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We study the impact of the Domestic Production Activities Deduction (DPAD) on mergers and acquisitions. DPAD reduces corporate tax rates on income from work or goods made in the U.S. Results indicate that the quantity and quality of acquisition bids by DPAD-advantaged firms conform to the predictions of the neoclassical theory of the firm and the theory of financial constraints. Specifically, bids, particularly those cash-financed, increase substantially in industries with large DPAD-related tax cuts and for firms with financial constraints. Moreover, DPAD improves acquisition quality where acquirers and targets are likely to generate incremental DPAD tax benefits through their merger.  相似文献   

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我认为没有什么你不能的,关键的问题是你不想!女友每次对我表现不满的时候总是在我耳边响起这句话。此时我总是哭笑不得地回一句:你太高抬我了。话虽如此,但是每次我都会在脑子中再次给自己一个估价:我到底值多少?我到底需要做什么?然后她  相似文献   

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Dividend taxation is an important component of investors’ taxes and has attracted the attention of policymakers and financial economists. However, the theory of dividends and the reform of dividend taxation remain a puzzle. This paper analyzes the effect of dividend taxation on firms’ dividend policies. Using a natural experiment and difference-in-difference estimation, we find that China’s dividend tax cut in 2005 led firms to increase their dividend payments. Companies with higher proportions of tradable individual shares or investment fund shares were more likely to increase their dividend payments. However, opportunistic behavior also exists, where companies with higher proportions of shares held by executives were also more likely to increase their dividend payments. These findings support the existence of a causal relationship between China’s tax cut and firms’ increased dividend payments and imply that the reform of dividend taxation in 2005 achieved its goal.  相似文献   

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This paper explains how the actions of skeptical traders can make manipulable earnings reports informative. Our model consists of a price-maximizing manager who chooses a cheap talk report, a profit-maximizing trader who may then seek costly information, and competitive market makers. Since the manager can influence the trader's information acquisition decision, the manager may choose to reveal even bad news to decrease the impact of order flows on prices. The paper provides foundations for treating positive and negative earnings surprises as good news and bad news respectively, even when external auditing cannot constrain opportunistic managers. Testable implications are derived.  相似文献   

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International Tax and Public Finance - This paper exploits a payroll tax reform in Norway and applies matched employer–employee register data on individual wages to study the incidence of...  相似文献   

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This paper analyzes an endogenous choice problem with regard to tax instruments in a capital tax competition model. Using a symmetric and two-region model of tax competition, where each region is allowed to choose either a unit or an ad valorem tax, we show that selecting a unit tax as a policy instrument is the dominant strategy.  相似文献   

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The use of computer-assisted tax research by students and faculty has begun to increase rapidly after being available for over 15 years. Factors contributing to this increased usage include accessibility to the data bases by microcomputers, transmission technology improvements, the emergence of new competitors, and the growth of specialized tax programs. The purpose of this research was to determine the nature and extent of the use of computer-assisted tax research in academic tax programs. A survey was conducted of all schools with American Taxation Association members, AACSB accreditation, and/or graduate tax programs. Current users project increased use while the 71% of respondents who are nonusers overwhelmingly cite cost constraints as the deterrent, with pessimism about the possibility of adopting CATR in the near future.  相似文献   

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康建中 《国际融资》2001,(11):58-58
那些依赖于风险投资的互联网公司中,女人做CEO的从1999年的6.37%下降到2000年的6.20%.而这类公司所占的比重也从1999年的5.94%降低到2000年的4.51%.  相似文献   

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The paper discusses the recent drive toward a system of dual income taxation (DIT) in the Nordic countries. The pure version of this system combines progressive taxation of labor and transfer incomes with a proportional tax on income from capital at a level equal to the corporate income tax rate. The paper considers the motives for the introduction of this new income tax system, ranging from abstract theoretical arguments to very pragmatic considerations. While the Nordic DIT system violates the principles of the conventional personal income tax, it is argued that it may in fact be more in line with the philosophy of a true Haig-Simons comprehensive income tax. It is also suggested that the DIT system may cause fewer distortions to resource allocation than the conventional income tax. On the debit side, the paper points out several practical problems of taxing income from small enterprises under the differentiated income tax.  相似文献   

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We develop and present an ethics case dealing with an uncertain tax position. The case can be used to assess professional ethics as part of an assurance-of-learning (AOL) plan as well as a component of a course grade. We present data on student performance on this case over a 5-year period. Students consider existing ethical frameworks to identify and frame the potential ethical “dilemmas” they might face in addressing whether to countenance a client’s suggested treatment and disclosure of an uncertain tax position. In addition, students evaluate the AICPA guidance and U.S. Treasury standards on taking and reporting uncertain tax positions in the tax return and the FASB and PCAOB standards on reporting and auditing uncertain tax positions in the financial statements. The case allows faculty to assess students’ ability to frame potential ethical dilemmas when clients engage in aggressive tax behavior, to recognize with whom and with what professional reference documents they should consult when an uncertain tax position arises, and to choose among alternative actions when faced with client/preparer conflicts.  相似文献   

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We compare CRSP dividend data to data from firms' financial statements in the SEC's EDGAR database. Data screens typically used in the extant literature produce a sample in which about half of the apparent reductions in dividends per share are not actually dividend cuts. Many of the fictitious cuts are due to CRSP misclassifying special dividends as regular dividends. We demonstrate that the fictitious cuts can affect point estimates and inferences in studies of the information content of dividends. We provide a simple filter that eliminates most of the fictitious cuts in our sample – remove dividend cuts from the sample that are preceded by a dividend increase in the prior quarter. This filter produces empirical results that are similar to our sample of true cuts.  相似文献   

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We examine the usefulness of tax allocation accounting (deferred tax) for predicting future tax paid and future tax expense. Deferred taxes increase the explanatory power (R2) of regression models where future taxes paid or future tax expense is the dependent variable. However, the mean out‐of‐sample forecast errors for tax paid (future tax expense) is 30 (45.5) percent. Deferred tax increases predictive ability on pooled data, but is inconsistent on a year‐by‐year basis. We examine three explanations for poor predictive ability: losses, tax changes and asset growth. We discuss the policy and practical implications of our findings.  相似文献   

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This article provides an alternative mechanism that explains differences in capital tax rates, which applies to small jurisdictions. In the framework of standard capital tax competition models, regions have to be large, in the sense of having market power, otherwise they will tax capital, a mobile factor, at the same rate. In this paper, we consider a second mobile factor, labor, which is mobile only within metropolitan areas. We will show that this spatially limited mobile factor may explain the capital tax rate differences levied on the global mobile factor as long as no source-based wage tax is available. In addition to the theoretical treatment, numerical simulations also confirm this result and show a significant tax differential.  相似文献   

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