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Corporate Tax Avoidance And Debt Costs
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Book Synopsis Corporate Tax Avoidance and Debt Costs by : Terry J. Shevlin
Download or read book Corporate Tax Avoidance and Debt Costs written by Terry J. Shevlin and published by . This book was released on 2019 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use path analysis to investigate how corporate tax avoidance is priced in bond yields and bank loan spreads. We find that approximately one half of the total effect of tax avoidance on bond yields is explained through the negative effect of tax avoidance on future pre-tax cash flow levels and volatility and, to a lesser extent, lower information quality. The effects of these mediating variables are much less pronounced for bank loan spreads. The results of additional cross-sectional analyses indicate that, relative to bond investors, banks are able to reduce information asymmetry problems more effectively, given their access to firms' private information and greater ability to monitor borrowers.
Book Synopsis International Corporate Tax Avoidance: A Review of the Channels, Magnitudes, and Blind Spots by : Sebastian Beer
Download or read book International Corporate Tax Avoidance: A Review of the Channels, Magnitudes, and Blind Spots written by Sebastian Beer and published by International Monetary Fund. This book was released on 2018-07-23 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the rapidly growing empirical literature on international tax avoidance by multinational corporations. It surveys evidence on main channels of corporate tax avoidance including transfer mispricing, international debt shifting, treaty shopping, tax deferral and corporate inversions. Moreover, it performs a meta analysis of the extensive literature that estimates the overall size of profit shifting. We find that the literature suggests that, on average, a 1 percentage-point lower corporate tax rate will expand before-tax income by 1 percent—an effect that is larger than reported as the consensus estimate in previous surveys and tends to be increasing over time. The literature on tax avoidance still has several unresolved puzzles and blind spots that require further research.
Book Synopsis Tax Avoidance and Capital Structure by : Alessandro Gabrielli
Download or read book Tax Avoidance and Capital Structure written by Alessandro Gabrielli and published by Springer Nature. This book was released on 2023-05-23 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive overview of the implications of tax avoidance for a firm’s capital structure, highlighting the key role played by free cash flow and agency conflicts. First, the book provides an outline of the theories and empirical evidence concerning the role of taxes in the Theory of Capital Structure. It reviews the studies investigating the relationship between agency conflicts and capital structure. The book explores the role of free cash flow and agency conflicts in the relationship between tax avoidance and capital structure. In the final section, the results of an empirical investigation conducted on a sample of U.S. public firms are also presented. The empirical research examines whether and how tax avoidance is associated with debt covenant violation across the stages of the corporate life cycle. Specifically, the research uses the concept of the corporate life cycle stage to analyse whether and how the association between tax avoidance and debt covenant violation varies in different agency settings. Consistent with the hypotheses drawn on the Agency Theory, the findings of the empirical research suggest life cycle stages moderate the association between tax avoidance and debt covenant violation. Overall, this book sheds light on the potential implications of tax avoidance activities for a firm’s capital structure. The book will be of interest to both experienced and early-stage scholars interested in the topic. Moreover, the book will also be of interest to policymakers, investors, analysts, lenders, and other market participants.
Book Synopsis Corporate Taxation, Group Debt Funding and Base Erosion by : Gianluigi Bizioli
Download or read book Corporate Taxation, Group Debt Funding and Base Erosion written by Gianluigi Bizioli and published by Kluwer Law International B.V.. This book was released on 2020-02-07 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: The EU’s Anti-Tax Avoidance Directive (ATAD), implemented in January 2019, confronts Member States with complex challenges, particularly via the introduction of an interest limitation rule. This timely book, the first in-depth analysis of the features and implications of the directive, provides insightful and practical discussions by experts from around Europe on the crucial interactions of the ATAD with other existing anti-tax avoidance measures, the European financial sector and the fundamental freedoms. Specific issues and topics covered include the following: relation with the OECD’s Base Erosion and Profit Sharing project (BEPS) and the EU’s Common Corporate Tax Base initiative; technical subjects relating to corporate taxation and debt funding; problems caused by the diametrically opposite tax treatment of debt and equity within a group of companies; exclusion clauses for interest expenses; and interplay between interest limitation rules and anti-hybrid rules. A comparative analysis of implementation issues in four leading Member States—Germany, Italy, Spain and The Netherlands—as well as a global general survey with regard to interest limitation rules allow readers to assess the particular complexities associated to the implementation of the ATAD. This matchless commentary by leading European tax law academics and practitioners on an important and much-debated item of EU legislation gives practitioners, enterprises and tax authorities an early opportunity to understand the practical effects of the directive in the various Member States.
