-specific data from the Bureau of Economic Analysis, we find that firms with high tax-induced foreign cash have approximately 3 ….3 percent higher domestic liabilities relative to other multinationals, equivalent to $152.2 million more domestic debt per firm …, or approximately $98.9-$141.9 billion in aggregate. We next examine motives for firms with tax-induced foreign cash to …

We examine the relation between corporate cash holdings and tax net operating loss carryforwards (NOLs). Prior … investment income taxed at both corporate and investor levels. However, if the firm's tax rate on passive income is lower than … shareholder's behalf. Consistent with this, we find that tax losses are associated with higher levels of liquidity; firms save $0 …

marginal tax rates affect the debt policies of Spanish listed companies, and the existence of non-debt tax shields constitutes … an alternative to the use of debt as a tax shelter. Consistent with theoretical expectations, there is a stronger …This study explores the role of taxes in explaining companies' financing decisions. We test whether the corporate tax …

marginal tax rates affect the debt policies of Spanish listed companies, and the existence of non-debt tax shields constitutes … an alternative to the use of debt as a tax shelter. Consistent with theoretical expectations, there is a stronger …This study explores the role of taxes in explaining companies’ financing decisions. We test whether the corporate tax …

firm’s leverage significantly determines its coalmining fatality: A 10% increase in the debt ratio leads, on average, to a … 3% increase in the number of death tolls. It suggests that reducing leverage in coalmining firms can be an effective way …

We provide a tradeoff model of the capital structure that allows leverage to be a function of a firm’s choice of tax … aggressiveness. The model’s testable implications are supported empirically. Debt use is inversely related to corporate tax … credit crisis period. For the most profitable firms, debt and tax aggression are complements. Our results extend the …

The aim of this paper is to analyse the influence of financial system liquidity and corporate leverage on a firm …'s overinvestment. We posit that when external funds are easily available, as in expansionary monetary periods, debt loses its … traditional role as a managerial control mechanism. Instead, the supply of systemic liquidity results in corporate leverage …

Venture debt, or loans to rapid-growth start-ups, is a puzzle. How are start-ups with no track records, positive cash …? And why do start-ups take on debt rather than rely exclusively on equity investments from angel investors and venture … puzzle of venture debt by revealing that a start-up's VC backing and intellectual property substitute for traditional loan …

This paper explores whether corporate tax bias toward debt finance differs between banks and nonbanks, using a large … conditional leverage distribution. For nonbanks, we find a U-shaped relationship between asset size and tax responsiveness …, although this pattern does not hold universally across the conditional leverage distribution. For banks, in contrast, the tax …