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Trading and the Tax Shelter Value of Depreciable Real Estate

Hendershott, Patric H. - 1984

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://www.econbiz.de/10012477830

Investor Protection and Corporate Valuation

Porta, Rafael La - 1999

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://www.econbiz.de/10012471382

Learning and the Value of the Firm

Kiyotaki, Nobuhiro - 1990

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://www.econbiz.de/10012475547

Corporate Tax Avoidance and Firm Value

Desai, Mihir A. - 2005

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://www.econbiz.de/10012467444

Inefficiency of Corporate Investment and Distortion of Savings Behavior in Japan

Ando, Albert - 2003

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://www.econbiz.de/10012469257

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://www.econbiz.de/10012455608

Some Aspects of the Taxation of Capital Gains

Stiglitz, Joseph E. - 1983

The analysis of the effects ofcapital gains taxation requires a careful modelling both of the details of the tax code and the imperfections in the capital market. Under the standard assumptions concerning perfect capital marketsand under the standard idealizations of the tax code, there are...

Persistent link: https://www.econbiz.de/10012478008

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://www.econbiz.de/10012469849

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://www.econbiz.de/10012480863

Growth Options and Firm Valuation

Kraft, Holger - 2013

This paper studies the relation between firm value and a firm's growth options. We find strong empirical evidence that (average) Tobin's Q increases with firm-level volatility. The significance mainly comes from R&D firms, which have more growth options than non-R&D firms. By decomposing...

Persistent link: https://www.econbiz.de/10012459825