Valuing the government's tax claim on risky corporate assets
1985
Majd, Saman | Myers, Stewart C.
This paper explores the effects of tax asymmetries on the value of risky capital investments made by corporations.The government's claim on the firm is shown to be equivalent to a portfolio of options on the firm's revenues. The tax law's provisions for carrying tax losses forward and backward are introduced, necessitating a numerical solution for the value ofthe government's claim. The results show that asymmetric taxation of operating gains and losses can significantly affect the after-tax net present value of corporate investment opportunities.
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书目信息
出版者
National Bureau of Economic Research
语言
英语
注释
Saman Majd, Stewart C. Myers.
Includes bibliographical references (pages 37-38).
类型
Text; Monograph; Book; Bibliography; Book; Monograph
2024-02-27
2025-07-15
MODS