Download or read book Effects of Taxation written by Dan Throop Smith and published by . This book was released on 1952 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Taxation and Corporate Financial Policy written by Alan J. Auerbach and published by . This book was released on 2001 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the theory and evidence regarding the impact of taxation on corporate financial policy. Starting from a basic characterization of the classical corporate income tax and its effects, the analysis focuses on three areas of research: equity policy, debt-equity decisions, and choices regarding ownership structure and organizational form. The discussion stresses the distinction between nominal and more fundamental financial differences for example, in the relationship between borrowing and leasing and that financial policy involves choices not only among different underlying policies but also among characterizations of a given policy. The final section offers some brief reflections on the implications of continuing financial innovation
Download or read book Corporate Financial Policy and Taxation written by Mariateresa Fiocca and published by Dartmouth Publishing Company. This book was released on 1990 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Taxation and Corporate Financial Policy written by Erik Ekman and published by . This book was released on 1995 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Taxation and corporate financial policy written by Antonia María Ruiz Jiménez and published by . This book was released on 2001 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Corporate Income Taxes under Pressure written by Ruud A. de Mooij and published by International Monetary Fund. This book was released on 2021-02-26 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book describes the difficulties of the current international corporate income tax system. It starts by describing its origins and how changes, such as the development of multinational enterprises and digitalization have created fundamental problems, not foreseen at its inception. These include tax competition—as governments try to attract tax bases through low tax rates or incentives, and profit shifting, as companies avoid tax by reporting profits in jurisdictions with lower tax rates. The book then discusses solutions, including both evolutionary changes to the current system and fundamental reform options. It covers both reform efforts already under way, for example under the Inclusive Framework at the OECD, and potential radical reform ideas developed by academics.
Download or read book Taxation and Corporate Financial Policy written by J. Gregory Ballentine and published by . This book was released on 1978 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Note on Taxes Corporate Financial Policy and the Cost of Capital to the Firm Classic Reprint written by Donald Eugene Farrar and published by Forgotten Books. This book was released on 2016-11-28 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Note on Taxes, Corporate Financial Policy and the Cost of Capital to the Firm In a series of papers beginning with [1] and Franco Modigliani and Merton Miller astounded both practical and academic proponents of cor porate financial policy by demonstrating that, in the absence of distortions to market processes due to the existence of (individual and corporate) taxes, the cost of capital to a firm could not be affected by purely financial Operations. In a pair of subsequent papers [3] and [h], Modigliani and Miller (hereafter abbreviated simply as mrm) expanded their earlier thesis to measure the impact on optimali corporate financial policies and capital costs of certain Specific aspects of the U. S tax structure. Throughout mem's treatment, however, there runs an assumption that the basic arguments established in [l] and [2] are selfaevident, and that taxes represent noth ing more than an unwelcome imperfection in an otherwise efficiently func tioning market process. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works."
Download or read book Corporate Financial Policy Taxation and Macroeconomic Risk written by Mark Gertler and published by . This book was released on 1991 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a simple model of corporate financial structure intended to formalize the macroeconomic concern over excessive leverage. In particular, we attempt to rationalize why firms designing an optimal capital structure would choose a level of debt that leaves them heavily exposed to macroeconomic risk. Our starting point is a variant of the "corporate control" model often used to motivate debt as the optimal financial contract. We modify this framework in two ways. First, we include common risks, interpretable as business cycle risks, as well as idiosyncratic risks. Second, we include corporate and investor-level taxes, and consider the implications of a net tax bias against equity finance. The tax distortion confronts firms with a tradeoff ex ante between the costs of equity finance and the costs of increased exposure to macroeconomic risk accompanying debt finance. In this regard, an equilibrium with "excessive leverage" is possible. Further, despite the possibility of renegotiation, debt is in general less effective than equity in insulating the firm against aggregate risk. Our model leads to the prediction that individual firm dividends may vary with macroeconomic conditions, even after controlling for the effects of relevant firm-specific performance measures, such as earnings. We present some formal econometric evidence in support of this prediction, using a panel of individual corporations. Evidence on some related predictions is also presented
Download or read book Taxation and Corporate Financial Policy written by Charles E. Jr McLure and published by . This book was released on 1980 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A model of corporate financial policy (debt-equity ratios and dividend payout rates) is included in the Harberger general equilibrium model of incidence of the corporate income tax. Illustrative calculations of the distortions of financial policy and increases in risk premiums induced by the corporate tax are provided. Because risk premiums on corporate securities would be reduced, eliminating the corporate tax or integrating it into the personal tax would increase the income of non-corporate investors relatively more than that of investors in corporate securities, and is therefore less regressive than is commonly thought
Download or read book Corporate Financial Policy written by Dan T. Smith and published by . This book was released on 1970 with total page 301 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Taxes Corporate Financial Policy and the Return to Investors written by Stewart C. Myers and published by . This book was released on 2015-08-05 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Taxes, Corporate Financial Policy and the Return to Investors: Comment 290-67 Professors Farrar and Selwyn have made an Important contribution to the theory of optimal capital structure. However their note does not exhaust the implications of their analysis. The purpose of this comment is, first, to push their argument somewhat further and, second, to consider the implications of their findings. The topics discussed are: Section I: Some qualifications II: Transaction costs, III: The possibility of "negative leverage," IV: An extension to capital budgeting decisions and V: Implications. Credit should be given at the outset to Professor Franco Modigliani, who first noted the possibility of negative leverage for corporations. I. A Restatement of the Argument, with Qualifications. The following discussion is restricted to Farrar and Selwyn's "Case 4," in which corporate income, personal income, and capital gains all are taxed. Several additional assumptions will be adopted in order to keep the exposition as brief and simple as possible. The first two are: 1. That net income of the hypothetical firm is not expected to 2 grow or decline over time; and 2. That the firms dividend policy is optimal - i.e., stock is always repurchased in lieu of paying cash dividends. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Download or read book Taxation and Corporate Financial Policy written by J. Gregory Ballentine and published by . This book was released on 1980 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A model of corporate financial policy (debt-equity ratios and dividend payout rates) is included in the Harberger general equilibrium model of incidence of the corporate income tax. Illustrative calculations of the distortions of financial policy and increases in risk premiums induced by the corporate tax are provided. Because risk premiums on corporate securities would be reduced, eliminating the corporate tax or integrating it into the personal tax would increase the income of non-corporate investors relatively more than that of investors in corporate securities, and is therefore less regressive than is commonly thought.
Download or read book Essays on Taxation and Corporate Financial Policy written by Robert Mihran Mooradian and published by . This book was released on 1989 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Business Taxation and Financial Decisions written by Deborah Schanz and published by Springer Science & Business Media. This book was released on 2010-10-17 with total page 415 pages. Available in PDF, EPUB and Kindle. Book excerpt: Managerial decisions are considerably influenced by taxes: e.g. the choice of location, buying or leasing decisions, or the proper mix of debt and equity in the company's capital structure increasingly demand qualified employees in an economic environment that is becoming more and more complex. Due to the worldwide economic integration and constant changes in tax legislation, companies are faced with new challenges – and the need for information and advice is growing accordingly. This book's goal is to identify and quantify possible tax effects on companies' investment strategies and financing policies. It does not focus on details of tax law, but instead seeks to address students and practitioners focusing on corporate finance, accounting, investment banking and strategy consulting.
Download or read book A Theory of Corporate Financial Policy Under Progressive Personal Taxation written by Robert M. Dammon and published by . This book was released on 1984 with total page 446 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Corporate Financial Policy and Taxation written by Chris Jones and published by . This book was released on 1988 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt:
