John, R Graham's A Review of Taxes and Corporate Finance PDF

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By John, R Graham

ISBN-10: 1933019417

ISBN-13: 9781933019413

ISBN-10: 193301993X

ISBN-13: 9781933019932

A evaluate of Taxes and company Finance investigates the implications of taxation on company finance concentrating on how taxes impact company rules and company price. a standard subject is that tax ideas have an effect on company incentives and judgements. A moment emphasis is on learn that describes how taxes impact bills and advantages. A evaluate of Taxes and company Finance explores the a number of avenues for taxes to impact company judgements together with capital constitution judgements, organizational shape and restructurings, payout coverage, repayment coverage, threat administration, and using tax shelters. the writer offers a theoretical framework, empirical predictions, and empirical facts for every of those parts. each one part concludes with a dialogue of unanswered questions and attainable avenues for destiny study. A evaluation of Taxes and company Finance is efficacious studying for researchers and execs in company finance, company governance, public finance and tax coverage.

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1992) find that firms with high tax rates prior to tax reform (firms that therefore probably experienced the largest drop in their tax rate) reduce debt the most after tax reform. This finding is somewhat surprising because their corporate marginal tax rate suffers from the negative endogeneity bias described above. 22 In a paper that examines international evidence during the same time period, Rajan and Zingales (1995) provide weak international evidence that taxes affect debt decisions. 4 Time-series and small firm evidence of tax effects The empirical evidence described thus far confirms cross-sectionally that firms with high tax rates use more debt than those with low tax rates.

See Poterba (2001) for a review of articles related to how personal taxation affects the timing and value of asset sales and purchases. Tax capitalization Another group of papers investigates tax capitalization. These papers argue that personal taxes are capitalized into share prices via retained earnings. This in turn affects the relative tax advantage to debt because retained earnings are assumed to be the marginal source of funding. 4. Personal taxes affect corporate debt vs. 29 They argue that (nearly) full dividend taxation is impounded into share prices and therefore, there is no incremental personal tax penalty when a firm pays a dividend.

The dependent variable is debt-to-value. 191, respectively, indicating that debt ratios are positively related to net tax incentives. 026. S. Tax System they do not find evidence that personal taxes affect the cost of capital (lack of evidence relative to Prediction 3). Campello (2001) assumes that a given firm’s debt and equity are held by a particular clientele of investors (with the clienteles based on investor tax rates). He investigates the capital structure response to the large reduction in personal taxes (relative to the smaller reduction in corporate tax rates) after the Tax Reform Act of 1986.

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A Review of Taxes and Corporate Finance by John, R Graham

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