...Shane Heitzman; Rebecca Lester ABSTRACT We examine the relation between corporate cash holdings and tax net operating loss carryforwards (NOLs). The literature demonstrates that firms should distribute cash to shareholders rather than retain it and generate passive investment income taxed at both...

...Christine L. Dobridge ABSTRACT This paper studies effects of the five-year net operating loss carryback enacted near the ends of the 2001 and 2007–2009 U.S. recessions—a policy that gave firms larger U.S. federal tax refunds as a fiscal stimulus measure. Following the end of the 2001 recession, I...

... taxation risk-taking net operating losses Firm risk-taking is essential for economic growth. While small entrepreneurial firms are commonly viewed as the primary source of risky innovation, large public firms undertake approximately half to two-thirds of total private sector investment...

... be idiosyncratic or systematic, as in times of recession, and thus tax-based incentives for accelerating tax losses represent a pervasive issue for managers, policy makers, and capital market participants. taxes net operating losses liquidity analyst forecasts...