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Capital gains taxation and the cost of capital : evidence from unanticipated cross-border transfers of tax bases
Huizinga, Harry; Voget, Johannes; Wagner, Wolf - 2012
Persistent link: https://www.econbiz.de/10009719319
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Disentangling the effect of private and public cash flows on firm value
Scherrer, Cristina Mabel; Fernandes, Marcelo - 2016
This paper presents a simple model for dual-class stock shares, in which common shareholders receive both public and private cash flows (i.e. dividends and any private benefit of holding voting rights) and preferred shareholders only receive public cash flows (i.e. dividends). The dual-class...
Persistent link: https://www.econbiz.de/10011523988
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What is different about government-controlled acquirers in cross-border acquisitions?
Karolyi, G. Andrew; Liao, Rose C. - 2010
We examine the motives for and consequences of 5,317 failed and completed cross-border acquisitions constituting $619 billion of total activity that were led by government-controlled acquirers over the period from 1990 to 2008. We benchmark this activity at the aggregate country level and also...
Persistent link: https://www.econbiz.de/10008702754
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Intertemporal income shifting and the taxation of business owner-managers
Miller, Helen; Pope, Thomas; Smith, Kate - 2021
We use newly linked tax records to show that the large responses of UK company owner-managers to personal taxes are due to intertemporal income shifting and not to reductions in real business activity. Around half of this shifting is short-term and helps prevent volatile incomes being taxed more...
Persistent link: https://www.econbiz.de/10012802879
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Merger mechanisms
Brusco, Sandro; Lopomo, Giuseppe; Viswanathan, S. - 2004
A firm can merge with one of n potential partners. The owner of each firm has private information about both his firm's stand-alone value and a component of the synergies that would be realized by the merger involving his firm. We characterize incentive-efficient mechanisms in two cases. First,...
Persistent link: https://www.econbiz.de/10011599056
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Tax policy and the dynamic demand for domestic and foreign capital by multinational corporations
Altshuler, Rosanne; Cummins, Jason G. - 1998
Persistent link: https://www.econbiz.de/10000167919
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Thin capitalization rules and multinational firm capital structure
Blouin, Jennifer L.; Huizinga, Harry; Laeven, Luc; … - 2013
Persistent link: https://www.econbiz.de/10010358553
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European takeover law : the case for a neutral approach
Enriques, Luca - 2010
This paper argues that in revising the Takeover Bid Directive, EU policymakers should adopt a neutral approach toward … kind. Unfortunately, takeover rules cannot be crafted so as to hinder all the bad takeovers while at the same time … current EC legal framework for takeovers overall hinders takeover activity in the EU, the paper identifies three rationales …
Persistent link: https://www.econbiz.de/10008728815
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Are there waves in merger activity after all?
Gärtner, Dennis (contributor); Halbheer, Daniel (contributor) - 2004 - September 2004, revised February 2006
This paper investigates the merger wave hypothesis for the US and the UK employing a Markov regime switching model. Using quarterly data covering the last thirty years, for the US, we identify the beginning of a merger wave in the mid 1990s but not the much-discussed 1980s merger wave. We argue...
Persistent link: https://www.econbiz.de/10002521615