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| Author | : Alfred H. R. Davis |
| Publisher | : Ann Arbor, Mich. : University Microfilms International |
| Total Pages | : 342 |
| Release | : 1985 |
| Genre | : Capital |
| ISBN | : |
| Author | : Alfred H. R. Davis |
| Publisher | : |
| Total Pages | : 344 |
| Release | : 1985 |
| Genre | : Consolidation and merger of corporations |
| ISBN | : |
| Author | : Harold Bierman Jr. |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 230 |
| Release | : 2012-12-06 |
| Genre | : Business & Economics |
| ISBN | : 1461510376 |
In 1958 an academic paper on corporate finance written by two professors (Merton Miller and Frances Modigliani, who were later awarded the Nobel prize for their research efforts) was published in The American Economic Review. One prime conclusion of their paper was that the exact form of a firm's capital structure did not affect the firm's value. Later papers by the same two authors and by many others modified the assumptions and changed this conclusion. We now think that capital structure decisions do affect a firm's value and corporate managers should understand better the financing alternatives that are available. One of the most important financial decisions is the decision to buy or lease assets. The leasing industry is large and getting larger. Unfortunately, it is very easy for a firm to evaluate incorrectly lease alternatives (see Chapter 12). The capital structure decision is one of the three most important financial decisions that management make (the distribution of earnings and the capital budgeting decisions are the other two contenders). Managers should increase their understanding of capital structure alternatives and remember that choosing the best capital structure is an art and not an exact simple calculation. But applying the art can be improved with understanding.
| Author | : Deborah Schanz |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 415 |
| Release | : 2010-10-17 |
| Genre | : Business & Economics |
| ISBN | : 3642032842 |
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.
| Author | : Alessandro Gabrielli |
| Publisher | : Springer Nature |
| Total Pages | : 103 |
| Release | : 2023-05-23 |
| Genre | : Business & Economics |
| ISBN | : 3031309804 |
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.
| Author | : John B. Shoven |
| Publisher | : Brookings Institution Press |
| Total Pages | : 228 |
| Release | : 2012-01-01 |
| Genre | : Business & Economics |
| ISBN | : 9780815714262 |
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.
| Author | : Stephen John Lusch |
| Publisher | : |
| Total Pages | : 83 |
| Release | : 2014 |
| Genre | : |
| ISBN | : |
This study addresses the question of whether the relation between investor-level taxes and a firm's capital structure decisions varies predictably with financial constraints. Using the setting of the 2003 reduction in individual tax rates for ordinary income, dividends, and capital gains, this study documents that constrained firms decrease their debt use in response to the 2003 tax cuts, while unconstrained firms increase their debt use over the same period. I find these effects are only evident among firms with relatively high individual ownership, which is the group of firms that theory suggests will react to the tax cuts. This paper contributes to the literature on how investor-level taxes influence firms' financing decisions as well as the literature pertaining to the 2003 Tax Act.
| Author | : John R. Graham |
| Publisher | : Now Publishers Inc |
| Total Pages | : 136 |
| Release | : 2006 |
| Genre | : Business & Economics |
| ISBN | : 1933019417 |
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.
| Author | : Susan Chaplinsky |
| Publisher | : |
| Total Pages | : 40 |
| Release | : 1987 |
| Genre | : |
| ISBN | : |
| Author | : Bente Villadsen |
| Publisher | : Academic Press |
| Total Pages | : 362 |
| Release | : 2017-04-27 |
| Genre | : Business & Economics |
| ISBN | : 0128125888 |
Risk and Return for Regulated Industries provides a much-needed, comprehensive review of how cost of capital risk arises and can be measured, how the special risks regulated industries face affect fair return, and the challenges that regulated industries are likely to face in the future. Rather than following the trend of broad industry introductions or textbook style reviews of utility finance, it covers the topics of most interest to regulators, regulated companies, regulatory lawyers, and rate-of-return analysts in all countries. Accordingly, the book also includes case studies about various countries and discussions of the lessons international regulatory procedures can offer. Presents a unified treatment of the regulatory principles and practices used to assess the required return on capital Addresses current practices before exploring the ways methods play out in practice, including irregularities, shortcomings, and concerns for the future Focuses on developed economies instead of providing a comprehensive global reviews Foreword by Stewart C. Myers