Book Synopsis Beauty is in the Eye of the Beholder by :
Download or read book Beauty is in the Eye of the Beholder written by and published by . This book was released on 2014 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Relationship of Corporate Tax Avoidance, Cost of Debt and Institutional Ownership by : Utkirjon Kholbadalov Shokirjonovich
Download or read book The Relationship of Corporate Tax Avoidance, Cost of Debt and Institutional Ownership written by Utkirjon Kholbadalov Shokirjonovich and published by . This book was released on 2011 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Tax Avoidance Activities of U.S. Multinational Corporations by : Sonja Lynne Olhoft
Download or read book Tax Avoidance Activities of U.S. Multinational Corporations written by Sonja Lynne Olhoft and published by . This book was released on 1999 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Tax Biases to Debt Finance by : Ruud A. de Mooij
Download or read book Tax Biases to Debt Finance written by Ruud A. de Mooij and published by International Monetary Fund. This book was released on 2011-05-03 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.
Book Synopsis Advances in Taxation by : John Hasseldine
Download or read book Advances in Taxation written by John Hasseldine and published by Emerald Group Publishing. This book was released on 2017-09-29 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tax researchers have an important role to play in conducting and publishing rigorous quality research in the uncertain times facing the world’s tax systems. There are many research questions to be addressed, and Advances in Taxation invites submissions on a broad range of tax topics.
Book Synopsis Curbing Corporate Debt Bias by : Ruud A. de Mooij
Download or read book Curbing Corporate Debt Bias written by Ruud A. de Mooij and published by International Monetary Fund. This book was released on 2017-02-10 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tax provisions favoring corporate debt over equity finance (“debt bias”) are widely recognized as a risk to financial stability. This paper explores whether and how thin-capitalization rules, which restrict interest deductibility beyond a certain amount, affect corporate debt ratios and mitigate financial stability risk. We find that rules targeted at related party borrowing (the majority of today’s rules) have no significant impact on debt bias—which relates to third-party borrowing. Also, these rules have no effect on broader indicators of firm financial distress. Rules applying to all debt, in contrast, turn out to be effective: the presence of such a rule reduces the debt-asset ratio in an average company by 5 percentage points; and they reduce the probability for a firm to be in financial distress by 5 percent. Debt ratios are found to be more responsive to thin capitalization rules in industries characterized by a high share of tangible assets.
Book Synopsis Advances in Taxation by : John Hasseldine
Download or read book Advances in Taxation written by John Hasseldine and published by Emerald Group Publishing. This book was released on 2017-09-29 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tax researchers have an important role to play in conducting and publishing rigorous quality research in the uncertain times facing the world’s tax systems. There are many research questions to be addressed, and Advances in Taxation invites submissions on a broad range of tax topics.
Book Synopsis Corporate Tax Digest by : Bruce A. Furst
Download or read book Corporate Tax Digest written by Bruce A. Furst and published by . This book was released on 1992 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effect of Corporate Tax Avoidance on the Cost of Equity by : Beng Wee Goh
Download or read book The Effect of Corporate Tax Avoidance on the Cost of Equity written by Beng Wee Goh and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on Lambert, Leuz, and Verrecchia (2007)'s derivation of the cost of equity capital in terms of expected cash flows, we generate a testable hypothesis that relates tax avoidance to a firm's cost of equity capital. Using three broad measures of tax avoidance -- book-tax differences, permanent book-tax differences, and long-run cash effective tax rates -- to test our hypothesis, we find that the cost of equity is lower for tax-avoiding firms. This effect is stronger for firms with better outside monitoring, firms that likely realize higher marginal benefits from tax savings, and firms with higher information quality. Overall, our results suggest that equity investors generally require a lower expected rate of return due to the positive cash flow effects of corporate tax avoidance.
