Discounting Methods and Personal Taxes

2019 ◽  
Author(s):  
Michael J. Dempsey
Keyword(s):  
Personal Taxes

Personal Taxes and Corporate Cash Holdings

2020 ◽  
Author(s):  
Jens Dick-Nielsen ◽  
Kristian Risgaard Miltersen ◽  
Ramona Westermann
Keyword(s):  
Cash Holdings ◽  
Personal Taxes ◽  
Corporate Cash Holdings

Personal Taxes, Leverage, and Real Investment

2007 ◽  
Author(s):  
Erwan Morellec ◽  
Norman Schürhoff
Keyword(s):  
Personal Taxes ◽  
Real Investment

scholarly journals Dividend Policy, Personal Taxes and Optimal Capital Structure

2020 ◽  
Vol 9 (2) ◽  
pp. 1
Author(s):  
Sheen Liu ◽  
Yan Alice Xie
Keyword(s):  
Capital Structure ◽  
Real World ◽  
Dividend Policy ◽  
Credit Spreads ◽  
Structure Model ◽  
Optimal Capital Structure ◽  
Personal Taxes ◽  
Wide Range ◽  
Optimal Capital ◽  
Tax Benefits

<p>This paper puts forward a capital structure model that incorporates the impacts of dividend policy and personal taxes that are commonly ignored by the existing capital structure models. The results show that paying dividends can reduce the tax benefits from issuing debts, which explains why existing capital structure models commonly overestimate leverage ratios. The results further show that as dividend payout increases, leverage ratios and credit spreads increase too. By incorporating the impacts of dividend policy and personal taxes, the capital structure model established in this paper can generate wide range of leverage ratios and credit spreads, which are consistent with what are observed in the real world.</p>

scholarly journals Tax Reform in Japan: The Case of Personal Taxes

2006 ◽  
Author(s):  
Charles Yuji Horioka ◽  
Shizuka Sekita
Keyword(s):  
Tax Reform ◽  
Personal Taxes

scholarly journals An Estimable Model of Income Redistribution in a Federation: Musgrave Meets Oates

2019 ◽  
Vol 11 (1) ◽  
pp. 406-434 ◽  
Author(s):  
Kevin Milligan ◽  
Michael Smart
Keyword(s):  
Tax Avoidance ◽  
Tax Base ◽  
Tax Rate ◽  
Personal Taxes ◽  
Cross Border ◽  
State Tax ◽  
Decentralization Reform ◽  
National Tax ◽  
Optimal Taxes ◽  
Personal Taxation

We develop a theory of cross-border income shifting in response to subnational personal taxation in a federation and examine its implications for the excess burden of personal taxes. We show how a properly chosen federal tax rate can offset the fiscal externality between states and facilitate decentralization, even in a heterogeneous federation where unitary taxation is suboptimal. Optimal taxes depend on the elasticities of national tax avoidance and of cross-state tax base shifting. We estimate these elasticities around a tax decentralization reform in Canada, finding both to be empirically relevant. We discuss the implications for optimal federalism. (JEL D31, H21, H23, H24, H26, H71, H77)

Valuation with Share Repurchases and Personal Taxes

2019 ◽  
Author(s):  
Ralf Diedrich ◽  
Stefan Dierkes ◽  
Johannes Sümpelmann
Keyword(s):  
Share Repurchases ◽  
Personal Taxes

scholarly journals Taxes and Capital Structure

2015 ◽  
Vol 50 (3) ◽  
pp. 277-300 ◽  
Author(s):  
Mara Faccio ◽  
Jin Xu
Keyword(s):  
Capital Structure ◽  
Income Taxes ◽  
Personal Income ◽  
Tax Rates ◽  
Personal Income Tax ◽  
Natural Experiments ◽  
Corporate Tax ◽  
Personal Taxes ◽  
Ex Post ◽  
Tax Payers

AbstractWe use nearly 500 shifts in statutory corporate and personal income tax rates as natural experiments to assess the effect of corporate and personal taxes on capital structure. We find both corporate and personal income taxes to be significant determinants of capital structure. Based on ex post observed summary statistics, across Organisation for Economic Co-Operation and Development (OECD) countries, taxes appear to be as important as other traditional variables in explaining capital structure choices. The results are stronger among corporate tax payers, dividend payers, and companies that are more likely to have an individual as the marginal investor.

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