A Review of Taxes and Corporate Finance

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Now Publishers Inc, 2006 - Business & Economics - 124 pages
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A Review of Taxes and Corporate Finance investigates the consequences of taxation on corporate finance focusing on how taxes affect corporate policies and firm value. A common theme is that tax rules affect corporate incentives and decisions. A second emphasis is on research that describes how taxes affect costs and benefits. A Review of Taxes and Corporate Finance explores the multiple avenues for taxes to affect corporate decisions including capital structure decisions, organizational form and restructurings, payout policy, compensation policy, risk management, and the use of tax shelters. The author provides a theoretical framework, empirical predictions, and empirical evidence for each of these areas. Each section concludes with a discussion of unanswered questions and possible avenues for future research. A Review of Taxes and Corporate Finance is valuable reading for researchers and professionals in corporate finance, corporate governance, public finance and tax policy.
 

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Contents

Taxes and Capital Structure US Tax System
3
12 Empirical evidence on whether the tax advantage of debt increases firm value
11
13 Empirical evidence on whether corporate taxes affect debt vs equity policy
19
14 Empirical evidence on whether personal taxes affect corporate debt vs equity policy
27
15 Beyond debt vs equity
36
Taxes and Capital Structure International Tax Issues
45
Theory and tax rules
46
22 Empirical evidence related to multinational tax incentives to use debt
55
42 Empirical evidence on whether firm value is negatively affected by dividend payments
72
43 Evidence on whether exday stock returns and payout policy are affected by investor taxes
73
Taxes and Compensation Policy
81
52 Empirical evidence
84
Taxes Corporate Risk Management and Earnings Management
89
61 Theory and empirical predictions
90
62 Empirical evidence
91
Tax Shelters
95

23 Other predictions and evidence about multinational tax incentives
58
Taxes LBOs Corporate Restructuring and Organizational Form
61
32 Empirical evidence
64
Taxes and Payout Policy
69
Summary and Suggestions for Future Research
99
Acknowledgements
103
References
105
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Page 105 - The Significance of Tax Law Asymmetries: An Empirical Investigation," Quarterly Journal of Economics, 105, 61-86.
Page 105 - Balance Sheets, Multinational Financial Policy, and the Cost of Capital at Home and Abroad,

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