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A new view of corporate taxation : monitoring costs, expectations, and the cost of capital

Kanniainen, Vesa; Södersten, Jan - 1992

Persistent link: https://www.econbiz.de/10000135698

Quality Investing and the Cross-Section of Country Returns

Zaremba, Adam - 2016

practical implications include such issues as the global asset allocation, the development of investment products, asset pricing … and investment performance measurement. The country selection strategies based on leverage and profitability prove a … useful tool for investors with global investment mandate. Furthermore, additional sorting on quality metrics may markedly …

Persistent link: https://www.econbiz.de/10013006894

Home Country Tax System Characteristics and Corporate Tax Avoidance : International Evidence

Atwood, T. J. - 2012

We examine whether three tax system characteristics – required book-tax conformity, worldwide versus territorial approach, and perceived strength of enforcement – impact corporate tax avoidance across countries after controlling for firm-specific factors previously shown to be associated...

Persistent link: https://www.econbiz.de/10013116171

Investment as the Opportunity Cost of Dividend Signaling

Kaplan, Zachary - 2020

We provide evidence that firms with weak investment opportunities (those whose current earnings justify a greater … valuation than firms with strong investment opportunities) signal their permanent earnings level through their dividends. In the … investment opportunities. Intertemporally, when aggregate investment opportunities are worse, firms convey more earnings …

Persistent link: https://www.econbiz.de/10012849148

Corporate Taxes, Partisan Politics, and Stock Returns

Mella, Javier - 2022

I investigate the effect of different measures of corporate taxes on stock returns. The results support the partisan politics cycle effect on equity returns. A high minus low (Hi-Lo) portfolio sorted by (Total Corporate Taxes/Total Assets) has an annual return of +3.8% during Republican...

Persistent link: https://www.econbiz.de/10013309793

Investor Competition and the Cost of Capital

Chen, Huaizhi - 2021

I provide evidence that investor size matters in the market for short-term securities. Between January 2011 and November 2020, the largest asset management families obtained significantly higher promised returns from their money market securities than smaller families. Furthermore, I show that...

Persistent link: https://www.econbiz.de/10013239010

The Effect of Government Reference Bonds on Corporate Borrowing Costs : Evidence from a Natural Experiment

Flannery, Mark J. - 2020

Researchers have recently studied the interactions between corporate and government bond issuances within many countries. Some conclude that government bonds compete with private bond issuances, while others maintain that government bonds provide valuable reference entities that improve the...

Persistent link: https://www.econbiz.de/10012833336

The Effect of Government Reference Bonds on Corporate Borrowing Costs : Evidence from a Natural Experiment

Flannery, Mark J. - 2020

Government bonds might provide reference entities that reduce corporate bond yield. We study China's 2017 issuance of two U.S. dollars (USD) denominated sovereign bonds when there were (effectively) no outstanding USD sovereigns. We find that USD-denominated Chinese corporate bonds experienced a...

Persistent link: https://www.econbiz.de/10012849861

The role of market efficiency on implied cost of capital estimates : an international perspective

Schröder, David - 2020

This study examines the role of market efficiency on international differences in the usefulness of the implied cost of capital (ICC) to measure expected stock returns. The analysis exploits cross-country differences in market efficiency around the world using a variety of empirical measures of...

Persistent link: https://www.econbiz.de/10012852872

Investment incentives and tax competition under the Allowance for Growth and Investment (AGI)

Kari, Seppo; Laitila, Jussi; Ropponen, Olli - 2018

Persistent link: https://www.econbiz.de/10011952185