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Trading and the Tax Shelter Value of Depreciable Real Estate
Hendershott, Patric H. - 2008
maximizing the property's depreciation tax shelter net of all capital gain taxes and transaction costs.This paper develops a … dynamic programming model in which the optimal trading strategies and depreciation methods of all investors in a property are … simultaneously determined. The effects of inflation, depreciation, recapture and choice of depreciation method are analyzed, and the …
Persistent link: https://ebvufind01.dmz1.zbw.eu/10012774655
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The Effect of Insider Trading on Insiders' Reaction to Opportunities to "Waste" Corporate Value
Bebchuk, Lucian A.; Fershtman, Chaim - 2021
This paper analyzes certain effects of insider trading on the principal-agent problem in corporations. Specifically, we focus on those managerial choices that confront managers with the need to decide between options that produce different corporate value but do not differ in the managerial...
Persistent link: https://ebvufind01.dmz1.zbw.eu/10013234973
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Learning and the Value of the Firm
Kiyotaki, Nobuhiro - 2021
The paper studies under what conditions the value of the firm occasionally increases for a while before it suddenly drops, like a "bubble". We consider the environment where the trend of net cash flow from a firm's production depends on uncertain quality of a manager, and the manager is...
Persistent link: https://ebvufind01.dmz1.zbw.eu/10013252321
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Investor Protection and Corporate Valuation
La Porta, Rafael; López-de-Silanes, Florencio; … - 2021
We present a model of the effects of legal protection of minority shareholders and of cash flow ownership by a controlling shareholder on the valuation of firms. We then test this model using a sample of 371 large firms from 27 wealthy economies. Consistent with the model, we find evidence of...
Persistent link: https://ebvufind01.dmz1.zbw.eu/10013237249
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Corporate Tax Avoidance and Firm Value
Dharmapala, Dhammika - 2010
How do investors value managerial actions designed solely to minimize corporate tax obligations? Using a framework in which managers' tax sheltering decisions are related to their ability to divert value, this paper predicts that the effect of tax avoidance on firm value should vary...
Persistent link: https://ebvufind01.dmz1.zbw.eu/10012762477
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Econometric Evidence on the R&D Depreciation Rate
De Rassenfosse, Gaétan - 2017
This paper presents estimates of the R&D depreciation rate using survey data on Australian inventions. Its novelty is … presents estimates of the effect of patent protection on the depreciation rate. Results suggest that the yearly depreciation … rate varies in a range of 1 to 5 per cent, although the depreciation rate is stronger in the first two years of inventions …
Persistent link: https://ebvufind01.dmz1.zbw.eu/10012964898
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Inefficiency of Corporate Investment and Distortion of Savings Behavior in Japan
Ando, Albert - 2009
estimate of the capital stock and its depreciation to those offered in the National Accounts. The basic difference is that the … depreciation rates underlying our calculations are substantially lower than those used in the Japanese National Accounts, and …
Persistent link: https://ebvufind01.dmz1.zbw.eu/10012767782
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The Corporate Profit Base, Tax Sheltering Activity, and the Changing Nature of Employee Compensation
Desai, Mihir A. - 2002
discrepancy between book and tax income associated with differential treatments of depreciation, the reporting of foreign source …
Persistent link: https://ebvufind01.dmz1.zbw.eu/10012787259
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Selection Versus Talent Effects on Firm Value
Chang, Briana - 2018
Measuring the value of labor-market hires for stock prices, be it underwriters when firms go public (IPOs) or chief executive officers (CEOs), is difficult due to selection. Opaque firms with higher costs of capital benefit more from prestigious underwriters, while productive firms benefit more...
Persistent link: https://ebvufind01.dmz1.zbw.eu/10012917596
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May the Force Be with You : Investor Power and Company Valuations
Hellmann, Thomas - 2018
This paper examines the effect of investor power in a model of staged equity financing. It shows how the usual effect where market power reduces valuations can be reversed in later rounds. Once they become insiders, powerful investors may use their market power to increase, not decrease...
Persistent link: https://ebvufind01.dmz1.zbw.eu/10012908480