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Taxation, Corporate Financial Policy and the Cost of Capital
Auerbach, Alan J. - 2021
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/10013232028
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Is Debt Neutral in the Life Cycle Model?
Kotlikoff, Laurence J. - 2010
This paper questions the widely accepted view that deficits have real effects in the life cycle model. Standard analyses of deficits within life cycle models treat the government as a dictatorial entity that can effect any intergenerational redistribution it desires. In contrast, this paper...
Persistent link: https://www.econbiz.de/10012760317
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The Effects of Income and Wealth on Time and Money Transfers between Parents and Children
Altonji, Joseph G.; Hayashi, Fumio; Kotlikoff, Laurence J. - 2021
We use the 1988 PSID to study the effects of income and wealth on transfers of money and time between individuals and … transfers are only weakly related to income differences. Richer siblings give more to parents and receive less. Among parents … in the cross section or in the analysis using siblings that parental income or wealth raises time transfers from children …
Persistent link: https://www.econbiz.de/10013217207
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The Cost of Capital in the U.S. And Japan : a Comparison
Ando, Albert - 2008
in risk, differences in the tax treatment of individual capital income and imperfections in the international flow of …
Persistent link: https://www.econbiz.de/10012774614
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The Corporate Cost of Capital in Japan and the U.S : a Comparison
Ando, Albert - 2008
This paper presents evidence about the coats of corporate capital in Japan and the US, for a sample of large companies, and evaluates a variety of hypotheses about why the cost might be lower in Japan.We find that the before-tax return to capital in Japan appears slightly lower than in the U.S....
Persistent link: https://www.econbiz.de/10012774632
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The Cost of Capital in Japan : Recent Evidence and Further Results
Ando, Albert; Auerbach, Alan J. - 2021
We extend our recent work measuring the cost of capital in Japan and the United States by considering several questions that such results raised. Among our findings are:(1) The small firm - large firm distinction appears to be more significant in Japan, not in the United States;(2) Correcting...
Persistent link: https://www.econbiz.de/10013239150
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Wealth Maximization and the Cost of Capital
Auerbach, Alan J. - 2021
attention to the results discussed above and how they are affected by the existence of capital income taxes. Our results …
Persistent link: https://www.econbiz.de/10013240576
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Taxes, Firm Financial Policy and the Cost of Capital : An Empirical Analysis
Auerbach, Alan J. - 2021
This paper develops a theoretical model of firm behavior consistent with the maximization of shareholder utility, and derives empirically testable implications of different theories of equity finance. Using data on firm earnings and previous investment and financial behavior, we assess whether...
Persistent link: https://www.econbiz.de/10013247673
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What Does the Corporate Income Tax Tax? A Simple Model Without Capital
Kotlikoff, Laurence J. - 2010
The economics workings of the corporate income tax remain controversial. Harberger's seminal 1962 article viewed the … triggers the firm's classification as a corporation subject to income taxation. But going public has an upside. It permits …
Persistent link: https://www.econbiz.de/10013140993
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Who Bears the Corporate Tax? A Review of What We Know
Auerbach, Alan J. - 2012
This paper reviews what we know from economic theory and evidence about who bears the burden of the corporate income …
Persistent link: https://www.econbiz.de/10013105533