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Excerpt from Taxes, Corporate Financial Policy and the Return to Investors: Comment 290-67 Professors Farrar and Selwyn have made an Important contribution to the theory of optimal capital structure. However their note does not exhaust the implications of their analysis. The purpose of this comment is, first, to push their argument somewhat further and, second, to consider the implications of their findings. The topics discussed are: Section I: Some qualifications II: Transaction costs, III: The possibility of "negative leverage," IV: An extension to capital budgeting decisions and V: Implications. Credit should be given at the outset to Professor Franco Modigliani, who first noted the possibility of negative leverage for corporations. I. A Restatement of the Argument, with Qualifications. The following discussion is restricted to Farrar and Selwyn's "Case 4," in which corporate income, personal income, and capital gains all are taxed. Several additional assumptions will be adopted in order to keep the exposition as brief and simple as possible. The first two are: 1. That net income of the hypothetical firm is not expected to 2 grow or decline over time; and 2. That the firms dividend policy is optimal - i.e., stock is always repurchased in lieu of paying cash dividends. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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In this insightful commentary, noted economist Stewart C. Myers provides a critical analysis of the relationship between taxes, corporate financial policy, and shareholder returns. Drawing from a wide range of theoretical and empirical research, Myers offers insightful commentary and practical advice for investors, corporate executives, and policymakers alike. This book is a must-read for anyone interested in the intersection between economics, finance, and public policy. This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work is in the "public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
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Excerpt from Note on Taxes, Corporate Financial Policy and the Cost of Capital to the Firm In a series of papers beginning with [1] and Franco Modigliani and Merton Miller astounded both practical and academic proponents of cor porate financial policy by demonstrating that, in the absence of distortions to market processes due to the existence of (individual and corporate) taxes, the cost of capital to a firm could not be affected by purely financial Operations. In a pair of subsequent papers [3] and [h], Modigliani and Miller (hereafter abbreviated simply as mrm) expanded their earlier thesis to measure the impact on optimali corporate financial policies and capital costs of certain Specific aspects of the U. S tax structure. Throughout mem's treatment, however, there runs an assumption that the basic arguments established in [l] and [2] are selfaevident, and that taxes represent noth ing more than an unwelcome imperfection in an otherwise efficiently func tioning market process. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works."
A Review of Taxes and Corporate Finance investigates the consequences of taxation on corporate finance focusing on how taxes affect corporate policies and firm value. A common theme is that tax rules affect corporate incentives and decisions. A second emphasis is on research that describes how taxes affect costs and benefits. A Review of Taxes and Corporate Finance explores the multiple avenues for taxes to affect corporate decisions including capital structure decisions, organizational form and restructurings, payout policy, compensation policy, risk management, and the use of tax shelters. The author provides a theoretical framework, empirical predictions, and empirical evidence for each of these areas. Each section concludes with a discussion of unanswered questions and possible avenues for future research. A Review of Taxes and Corporate Finance is valuable reading for researchers and professionals in corporate finance, corporate governance, public finance and tax policy.
Managerial decisions are considerably influenced by taxes: e.g. the choice of location, buying or leasing decisions, or the proper mix of debt and equity in the company's capital structure increasingly demand qualified employees in an economic environment that is becoming more and more complex. Due to the worldwide economic integration and constant changes in tax legislation, companies are faced with new challenges – and the need for information and advice is growing accordingly. This book's goal is to identify and quantify possible tax effects on companies' investment strategies and financing policies. It does not focus on details of tax law, but instead seeks to address students and practitioners focusing on corporate finance, accounting, investment banking and strategy consulting.
Study, conducted for the Small Business Administration, focuses on federal tax policy and its impact on small and large firms. The choice of financing is explored. As a measure of investor interest in small firms, the returns earned by investors in small publicly held firms are compared with the returns earned by investors in large publicly held firms.