Book Synopsis Political Costs and Corporate Tax Avoidance by : Cong Wang
Download or read book Political Costs and Corporate Tax Avoidance written by Cong Wang and published by . This book was released on 2019 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: The products and services of firms operating in sin industries (alcohol, tobacco, gaming, and firearms) run contrary to social norms and can produce significant negative externalities for society. As such, sin firms are at greater risk of incurring political costs in the form of additional regulation, higher taxes, or capital market intervention if they come under scrutiny for their tax avoidance practices. Because of the nature of their products, regulators and policymakers are likely to face less pushback imposing new regulations or taxes on these firms. Consequently, we hypothesize and find that sin firms exhibit less tax avoidance than non-sin firms, particularly through uncertain and more risky tax avoidance strategies. The negative relationship between the sin firm status and tax avoidance is less pronounced in U.S. firms that accumulate political capital via intensive lobbying activities, or face more financial constraints, and less pronounced in countries where people are more receptive to “sin” products. Exploiting changes in partisan control of the Congress and the White House, difference-in-differences tests show that firearm firms engage in less (more) tax avoidance when the Democrats (Republican) control both the Congress and White House. Overall, we conclude that greater exposure to political costs leads to less tax avoidance for sin firms.
Book Synopsis Corporate Tax Reform: From Income to Cash Flow Taxes by : Benjamin Carton
Download or read book Corporate Tax Reform: From Income to Cash Flow Taxes written by Benjamin Carton and published by International Monetary Fund. This book was released on 2019-01-16 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses a multi-region, forward-looking, DSGE model to estimate the macroeconomic impact of a tax reform that replaces a corporate income tax (CIT) with a destination-based cash-flow tax (DBCFT). Two key channels are at play. The first channel is the shift from an income tax to a cash-flow tax. This channel induces the corporate sector to invest more, boosting long-run potential output, GDP and consumption, but crowding out consumption in the short run as households save to build up the capital stock. The second channel is the shift from a taxable base that comprises domestic and foreign revenues, to one where only domestic revenues enter. This leads to an appreciation of the currency to offset the competitiveness boost afforded by the tax and maintain domestic investment-saving equilibrium. The paper demonstrates that spillover effects from the tax reform are positive in the long run as other countries’ exports benefit from additional investment in the country undertaking the reform and other countries’ domestic demand benefits from improved terms of trade. The paper also shows that there are substantial benefits when all countries undertake the reform. Finally, the paper demonstrates that in the presence of financial frictions, corporate debt declines under the tax reform as firms are no longer able to deduct interest expenses from their profits. In this case, the tax shifting results in an increase in the corporate risk premia, a near-term decline in output, and a smaller long-run increase in GDP.
Book Synopsis Debt, Taxes and Corporate Restructuring by : John B. Shoven
Download or read book Debt, Taxes and Corporate Restructuring written by John B. Shoven and published by Brookings Institution Press. This book was released on 2012-01-01 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: The boom in corporate restructuring, accompanied by large increases in debt finance, was one of the most important developments in the U.S. economy in the 1980s. Financial and tax specialists analyze how the U.S. tax system-especially in its bias toward debt financing-has affected corporate financial decisions and influenced the recent wave of corporate restructuring. The authors evaluate the hypothesis that the rise in the cost of capital during the 1980s helped stimulate the surge in corporate takeovers. They analyze the effect that changes in tax laws and in the volume of government debt have had on corporate financial decisions. The authors examine how recent financial innovations have blurred the distinction between debt and equity finance.
Book Synopsis The Effect of Taxes and Leverage Related Costs on Corporate Capital Structure by : F. M. McDougall
Download or read book The Effect of Taxes and Leverage Related Costs on Corporate Capital Structure written by F. M. McDougall and published by . This book was released on 1981 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
