : 50

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Book Description
Excerpt from Note on Taxes, Corporate Financial Policy and the Cost of Capital to the Firm Accordingly, an attempt will be made here to accomplish two fairly limited objections: first, the effect on investment value of different tax structures will be used pedgogically to illustrate the basic under lying theses propounded by Modigliani and Miller; and second, an attempt will be made simultaneously to broaden this structure to one that more nearly approximates the combination of corporate, personal income and capital gains taxes encountered in the U. S.otoday. The paper, accordingly, proceeds by developing a series of increas ingly complex tax structures, and examining their impact on a hypothetical corporation's Optimal debt and dividend policies. Case 1 discusses the no-tax world laid out in [1] by Modigliani and Miller. Case 2 examines the impact on these policies of corporate income taxes alone; essentially the argument presented by mam in Case 3 considers the impact on ra tional debt and dividend decisions of differential personal income and capital gains taxes; considered partially by msm.in And Case h inte grates the preceeding material into a more complex world containing simul taneously corporate, personal income and capital gains taxes. A summary completes the exposition. As always, rational behavior by both corporate and private investors. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Author: Donald Eugene Farrar
Publisher: Palala Press
ISBN: 9781379156390
Category : Business & Economics
Languages : en
Pages : 56

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Book Description
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.

Author: John R. Graham
Publisher: Now Publishers Inc
ISBN: 1933019417
Category : Business & Economics
Languages : en
Pages : 136

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Book Description
A Review of Taxes and Corporate Finance investigates the consequences of taxation on corporate finance focusing on how taxes affect corporate policies and firm value. A common theme is that tax rules affect corporate incentives and decisions. A second emphasis is on research that describes how taxes affect costs and benefits. A Review of Taxes and Corporate Finance explores the multiple avenues for taxes to affect corporate decisions including capital structure decisions, organizational form and restructurings, payout policy, compensation policy, risk management, and the use of tax shelters. The author provides a theoretical framework, empirical predictions, and empirical evidence for each of these areas. Each section concludes with a discussion of unanswered questions and possible avenues for future research. A Review of Taxes and Corporate Finance is valuable reading for researchers and professionals in corporate finance, corporate governance, public finance and tax policy.

Author: Dan T. Smith
Publisher:
ISBN: 9780827720121
Category :
Languages : en
Pages : 301

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Book Description

Author: Mark Gertler
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 54

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Book Description
This paper develops a simple model of corporate financial structure intended to formalize the macroeconomic concern over excessive leverage. In particular, we attempt to rationalize why firms designing an optimal capital structure would choose a level of debt that leaves them heavily exposed to macroeconomic risk. Our starting point is a variant of the "corporate control" model often used to motivate debt as the optimal financial contract. We modify this framework in two ways. First, we include common risks, interpretable as business cycle risks, as well as idiosyncratic risks. Second, we include corporate and investor-level taxes, and consider the implications of a net tax bias against equity finance. The tax distortion confronts firms with a tradeoff ex ante between the costs of equity finance and the costs of increased exposure to macroeconomic risk accompanying debt finance. In this regard, an equilibrium with "excessive leverage" is possible. Further, despite the possibility of renegotiation, debt is in general less effective than equity in insulating the firm against aggregate risk. Our model leads to the prediction that individual firm dividends may vary with macroeconomic conditions, even after controlling for the effects of relevant firm-specific performance measures, such as earnings. We present some formal econometric evidence in support of this prediction, using a panel of individual corporations. Evidence on some related predictions is also presented

Author: Antonia María Ruiz Jiménez
Publisher:
ISBN:
Category :
Languages : es
Pages : 60

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Book Description

Author: Félix Daniel Martínez Laguna
Publisher: Kluwer Law International B.V.
ISBN: 9403510846
Category : Law
Languages : en
Pages : 685

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Book Description
Hybrid Financial Instruments, Double Non-taxation and Linking Rules Félix Daniel Martínez Laguna Hybrid financial instruments (HFIs) are widespread ordinary financial instruments that combine debt and equity features in their terms and design and may lead to double non-taxation across borders. This important book provides a deeply informed and critical analysis and guide to the “linking rules” developed to combat double non-taxation stemming from HFIs within the framework of the Base Erosion and Profit Shifting project of the Organisation for Economic Co-operation and Development (OECD) and the anti-avoidance initiatives of the European Union (EU). These complex rules have now become essential in international taxation. The book deals incisively with crucial theoretical and practical issues as the following: Economic and legal reasons for financing business activity through debt instruments, equity instruments and/or HFIs. Qualification of financial instruments from different perspectives such as economics, corporate finance, corporate law, financial accounting law, regulatory law and tax law and their interrelation. The concept of double non-taxation as a mere outcome of parallel exercises of sovereignty by different states and the role it plays within the international debate. The concepts of tax planning, tax avoidance and the misleading concept of aggressive tax planning within a tax competition international scenario and their relation with HFIs. Comprehensive policy, legal and technical detail and explanation of the linking rules proposed by the OECD (i.e., BEPS Project Action 2) and the EU (e.g., Anti-Tax Avoidance Directive). The (in)compatibility of linking rules with existing tax treaty rules and EU primary law. The author refers throughout to relevant model convention provisions, EU case law and a vast number of references of official documentation and literature. With its detailed attention to the concept and legal nature of HFIs and double non-taxation, the critical and comprehensive analysis of the linking rules developed by the OECD and the EU, this provocative book allows to reconsider the legality of these linking rules and will quickly become a much-used problem-solving resource for policymakers, tax practitioners, tax authorities and tax academics. This book allows to rethink whether linking rules relate to a solution or create actual legal issues.