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Taxation, Corporate Financial Policy and the Cost of Capital

Auerbach, Alan J. - 1982

The cost of capital plays an important role in the allocation of resources among competing uses in a decentralized market system. The purpose of this paper is to organize and present what is known and what is hypothesized about the effects of taxation on the incentive to invest, via the cost of...

Persistent link: https://www.econbiz.de/10012478079

A New Summary Measure of the Effective Tax Rate on Investment

Gordon, Roger - 2003

factors, including resale of assets (churning), risk, pure profits, debt finance and arbitrage, and choice of organizational …

Persistent link: https://www.econbiz.de/10012469165

Corporate Financial Policy, Taxes, and Uncertainty : An Integration

Auerbach, Alan J. - 1979

, paying particular attention to the influence of differences in tax rates and attitudes toward risk. Under the plausible … assumptions that households are more risk averse than institutions and possess a greater relative "tax preference" for equity … versus debt, we are able to characterize the equilibria which may result when debt is subject to bankruptcy risk. Among the …

Persistent link: https://www.econbiz.de/10012478825

The Taxation of Risky Assets

Bulow, Jeremy I. - 1982

adjusted to take account of future asset price risk. Some empirical calculations suggest that these adjustments are large, and …

Persistent link: https://www.econbiz.de/10012478211

Evaluating the Taxation of Risky Assets

Auerbach, Alan J. - 1981

This paper explores the taxation of risky assets, both from the theoretical perspective of optimal taxation and from the practical one of measuring "the" tax rate on an asset when, as under existing practice, its stochastic returns are subject to differential tax treatment across states of...

Persistent link: https://www.econbiz.de/10012478307

Taxation of Corporate Capital Income : Tax Revenues vs. Tax Distortions

Gordon, Roger H. - 1981

a lower expected return, they also bear less risk when they invest, and these two effects are largely offsetting …

Persistent link: https://www.econbiz.de/10012478431

Quantitative Implications of the Home Bias : Foreign Underinvestment, Domestic Oversaving, and Corrective Taxation

Razin, Assaf - 1997

There is strong evidence about a home-court advantage in international portfolio" investment. One explanation for the bias is an information asymmetry between domestic and" foreign investors about the economic performance of domestic firms. This asymmetry causes" two types of distortions: an...

Persistent link: https://www.econbiz.de/10012472476

Why Is There Corporate Taxation In a Small Open Economy? The Role of Transfer Pricing and Income Shifting

Gordon, Roger H. - 1994

Several recent papers argue that corporate income taxes should not be used by small, open economies. With capital mobility, the burden of the tax falls on fixed factors (e.g., labor), and the tax system is more efficient if labor is taxed directly. However, corporate taxes not only exist but...

Persistent link: https://www.econbiz.de/10012474242

The Vanishing Harberger Triangle

Sinn, Hans-Werner - 1990

The paper presents a trapped equity model, but instead of studying how taxes affect corporate decisions when a sufficient amount of equity is already in the trap, it asks the question how does the equity get there. To be more specific, the paper analyzes how the double taxation of dividends...

Persistent link: https://www.econbiz.de/10012475812

Consistent Valuation and Cost of Capital Expressions with Corporate and Personal TAxes

Taggart, Robert A, Jr - 1989

This paper examines three valuation methods, each of which should lead to the same value for a given asset. These are the Adjusted Present Value, Adjusted Discount Rate and Flows to Equity methods. To achieve identical valuations, however, the different methods must be implemented with cost of...

Persistent link: https://www.econbiz.de/10012475972

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