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Taxing away M&A: The effect of corporate capital gains taxes on acquisition activity
Feld, Lars P.; Ruf, Martin; Schreiber, Ulrich; … - 2016
Taxing capital gains is an important obstacle to the efficient allocation of resources because it imposes a transaction cost on the vendor which locks in appreciated assets by raising the vendor's reservation price in prospective transactions. For M&As, this effect has been intensively studied...
Persistent link: https://www.econbiz.de/10011419930
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Dynamics in ownership and firm survival: evidence from corporate Germany
Heiss, Florian; Köke, Jens - 2001
This study investigates the determinants of changes in corporate ownership and firm failure, taking into account different types of sellers and buyers of control blocks. For a large panel of German corporations we find that firms are more likely to fail or to be sold when performance is poor,...
Persistent link: https://www.econbiz.de/10010297800
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Tax influence on financial structures of M&As
Harendt, Christoph - 2018
In this paper, I investigate the influence of tax incentives on the financial structures of mergers and acquisitions (M&A) conducted by multinational entities (MNE). Previous research has already found evidence for tax avoidance by debt shifting. I analyze the importance of locating debt at...
Persistent link: https://www.econbiz.de/10011783673
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Dynamics in ownership and firm survival: evidence from corporate Germany
Heiss, Florian; Köke, Jens - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2001
This study investigates the determinants of changes in corporate ownership and firm failure, taking into account different types of sellers and buyers of control blocks. For a large panel of German corporations we find that firms are more likely to fail or to be sold when performance is poor,...
Persistent link: https://www.econbiz.de/10005097846
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Control transfers in corporate Germany: their frequency, causes and consequences
Köke, Jens - 2000
This study examines changes in block ownership for a large sample of listed and non-listed German firms. The frequency of block trading is similar to other countries, and the vast majority of block trades leads to changes in ultimate ownership (control transfers). Such changes are more likely...
Persistent link: https://www.econbiz.de/10010297730
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Determinants of acquisition and failure: stylized facts and lessons for empirical studies
Köke, Jens - 2001
This study provides new stylized facts on the determinants of corporate failure and acquisition in Germany. It also offers important lessons for the design of empirical studies. We show that firms experiencing failure or acquisition are significantly different from surviving firms on a number of...
Persistent link: https://www.econbiz.de/10010297767
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International Tax Planning in the Age of ICT
Schäfer, Anne; Spengel, Christoph - 2004
creation of value. Besides, geographic distances tend to be less relevant. The main objective of international tax planning … instruments of international tax planning whether new chances of minimising the effective tax rate emerge with the use of ICT and … conclude that, due to ICT, it is easier to make use of the international tax differential by choosing the optimal location and …
Persistent link: https://www.econbiz.de/10010297350
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M&A and the tax benefits of debt-financing
Scheuering, Uwe - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2014
finance a takeover with debt. In this paper, I investigate the impact of profit taxation on the financing decision in …
Persistent link: https://www.econbiz.de/10010957629
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Effects of territorial and worldwide corporation tax systems on outbound M&As
Feld, Lars P.; Ruf, Martin; Scheuering, Uwe; Schreiber, … - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2013
Repatriation taxes reduce the competitiveness of multinational firms from tax credit countries when bidding for targets in low tax countries. This comparative disadvantage with respect to bidders from exemption countries violates ownership neutrality, which results in production inefficiencies...
Persistent link: https://www.econbiz.de/10010957665
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International taxation and productivity effects of M&As
Todtenhaupt, Maximilian; Voget, Johannes - 2017
We investigate the effect of international differences in corporate taxation on the realization of productivity gains … firms can use international profit shifting to attenuate effective differences in taxation. In a complementary analysis, we …
Persistent link: https://www.econbiz.de/10011612914