A critical and ongoing controversy in the valuation of closely held companies relates to the relative value of pass-through entities vis-a-vis traditional corporations which are subject to double taxation. This issue gained significant recognition in 1999 with the Tax Court's decision in Gross...

Results of a study of the effects of corporate tax integration on corporate capital structure decisions, based on integration reform in Canada and New Zealand. Shows that integration reduces corporate debt-to-equity rations--but that this effect is sensitive to changes in tax rates, particularly...

Bartov (1993) demonstrates that US firms time asset sales to smooth income and affect debt/equity relationships. This study examines earnings management behavior through asset sales in countries that allow asset revaluation: Australia/New Zealand (ANZ) and the United Kingdom (UK). Earnings...