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The impact of financial leverage on the variance of stock returns
Aharon, David Yechiam; Yagil, Yossi - In: International Journal of Financial Studies : open … 7 (2019) 1/14, pp. 1-18
This paper investigates the direct theoretical relationship between the variance of stock returns (σ2E) and financial leverage (L) considering both corporate and personal taxes. Using a dataset of U.S. industrial firms, we examine the variance of stock returns as a function of the firm’s...
Persistent link: https://www.econbiz.de/10012038522
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Heterogeneous tax sensitivity of firm-level investments
Egger, Peter; Erhardt, Katharina; Keuschnigg, Christian - 2014
Firms are heterogeneous in size, productivity, ownership concentration, governance, financial structure and other dimensions. This paper introduces a stylized theoretical framework to account for such differences and to explain the heterogeneous tax sensitivity of firm-level investments across...
Persistent link: https://www.econbiz.de/10010412040
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Improving the efficacy of carbon tax policies
Appelbaum, Elie - In: Journal of government and economics : JGE 4 (2021), pp. 1-13
policy’s risk by taking into account default probabilities, the firm takes advantage of the government by using senior debt … to minimize the carbon tax policy’s cost. The shift to debt financing, in turn, mitigates the carbon tax policy … interests. Such a rule renders senior debt no longer useful for reducing the carbon tax policy’s cost. As a result, the tax …
Persistent link: https://www.econbiz.de/10013263117
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The Spurious Ratio Problem and Its Corrections : Empirical Tests of Capital Structure
Zhu, Yushu - 2010
facts, leverage increasing firms tend to be more profitable and firms with high R&D expenditures tend not to use debt as a …
Persistent link: https://www.econbiz.de/10013135468
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Accelerated depreciation, default risk and investment decisions
Panteghini, Paolo; Vergalli, Sergio - 2016
In this article we focus on a representative firm that can decide when to invest under default risk. On the one hand, this firm can benefit from generous tax depreciation allowances, on the other hand it faces a default risk. Our aim is to study the effects of tax depreciation allowances in a...
Persistent link: https://www.econbiz.de/10011416013
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Heterogeneous tax sensitivity of firm-level investments
Egger, Peter; Erhardt, Katharina; Keuschnigg, Christian - 2014
Persistent link: https://www.econbiz.de/10010439126
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Heterogeneous tax sensitivity of firm-level investments
Egger, Peter; Erhardt, Katharina; Keuschnigg, Christian - In: Journal of economic behavior & organization : JEBO 176 (2020), pp. 512-538
Persistent link: https://www.econbiz.de/10012431681
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Revisiting M&M with taxes : an alternative equilibrating process
Kopecky, Kenneth J.; Li, Zhichuan; Sugrue, Timothy F.; … - In: International Journal of Financial Studies : open … 6 (2018) 1, pp. 1-12
predictions for debt use and restores the prospect of capital structure irrelevancy despite the existence of corporate taxes. …
Persistent link: https://www.econbiz.de/10011848260
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Creditor rights and debt allocation within multinationals
Akbel, Basak; Schnitzer, Monika - 2009
We analyze the optimal debt structure of multinational corporations choosing between centralized or decentralized …
Persistent link: https://www.econbiz.de/10003935683
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Can formula apportionment really prevent multinational enterprises from profit shifting? : the role of asset valuation, intragroup debt, and leases
Kiesewetter, Dirk; Steigenberger, Tobias; Stier, Matthias - 2014
pricing and intragroup debt financing (through loans and leases) under both separate accounting and formula apportionment. Our …
Persistent link: https://www.econbiz.de/10010410351