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We investigate the cost of capital in a model with an agency conflict between inside managers and outside shareholders. Inside ownership reflects the classic tradeoff between incentives and risk diversification, and the severity of agency costs depends on a parameter representing investor...
Persistent link: https://www.econbiz.de/10011506547
conditions. It summarizes the track record of program implementation and discusses the evidence of factors determining … implementation. Whether proponents or critics of conditionality can be supported by existing data analysis is also investigated, as …
Persistent link: https://www.econbiz.de/10010277745
Der vorliegende Beitrag untersucht die steuerinduzierten Wirkungen der Außenfinanzierung auf den Unternehmenswert von Immobilien-Kapitalgesellschaften. Im diesem Bereich existieren neben der gewerblichen Immobilien-AG steuerbegünstigte Rechtsformen, wie die vermögensverwaltende Immobilien-AG...
Persistent link: https://www.econbiz.de/10010300876
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
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
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
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
This paper sets forth another contribution to the long standing debate over cost of capital, firstly by introducing a multiplicative model that translates the inner structure of the weighted average cost of capital rate and, secondly, adjusting such rate for governance risk. The conventional...
Persistent link: https://www.econbiz.de/10010323239
In a cross-border takeover, the tax base associated with future capital gains is transferred from target shareholders to acquirer shareholders. Crosscountry differences in capital gains tax rates enable us to estimate the discount in target valuation on account of future capital gains. A one...
Persistent link: https://www.econbiz.de/10010326290
around the world; they trade, clear and settle efficiently within as well as across markets. We test the impact of issuing …
Persistent link: https://www.econbiz.de/10011604472