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Lindhe, Tobias - 2002

This paper presents a comprehensive overview of existing methods of mitigating double taxation of corporate income within a standard cost of capital model. Two of the most well-known and most utilized methods, the imputation and the split rate systems, do not mitigate double taxation in...

Persistent link: https://www.econbiz.de/10010321794

Mitigating Double Taxation in an Open Economy

Lindhe, Tobias - 2001

The interaction of various methods of mitigating economic and international double taxation of corporate source income … international double taxation, and the precise design of these methods. …

Persistent link: https://www.econbiz.de/10010321707

Unifications of Dual-Class Shares in Germany

Ehrhardt, Olaf; Kuklinski, Jan; Nowak, Eric - Institut für Schweizerisches Bankwesen <Zürich> - 2005

This paper examines the unification of non-voting preference shares into a one share one vote structure using a sample of all German dual-class companies from 1987 until 2003. We test several hypotheses with regard to the reasons for the abolition of preference shares.First, as the separation of...

Persistent link: https://www.econbiz.de/10005858372

Competition and the Cost of Debt

Valta, Philip - Swiss National Centre of Competence in Research North … - 2010

This paper empirically investigates how the intensity of product market competitionaffects the cost of debt. Using a large sample of loans to publicly traded US manufac-turing firms, I provide evidence that an intensification of product market competitionamong firms significantly...

Persistent link: https://www.econbiz.de/10009305077

Financing and Takeovers

Morellec, Erwan; Zhdanov, Alexei - Institut für Schweizerisches Bankwesen <Zürich> - 2006

This paper analyzes the interaction between financial leverage and takeover activity. We develop a dynamic model of …, and takeover terms, in which the bidder with the lowest leverage wins the takeover contest. Based on the resulting … bidder is below the industry average and that acquirers should lever up after the takeover consummation. The model also …

Persistent link: https://www.econbiz.de/10005858240

Dividend taxation, share repurchases and the equity trap

Lindhe, Tobias; Södersten, Jan - 2009

This paper reconsiders the effects of dividend taxation. Particular attention is paid to the form of the 'equity trap', that is, the extent to which cash paid to the shareholders must be taxed as dividends. Our analysis shows that Sinn's (1991) criticism of the well-known King and Fullerton...

Persistent link: https://www.econbiz.de/10010321462

The Equity Trap, the Cost of Capital and the Firm´s Growth Path

Lindhe, Tobias; Södersten, Jan - 2006

This paper reconsiders Sinn's (1991) nucleus theory of the corporation by comparing two different regimes for the equity trap. In the first of these, all cash paid to the shareholders is taxed as dividends, in the second, shareholders are allowed a tax-free return of capital contributed through...

Persistent link: https://www.econbiz.de/10010321558

Economic Effects of Taxing Different Organizational Forms under a Dual Income Tax

Lindhe, Tobias; Södersten, Jan; Öberg, Ann - 2003

This paper analyzes the economic effects of different income splitting rules for closely held corporations and sole proprietorships/partnerships in a tax system with a dual income tax. We conclude that the tax rules for closed corporations offer roughly the same cost of capital as for widely...

Persistent link: https://www.econbiz.de/10010321596

Economic Effects of Taxing Closed Corporations under a Dual Income Tax

Lindhe, Tobias; Södersten, Jan; Öberg, Ann - 2001

Under the Nordic dual income tax system, the taxpayer's total tax bill depends not only on his total income but also on the division of that income between capital income and labor income. This has created new room for tax avoidance, especially for active owners of (closed) corporations. For...

Persistent link: https://www.econbiz.de/10010321734

The Effect of Mergers and Acquisitions on Bank Performance in Egypt

Badreldin, Ahmed Mohamed; Kalhöfer, Christian - 2021

Recent economic reforms in Egypt have significantly improved its macroeconomic indicators and financial sector. Banks have witnessed significant merger and acquisition activity as a result of these reforms in attempts to privatize and strengthen the banking sector. This study measures the...

Persistent link: https://www.econbiz.de/10013245488

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