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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 Cash Flow Corporate Income Tax

King, Mervyn A. - 1986

Persistent link: https://www.econbiz.de/10012477078

Taxation, Corporate Capital Structure, and Financial Distress

Gertler, Mark L. - 1989

-cycle risk as well as individual risk, a profit maximizing arrangement is not simple debt, but rather a contract with mixed debt …-level economic conditions. <bR><bR>We argue that the tax system encourages corporations to absorb more business cycle risk than they … relevant for responding to business-cycle risk. However, because of the diffuse ownership pattern of much of the newly issued …

Persistent link: https://www.econbiz.de/10012475835

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

Channeling Domestic Savings into Productive Investment Under Asymmetric Information : The Essential Role of Foreign Direct Investment

Razin, Assaf - 1997

Foreign direct investment (FDI) is observed to be a predominant form of capital flows to low and middle income countries with insufficiently developed capital markets. This paper analyzes the problem of channeling domestic savings into productive investment in the presence of asymmetric...

Persistent link: https://www.econbiz.de/10012472477

Inefficient Provision of Liquidity

Hart, Oliver D. - 2011

We study an economy where the lack of a simultaneous double coincidence of wants creates the need for a relatively safe asset (money). We show that, even in the absence of asymmetric information or an agency problem, the private provision of liquidity is inefficient. The reason is that liquidity...

Persistent link: https://www.econbiz.de/10012461358

Dynamic Debt Maturity

He, Zhiguo - 2016

A firm chooses its debt maturity structure and default timing dynamically, both without commitment. Via the fraction of newly issued short-term bonds, equity holders control the maturity structure, which affects their endogenous default decision. A shortening equilibrium with accelerated default...

Persistent link: https://www.econbiz.de/10012456753

Uncertainty, Welfare Cost, and the 'Adaptability' of U.S. Corporate Taxes

Fullerton, Don - 1983

Alternative corporate tax systems differ in their ability to adapt to changes in the rate of inflation. Absent complete indexing of depreciation allowances, a tax system may use the expected inflation rate to set accelerated depreciation allowances in a way that minimizes the welfare loss from...

Persistent link: https://www.econbiz.de/10012477858

Risk Price Dynamics

Borovička, Jaroslav - 2009

featuring consumption externalities, recursive utility, and jump risk …

Persistent link: https://www.econbiz.de/10012463143

Tax Loss Carryforwards and Corporate Tax Incentives

Auerbach, Alan J. - 1986

This paper investigates the extent to which loss-offset constraints affect corporate tax incentives. Using data gathered from corporate annual reports, we estimate that in 1984 fifteen percent of the firms in the nonfinancial corporate sector had tax loss carryforwards. When weighted by their...

Persistent link: https://www.econbiz.de/10012477213

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