Previous research finds evidence that tax factors motivate the participants in leasing transactions. Tax-arbitrage arguments predict that leasing participants gain when the lessor’s tax rate exceeds that of the lessee. The research employs a sample of effectively tax-exempt REIT lessors...

The discovery of accounting irregularities is an important negative event for a company. The restatement resulting from the irregularity represents an average of 364 per cent of net income for the 152-firm sample and the irregularities are predominantly revenue enhancing. The irregularity firms...

A key requirement for Real Estate Investment Trusts (REITs) to maintain their corporate tax-exempt status is that 95 percent of income must be distributed as dividents. Receipt of this income imposes a personal tax burden on shareholders. A central tenet of this research is that REIT management...

The ability to obtain financing is a critical element in attempting to successfully reorganise a firm which has declared Chapter 11 bankruptcy. Debtor-in-possession (DIP) financing has become an increasingly popular method in recent years. This paper examines whether receiving DIP financing is...

This paper explores the relationship between tax-induced dividend clientele theory and the recent changes to the taxation of income trusts in Canada. On October 31, 2006, the Canadian government announced the Tax Fairness Plan ("TFP") calling for the elimination of the considerable tax advantage...

Based on socio-economic development and population growth, rapid urbanisation is currently happening in China, leading to urban expansion and land use changes. This, in turn, affects biodiversity, habitats and ecosystem services. It is therefore important to identify and assess the impact of...

The informational value of credit ratings is a subject of continuing debate. This research examines whether reaction to small market credit rating announcements is different from large markets, due to limited information, liquidity premia, and analyst neglect factors. Unlike U.S. and Australian...

Studies have shown that when two information providers or outside auditors exist, the value provided by the second one will be decreased by the actions of the first. Credit rating agencies have been rating bank loans since 1996. Capitalizing on the highly similar functions performed by banks and...

Stock price changes on ex-dividend dates are examined to estimate the marginal tax rate of shareholders of common stock in mortgage and equity real estate investment trusts. The stocks are classified on the basis of the dividend yield of the shares and the financial leverage of the underlying...

This research examines the ability of firms to utilize the existing primary U.S. metal futures markets in decreasing variability of spot metal positions. The focus of the analysis is on those twenty-one U.S. cash metals listed in the Wall Street Journal which have an intrinsic relation with (at...