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In a cross-border takeover, the tax base associated with future capital gains is transferred from target shareholders …
Persistent link: https://www.econbiz.de/10011084696
This paper examines the impact of thin capitalization rules that limit the tax deductibility of interest on the capital structure of the foreign affiliates of US multinationals. We construct a new data set on thin capitalization rules in 54 countries for the period 1982-2004. Using confidential...
Persistent link: https://www.econbiz.de/10011083337
In choosing transparency, firms must trade off the benefits from better access to finance against the cost of a greater tax burden. We study this trade-off in a model with distortionary taxes and endogenous rationing of external finance. The evidence from two different data sets, one formed only...
Persistent link: https://www.econbiz.de/10011084492
European data set combining firm-level data and information on the international tax treatment of dividend and interest streams …. Corporate debt policy indeed appears to reflect national corporate tax rates and international corporate tax rate differences …
Persistent link: https://www.econbiz.de/10005791642
Using a large international firm-level data set, we estimate separate effects of host and parent country taxation on …, possibly reflecting its international discriminatory nature. For the cross-section of multinational firms, we find that parent …
Persistent link: https://www.econbiz.de/10005114372
We argue in favour of the shareholder model of the firm for three main reasons, First, serving multiple stakeholders leads to ill-defined property rights. What sounds like a fair compromise between stakeholders can easily evolve in a permanent struggle between the stakeholders about the ultimate...
Persistent link: https://www.econbiz.de/10005504292
Corporations in many countries are run by controlling shareholders whose cash flow rights in the firm are substantially smaller than their control rights. This separation of ownership and control allows the controlling shareholders to pursue private benefits at the cost of minority investors by...
Persistent link: https://www.econbiz.de/10005497980
Agency problems are an important determinant of corporate liquidity. For a sample of more than 11,000 firms from 45 countries, we find that corporations in countries where shareholders rights are not well protected hold up to twice as much cash as corporations in countries with good shareholder...
Persistent link: https://www.econbiz.de/10005498063
This Paper considers why a manager would choose to submit himself to the discipline of bank monitoring. This issue is analysed within the context of a model where the manager enjoys private benefits, which can be restricted by the monitor, and is optimally compensated by shareholders. Within...
Persistent link: https://www.econbiz.de/10005498142
We examine deal-level data on private equity transactions in the UK initiated during the period 1996 to 2004 by mature private equity houses. We un-lever the deal-level equity return and adjust for (un-levered) return to quoted peers to extract a measure of "alpha" or abnormal performance of the...
Persistent link: https://www.econbiz.de/10004980202