corporate tax reform in Germany. The financial leverage is measured by the ratio of long-term debt to total capital. Endogeneity … tax rate on corporate leverage: on average, an increase of the tax rate by 10 percent would increase the financial … leverage by about 5 percent. We also find that the debt ratio is less responsive for small corporations and for corporations …

This paper investigates the impact of an Allowance for Corporate Equity (ACE) on the expected tax revenues and on the … international tax competition. Beginning with an analysis of the relation between the rate of return on equity and the interest rate … moderate decline in tax revenues. Focusing profit shifting via transfer prices, the ACE has no positive effect. Only a cut of …

European (CEE) countries over the time period 2002-2012. Our results show a significant impact of the net tax benefit of debt … on the debt ratio of firms. Ignoring firm heterogeneity, an increase in the net tax benefit of debt by 10 percentage … heterogenity, an increase in the net tax benefit of debt of 10 percentage points leads to an increase in the debt ratio of only 1 …

From a tax planner's point of view, it is often attractive to choose debt over equity financing. As this has led to an … increase of debt financing of corporations, many countries have introduced thin capitalization rules to secure their tax … revenues. We analyze the influence of section 8a of the German Corporate Tax Code on corporate capital structure decisions …

; Kapitalkosten ; Finanzierungsentscheidung ; Tax Shield ; Mindestrendite …This paper analyzes the impact of tax-induced value of external funding on the firm value of real estate corporations … under German Tax Law. Legal forms of real estate corporations are differentiated between commercial and asset managing Real …

The German "Zinsschranke" limits the tax deductability of interest expenses. Recently, in this journal Förster et al …. have developed a model to incorporate this tax regulation into the calculation of the tax shield in corporate valuation …. Our paper critically comments on this proposal. -- Corporate Valuation ; Capital Structure ; Tax Shield ; Interest Ceiling …

The Organisation for Economic Co-Operation and Development (OECD) recently proposed an interest barrier to fight tax … their leverage by 4.7 percentage points more than non-affected companies. The effects are stronger among non …

This paper analyzes the impact of countries' tax attractiveness on the allocation of risk within multinational groups … globally. We show that tax symmetry positively influences the relative amount of risk allocated to subsidiaries. Both time and … amount limitations of loss offset rules matter. Higher statutory corporate tax rates in the country of the subsidiary …

We contribute to the empirical literature on the debt bias of corporate income taxation through a firm-level evaluation … stronger than those the previous literature for traditional Allowance for Corporate Equity (ACE) tax systems has identified …. Additionally, we contribute to the recently expanding literature on the influence of ownership on tax planning as we find …