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Author : Francisco Gil-Díaz
Publisher :
ISBN 13 :
Total Pages : 264 pages
Book Rating : 4.:/5 (287 download)
Download or read book Three Essays on the Taxation of Capital written by Francisco Gil-Díaz and published by . This book was released on 1982 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Kirsten Abram Cook
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (69 download)
Download or read book Three Essays on Taxation written by Kirsten Abram Cook and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation contains three essays. The first essay examines the response of equity values to the announcement of a decrease in the capital gains tax rate. The Taxpayer Relief Act of 1997 reduced the long-term capital gains tax rate. News of this rate reduction reached investors in late April to early May of 1997. During the week of this event, firms with appreciated stock positions, average holding periods of at least one year, and individual marginal investors reported lower returns than companies lacking one or more of these characteristics. The second essay builds on recent research reporting that firms establish target capital structures by weighing the costs and benefits of debt and that adjustment costs dictate how rapidly companies move toward optimal leverage ratios. If tax considerations impact debt structures adjust more rapidly than companies below the goals because low-tax firms have less need of interest deductions to decrease tax burdens and, thus, sacrifice less tax benefit when retiring debt. The third essay demonstrates that manufacturing firms manipulate production to manage earnings and examines whether tax incentives magnify or temper this strategy. Companies that exceed the quarterly consensus analyst forecasts absent the earnings effects of discretionary inventory changes cut production and create an earnings cookie jar for future quarters. For this sub-sample, companies make larger discretionary inventory decreases as the marginal tax rates rise in the fourth quarter relative to the first three quarters. In contrast, the sub-sample of firms that miss income goals without manipulating production use discretionary inventory increases to enhance earnings and potentially reach benchmarks. Higher tax rates do not impede miss firms from managing earnings upward; however, considerations of tax timing dissuade these companies from opportunistically manipulating production in the fourth quarter.
Author : Harry Gunnison Brown
Publisher :
ISBN 13 :
Total Pages : 204 pages
Book Rating : 4.3/5 (91 download)
Download or read book Three Essays on the Taxation of Unearned Incomes written by Harry Gunnison Brown and published by . This book was released on 1925 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: In three essays the author discusses whether taxation can be used as a tool for obtaining and perpetuation of economic democracy, and if so, what system of taxation is the best for the end in view.
Author : Spencer Conley Usrey
Publisher :
ISBN 13 :
Total Pages : 136 pages
Book Rating : 4.:/5 (528 download)
Download or read book Three Essays on Institutional Investors and Income Taxes written by Spencer Conley Usrey and published by . This book was released on 2009 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation investigates the role of institutional investors in capital market tax studies. Specifically, this studies examines how institutional investors influence firms' cost of capital and financing decisions following changes in personal tax rates on debt and equity income. The dissertation is organized into three essays that examine these topics. The first two essays examine tax rate changes in 1997 and 2003 that reduced the personal tax rates on interest, capital gains and dividends. Essay 3 summarizes relevant literature involving institutional investors and capital market tax studies. Essay 1 investigates whether differences between the tax liabilities of the underlying shareholders of institutional investors affect firms' capital structures and decisions to issue debt versus equity following changes in tax rates on investment income received by individuals. The study predicts that firms with high concentrations of tax disadvantaged institutional investors (institutions whose underlying shareholders are taxable) will issue more equity relative to debt than those with high concentrations of tax-advantaged institutional investors (institutions whose underlying shareholders are not taxable). The results find that the financing decisions of firms with high levels of tax-disadvantaged institutional investors are influenced by changes in individual tax rates. Essay 2 investigates whether differences in the tax attributes of the underlying shareholders of institutional investors influences the impact of equity tax rate changes on a firm's cost of equity. The study examines a sample period of two years (eight quarters) around the enactment of the 1997 and 2003 Acts. The study finds that firms with high levels of tax-disadvantaged ownership experienced a decrease in their cost of equity capital following a decrease in the individual tax rate on capital gains. In addition, the interaction of the institutional investor dummy variable and a dummy variable indicating the observation is after the 2003 Act indicates that the cost of equity capital for firms with high levels of tax-disadvantaged ownership decreased following the 2003 Act. The results of Essays 1 and 2 provide evidence that institutional investors are not homogeneous with respect to their influence on firms' cost of capital and financing decisions following changes in individual tax rates.
Author : Neil Bruce
Publisher : Routledge
ISBN 13 : 1000385299
Total Pages : 138 pages
Book Rating : 4.0/5 (3 download)
Download or read book Three Essays on Taxation in Simple General Equilibrium Models written by Neil Bruce and published by Routledge. This book was released on 2021-12-20 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, first published in 1984, examines the use of simple general equilibrium models in analysing the effects of taxes. The replacement of the earlier partial equilibrium approach has yielded numerous insights and conclusions, and these are examined here alongside the simple general equilibrium reasoning.
