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Articles 1 - 11 of 11
Full-Text Articles in Business
The Effect Of Taxes On Multinational Debt Location, Matteo Arena, Andrew Roper
The Effect Of Taxes On Multinational Debt Location, Matteo Arena, Andrew Roper
Matteo P. Arena
We provide new evidence that differences in international tax rates and tax regimes affect multinational firms' debt location decisions. Our sample contains 8287 debt issues from 2437 firms headquartered in 23 different countries with debt-issuing subsidiaries in 59 countries. We analyze firms' marginal decisions of where to issue debt to investigate the influence of a comprehensive set of tax-related effects, including differences in personal and corporate tax rates, tax credit and exemption systems, and bi-lateral cross-country withholding taxes on interest and dividend payments. Our results show that differences in personal and corporate tax rates, the presence of dividend imputation or …
Dividend Drop Ratios And Tax Theory: An Intraday Analysis Under Different Tax And Price Quoting Regimes, Vyas Balasubramaniam, William Bertin, Thomas Henker, Laurie Prather
Dividend Drop Ratios And Tax Theory: An Intraday Analysis Under Different Tax And Price Quoting Regimes, Vyas Balasubramaniam, William Bertin, Thomas Henker, Laurie Prather
Thomas Henker
We calculate dividend drop ratios over periods with changing quotation and taxation frameworks to assess the validity of competing explanations. Using intraday prices adjusted for non-trading, we provide a more accurate picture of price changes due to dividend payments than those produced in previous literature. Intraday estimates for dividend drop ratios are consistently higher than those calculated with end of day prices. Further findings indicate that stocks trading ex-dividend, on average, underperform the market over the following month. We attribute this phenomenon to dividend capture trading by tax advantaged and tax indifferent market participants.
Patterns Of Debt Use In Small Businesses: A Non-Parametric Analysis, Atreya Chakraborty
Patterns Of Debt Use In Small Businesses: A Non-Parametric Analysis, Atreya Chakraborty
Atreya Chakraborty
This paper uses non-parametric techniques to examine patterns of debt use by small firms and how such patterns differ across firm categories. The methodological goal is to use the richness of the firm level data and allow convincing presentations with minimum of assumptions. The procedures used provide easily comprehendible graphical descriptions of the data. The procedures augment what can be discerned from descriptive statistics by accounting for differential weights and allowing for clustering that is a native feature of cross-sectional data. We also investigate how firms could benefit if credit availability improves. Though a model-based analysis would be required to …
Equity Valuation In The Coal Seam Gas Industry, Keith Duncan, Simone Kelly, Ray Mcnamara
Equity Valuation In The Coal Seam Gas Industry, Keith Duncan, Simone Kelly, Ray Mcnamara
Ray McNamara
The coal seam gas industry is an important and rapidly developing sector of the Australian mining industry and the economy as a whole. This sector provides an excellent site to test the relevance of the Hotelling Valuation Principle (HVP) in explaining the market capitalisation of this industry sector. In addition, the test enabled the test of which reserve classification best explains the market capitalisation of firms in the industry.Currently, the majority of listed firms in this sector do not have positive cash flows from the sale of gas. The HVP posits that market values are a function of company reserves. …
Equity Valuation In The Coal Seam Gas Industry, Keith Duncan, Simone Kelly, Ray Mcnamara
Equity Valuation In The Coal Seam Gas Industry, Keith Duncan, Simone Kelly, Ray Mcnamara
Simone Kelly
The coal seam gas industry is an important and rapidly developing sector of the Australian mining industry and the economy as a whole. This sector provides an excellent site to test the relevance of the Hotelling Valuation Principle (HVP) in explaining the market capitalisation of this industry sector. In addition, the test enabled the test of which reserve classification best explains the market capitalisation of firms in the industry.Currently, the majority of listed firms in this sector do not have positive cash flows from the sale of gas. The HVP posits that market values are a function of company reserves. …
Equity Valuation In The Coal Seam Gas Industry, Keith Duncan, Simone Kelly, Ray Mcnamara
Equity Valuation In The Coal Seam Gas Industry, Keith Duncan, Simone Kelly, Ray Mcnamara
Keith Duncan
The coal seam gas industry is an important and rapidly developing sector of the Australian mining industry and the economy as a whole. This sector provides an excellent site to test the relevance of the Hotelling Valuation Principle (HVP) in explaining the market capitalisation of this industry sector. In addition, the test enabled the test of which reserve classification best explains the market capitalisation of firms in the industry.Currently, the majority of listed firms in this sector do not have positive cash flows from the sale of gas. The HVP posits that market values are a function of company reserves. …
Innate And Discretionary Accruals Quality And Corporate Governance, Pamela Kent, James Routledge, Jenny Stewart
Innate And Discretionary Accruals Quality And Corporate Governance, Pamela Kent, James Routledge, Jenny Stewart
Pamela Kent
This paper extends previous research on the association between corporate governance mechanisms and accruals quality. We derive measures of the discretionary and innate components of accruals quality and regress them against corporate governance characteristics. For discretionary accruals, we find use of a Big 4 audit firm and a larger audit committee as the primary governance mechanisms associated with higher accruals quality. For innate accruals quality, we find that higher quality is associated with an independent board of directors, a larger, more independent and more active audit committee, and use of a Big 4 audit firm. Our findings suggest a stronger …
Application Of Stakeholder Theory To Corporate Environmental Disclosures, Pamela Kent, Christopher Chan
Application Of Stakeholder Theory To Corporate Environmental Disclosures, Pamela Kent, Christopher Chan
Pamela Kent
Ullmann's (1985) three-dimensional model of social responsibility disclosure is tested to determine whether it can be operationalized to help explain the quantity and quality of environmental disclosures in Australian annual reports. The stakeholder power dimension of Ullmann's framework is significant in explaining environmental disclosures while content of the mission statement and existence or otherwise of environmental or social responsibility committees also find strong statistically significant support in the results. Ullmann's stakeholder theory has previously been applied to explain social disclosures in general (Roberts, 1992) and is an important theory because it introduces a measure of strategy. The current paper demonstrates …
Commercial Real Estate Concentrations, Elisabeta Pana
Commercial Real Estate Concentrations, Elisabeta Pana
Elisabeta Pana
No abstract provided.
The Impact Of Bank Mergers On Liquidity Creation, Elisabeta Pana, Jin Park, Tim Query
The Impact Of Bank Mergers On Liquidity Creation, Elisabeta Pana, Jin Park, Tim Query
Elisabeta Pana
No abstract provided.
Credit Unions As Liquidity Creators, Elisabeta Pana, Tarun Mukherjee
Credit Unions As Liquidity Creators, Elisabeta Pana, Tarun Mukherjee
Elisabeta Pana
No abstract provided.