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Do Dividend Taxes Affect Corporate Investment?

Alstadsæter, Annette; Jacob, Martin; Michaely, Roni - CESifo - 2014

We test whether dividend taxes affect corporate investments. We exploit Sweden’s 2006 dividend tax cut of 10 percentage points for closely held corporations and five percentage points for widely held corporations. Using rich administrative panel data and triple-difference estimators, we find...

Persistent link: https://www.econbiz.de/10011067198

CEO Preferences and Acquisitions

Jenter, Dirk; Lewellen, Katharina - CESifo - 2011

of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs’ private merger costs are the forgone … costs, we find strong evidence that target CEO preferences affect merger patterns. The likelihood of receiving a takeover … in takeover activity appears discretely at the age-65 threshold, with no gradual increase as CEOs approach retirement age …

Persistent link: https://www.econbiz.de/10009399662

The Scope of Auctions in the Presence of Downstream Interactions and Information Externalities

Koska, Onur A.; Onur, Ilke; Stähler, Frank - CESifo - 2015

We scrutinize the scope of auctions in the presence of downstream interactions and information externalities by using the topical example of a firm acquisition. We show that no mechanism exists that allows an investor to acquire a low-cost firm under incomplete information: a separating auction...

Persistent link: https://www.econbiz.de/10011205382

CCS - Failing to Pass Decision Gates

Emhjellen, Magne; Osmundsen, Petter - CESifo - 2014

There is a planning gap for CCS projects in Europe. CCS demonstration plants are not implemented as expected. This fact is at odds with optimistic valuation reports that apply socio-economic valuation criteria for climate projects. However, CCS plants are in most cases to be implemented by...

Persistent link: https://www.econbiz.de/10010888457

The Capital Structure of Multinational Companies under Tax Competition

Panteghini, Paolo - CESifo - 2006

This article studies the relationship between debt policies of multinational companies (MNCs) and governments’ tax strategies. In the first part, it is shown that the ability to shift income from high- to low-tax countries affects MNCs’ financial choices. In the second part we show how...

Persistent link: https://www.econbiz.de/10005765711

Tax Rate Uncertainty and Investment Behavior

Niemann, Rainer - CESifo - 2001

This paper deals with the effects of tax rate uncertainty on risk-neutral and risk-averse investment behavior. We analyze effects of stochastic tax rates on both real and financial investment. It emerges that under risk neutrality as well as under risk aversion, increased tax rate uncertainty...

Persistent link: https://www.econbiz.de/10005766096

Profit Shifting by Debt Financing in Europe

Barion, Francesca; Miniaci, Raffaele; Panteghini, Paolo; … - CESifo - 2010

This article aims at analyzing the link between subsidiaries’ capital structure and taxation in Europe. First we introduce a trade-off model, which studies a MNCs’ financial strategy and shows how debt policy allows multinational groups to shift profits from low-tax to high-tax...

Persistent link: https://www.econbiz.de/10008534057

Group Taxation, Asymmetric Taxation and Cross-Border Investment Incentives in Austria

Niemann, Rainer; Treisch, Corinna - CESifo - 2005

In 2005, Austria modified its group taxation regime and now provides an option for cross-border loss-offset. We analyse the combined impact of Austria's new group taxation and loss-offset limitations on cross-border investment decisions of domestic corporations. Monte Carlo simulations in an...

Persistent link: https://www.econbiz.de/10005094358

Investment Size and Firm's Value under Profit Sharing Regulation

Moretto, Michele; Panteghini, Paolo; Scarpa, Carlo - CESifo - 2003

In this article we analyse the effects of different regulatory schemes (price cap and profit sharing) on a firm’s investment of endogenous size. Using a real option approach in continuous time, we show that profit sharing does not affect a firm’s start-up decision relative to a pure price...

Persistent link: https://www.econbiz.de/10005405789

Credit Constraints and FDI Spillovers in China

Agarwal, Natasha; Milner, Chris; Riaño, Alejandro - CESifo - 2013

This paper examines whether credit constraints affect Chinese firms’ absorption of productivity spillovers from foreign firms. Using firm-level data for 2001-2005, we find evidence of positive spillovers originating from FDI from countries other than Hong Kong, Macau and Taiwan for non-state...

Persistent link: https://www.econbiz.de/10010674453