Author : Jude-Henri Jeanniton
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (133 download)
Download or read book Three Essays on Capital Taxation written by Jude-Henri Jeanniton and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The main idea of this thesis is to deepen our understanding of the relationship between tax policy and heterogeneous capital. The first chapter revisits the question of whether preferential tax regimes are desirable in a context where some jurisdictions have leadership advantages in their choice of tax policy. It is argued that if regions or countries involved in tax competition act sequentially as Stackelberg competitors, they will prefer to limit the use of preferential tax policy. If firms located in small regions face higher mobility costs on average than those located in large regions, small regions want to ban preferential tax regimes while large regions will tend to support them. If jurisdictions are populated mainly by firms with low mobility costs, they will prefer preferential tax treatments. On the other hand, if they are populated mostly by firms with high mobility costs, small regions want to restrict preferential tax policies while large regions will favour them. The second chapter embraces the neoclassical theory of investment to model the rate of investment in physical and intangible capital. It uses data from the EU KLEMS database, the Oxford University Centre for Business Taxation and the Tax Foundation. It concludes that the equations for the rate of investment in physical and intangible capital are distinct. Corporate tax incentives affect the rates of investment in physical and intangible capital, but differently. The higher rate of depreciation of intangible capital relative to physical capital seems to explain the increasing ratio of investment in intangible to physical capital. The third chapter examines heterogeneity by type of capital within the relationship between capital and its user cost, for five types of physical capital asset and two types of intangible capital asset. The dataset is almost similar to that of chapter two. The results show that, in the short-run dynamics, both the dynamic fixed-effects and GMM results seem to agree on the role of changes in the user cost of capital on the accumulation of the stock of capital. Overall, dynamic fixed-effects estimation seems to yield results that are more consistent with the theoretical conclusions on investment behaviour and empirical results for physical capital already established in the literature.
Author : Sangwhan Lho
Publisher :
ISBN 13 :
Total Pages : 232 pages
Book Rating : 4.3/5 (91 download)
Download or read book Three Essays in International Taxation written by Sangwhan Lho and published by . This book was released on 1996 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 198 pages
Book Rating : 4.:/5 (89 download)
Download or read book Three Essays on Interjurisdictional Tax Competition written by and published by . This book was released on 1995 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Inga Bethmann
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (113 download)
Download or read book Three Essays on the Economic Effects of Tax Policy written by Inga Bethmann and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Xiaoying Wang
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Three Essays on International Corporate Income Taxation written by Xiaoying Wang and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : David Matthew Powell (Ph. D.)
Publisher :
ISBN 13 :
Total Pages : 169 pages
Book Rating : 4.:/5 (436 download)
Download or read book Three Essays on the Impacts of Income Taxes written by David Matthew Powell (Ph. D.) and published by . This book was released on 2009 with total page 169 pages. Available in PDF, EPUB and Kindle. Book excerpt: (cont.) Because governments can tax labor income separately from capital income, it is critical to isolate the tax elasticity of labor income. Furthermore, governments can use non-linear taxes so the mean elasticity :is not the relevant statistic. In this chapter, I introduce a new quantile estimator useful for panel data and applicable in an IV context. I find evidence of significant heterogeneity in the compensated elasticity. The importance of this heterogeneity is most evident for men as the elasticity is much larger at the top quantiles. The elasticity also appears to be larger at lower quantiles for both men and women.
Author : Gangsun Rhee
Publisher :
ISBN 13 :
Total Pages : 202 pages
Book Rating : 4.:/5 (321 download)
Download or read book Three Essays on International Capital Mobility, Public Goods, and Tax Policies written by Gangsun Rhee and published by . This book was released on 1994 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Matthew Elias Hurst
Publisher :
ISBN 13 :
Total Pages : 145 pages
Book Rating : 4.:/5 (883 download)
Download or read book Three Essays on Investments written by Matthew Elias Hurst and published by . This book was released on 2012 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt: We find that there exists a pattern of negative returns and increased volume in the month of March that is unexplained by changes in yield. Chapter 3 examines the ex-dividend day effect for municipal bond closed-end. The proposed explanations for this phenomenon are tax effects, short-term trading and/or market microstructure effects. In this study I use a unique set of dividend distributions to provide additional evidence that ex-dividend behavior is related to taxation as well as short-term trading. The sample I use is comprised of dividends in nontaxable closed-end funds, which ordinarily are not subject to Federal Income Tax. However, there is an occasional distribution that is subject to capital gains or ordinary income tax. This provides a unique environment in which to study the ex-dividend price behavior of a fund while eliminating the need for comparisons across funds.
Author : Hovick Shahnazarian
Publisher :
ISBN 13 : 9789187268304
Total Pages : 112 pages
Book Rating : 4.2/5 (683 download)
Download or read book Three Essays on Corporate Taxation written by Hovick Shahnazarian and published by . This book was released on 1996 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mona Lau
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (1 download)
Download or read book Three essays on the impacts of major tax or subsidy reforms on investors, capital markets and society written by Mona Lau and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Alan J. Auerbach
Publisher : Harvard University Press
ISBN 13 : 9780674868458
Total Pages : 142 pages
Book Rating : 4.8/5 (684 download)
Download or read book The Taxation of Capital Income written by Alan J. Auerbach and published by Harvard University Press. This book was released on 1983 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: This important contribution to tax analysis presents seven related theoretical essays that examine the effects of capital income taxation on the behavior of firms. It is divided into three sections, focusing on optimal tax design, firm financial policy, and inflation. Taken together, the essays demonstrate the powerful role taxes play in shaping the behavior of American corporations, and also provide insights into the difficult task of tax reform. Auerbach's results suggest policies the government might adopt to promote the optimal accumulation of capital. He examines the implications for capital taxation of discrepancies between nominal depreciation rates and real economic depreciation, and suggests appropriate rules of thumb for determining when capital taxation is neutral among alternative investment projects. He also makes important contributions to the debate over the integration of corporate and personal taxes on capital income and to the behavioral puzzle of why corporations pay dividends to their shareholders.
Author : Martin S. Feldstein
Publisher : Harvard University Press
ISBN 13 : 9780674094826
Total Pages : 506 pages
Book Rating : 4.0/5 (948 download)
Download or read book Capital Taxation written by Martin S. Feldstein and published by Harvard University Press. This book was released on 1983 with total page 506 pages. Available in PDF, EPUB and Kindle. Book excerpt: Feldstein shows how systems of taxation influence the rate and nature of capital formation--key to the development of any economy. His identification of important economic and policy questions, adroit use of modeling and new data, and careful attention to dynamics make this book a powerful addition to the literature.
