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Persistent link: https://www.econbiz.de/10002635051
This paper studies the corporate policy distortions caused by realization-based capital gains taxation at the personal level in a dynamic trade-off theory model. The Lock-in effect of embedded capital gains creates severe conflicts of interest between incumbent and new investors. The firm's...
Persistent link: https://www.econbiz.de/10005612056
Persistent link: https://www.econbiz.de/10002518400