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A New Summary Measure of the Effective Tax Rate on Investment
Gordon, Roger H.; Kalambokidis, Laura; Slemrod, Joel B. - 2021
factors, including resale of assets (churning), risk, pure profits, debt finance and arbitrage, and choice of organizational …
Persistent link: https://www.econbiz.de/10013218702
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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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Evaluating the Taxation of Risky Assets
Auerbach, Alan J. - 2010
This paper explores the taxation of risky assets, both from the theoretical perspective of optimal taxation and from the practical one of measuring quot;thequot; tax rate on an asset when, as under existing practice, its stochastic returns are subject to differential tax treatment across states...
Persistent link: https://www.econbiz.de/10012763102
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The Taxation of Risky Assets
Bulow, Jeremy; Summers, Lawrence H. - 2021
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/10013223604
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The Vanishing Harberger Triangle
Sinn, Hans-Werner - 2008
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/10012774867
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Quantitative Implications of the Home Bias : Foreign Underinvestment, Domestic Oversaving, and Corrective Taxation
Razin, Assaf - 2008
There is strong evidence about a home-court advantage in international portfolioquot; investment. One explanation for the bias is an information asymmetry between domestic andquot; foreign investors about the economic performance of domestic firms. This asymmetry causesquot; two types of...
Persistent link: https://www.econbiz.de/10012774918
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Consistent Valuation and Cost of Capital Expressions with Corporate and Personal Taxes
Taggart, Robert A. - 2002
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/10012787478
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Why is There Corporate Taxation in a Small Open Economy? The Role of Transfer Pricing and Income Shifting
Gordon, Roger H. - 2009
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/10012767953
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Taxation of Corporate Capital Income : Tax Revenues vs. Tax Distortions
Gordon, Roger H. - 2021
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/10013227221
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The Economics of Hedge Funds : Alpha, Fees, Leverage, and Valuation
Lan, Yingcong - 2011
-generating strategy typically lowers the fund's risk-adjusted excess return due to frictions such as price pressure. When the manager is … via both management and incentive fees, we show that (i) the high-powered incentive fees encourage excessive risk taking … sufficiently poor fund performances substantially curtail managerial risk-taking, provide strong incentives to de-leverage, and …
Persistent link: https://www.econbiz.de/10013128908