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Tax incentives and capital structure choice : evidence from Germany
Hartmann-Wendels, Thomas; Stein, Ingrid; Stöter, Alwin - 2012
This paper provides new evidence that taxes affect capital structure choice, using a unique and comprehensive panel data set which covers 86,173 German non-financial firms over the years 1973–2008. Following the Graham methodology to simulate marginal tax rates, we find a statistically and...
Persistent link: https://www.econbiz.de/10009625689
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Tax Incentives and Capital Structure Choice : Evidence from Germany
Hartmann-Wendels, Thomas - 2016
This paper provides new evidence that taxes affect capital structure choice, using a unique and comprehensive panel data set which covers 86,173 German non-financial firms over the years 1973-2008. Following the Graham methodology to simulate marginal tax rates, we find a statistically and...
Persistent link: https://www.econbiz.de/10012988817
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Tax Incentives and Capital Structure Choice : Evidence from Germany
Hartmann-Wendels, Thomas - 2012
This paper provides new evidence that taxes affect capital structure choice, using a unique and comprehensive panel data set which covers 86,173 German non-financial firms over the years 1973-2008. Following the Graham methodology to simulate marginal tax rates, we find a statistically and...
Persistent link: https://www.econbiz.de/10013101183
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The impact of introducing an interest barrier : evidence from the German corporation tax reform 2008
Buslei, Hermann; Simmler, Martin - 2012
In this study we investigate the impact of the thin capitalization rule (TCR), introduced in Germany in 2008, on firms' capital structure, investment and profitability. The identification of the causal effects is based on the escape clauses in the regulation using a difference-in-difference...
Persistent link: https://www.econbiz.de/10009579254
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Zinsschranke, Unternehmensbewertung und APV Ansatz - eine Anmerkung zum Beitrag von Förster/Stöckl/Brenken (ZfB 2009, S. 985 ff.)
Arnold, Sven; Lahmann, Alexander; Schwetzler, Bernd - 2011 - Version vom 09.06.2010
Diskontierungssätze die Kenntnis des Wertbeitrages bereits voraus. -- Unternehmensbewertung ; Kapitalstruktur ; Tax Shield ; Zinsschranke …The German "Zinsschranke" limits the tax deductability of interest expenses. Recently, in this journal Förster et al … Zinsschranke und ihrer Wirkung auf die zinsinduzierte Steuerersparnis vor. Dieser Beitrag nimmt kritisch dazu Stellung: Es wird …
Persistent link: https://www.econbiz.de/10008986956
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Aktuelle Themen in der Unternehmensbewertung
Arnold, Sven - 2012
Persistent link: https://www.econbiz.de/10010239765
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Five empirical essays on corporate taxation
Dreßler, Daniel - 2012
Persistent link: https://www.econbiz.de/10009688989
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Interest barrier and capital structure response
Alberternst, Stephan; Sureth, Caren - 2016 - retitled version of arqus discussion paper no. 182, revised May 2016
The Organisation for Economic Co-Operation and Development (OECD) recently proposed an interest barrier to fight tax base erosion and profit shifting (BEPS). We use the introduction of such an interest deductibility restriction in Germany as a quasi-experiment and find significant corporate...
Persistent link: https://www.econbiz.de/10011477561
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The effect of taxes on Corporate Financing Decisions – Evidence from the German Interest Barrier
Alberternst, Stephan; Sureth, Caren - 2015
The Organisation for Economic Co-Operation and Development (OECD) recently proposed an interest barrier to fight tax base erosion and profit shifting (BEPS). We use the introduction of such an interest deductibility restriction in Germany as a quasi-experiment and find significant corporate...
Persistent link: https://www.econbiz.de/10011334123
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The effect of taxes on corporate financing decisions : evidence from the German interest barrier
Alberternst, Stephan; Sureth, Caren - 2015
The theoretical literature suggests that when taking tax effects into account, debt ought to be preferable to equity. However, there are no uniform predictions of the size of this tax benefit (tax shield) in comparison to an opposing increasing cost of debt (especially insolvency costs). The...
Persistent link: https://www.econbiz.de/10010466305