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Keywords: cost of capital
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Journal Articles
Journal of the American Taxation Association 1–20.
Published: 17 May 2024
...) and a variable component (a tax rate) and investigate how each type of tax expense affects the cost of equity capital. Unlike other fixed costs, the fixed tax component may be negative (a tax benefit). A lower fixed tax component always reduces cost of capital. The effect of a lower tax rate depends on the sign...
Journal Articles
Journal of the American Taxation Association (2023) 45 (1): 91–115.
Published: 01 March 2023
..., The University of Texas at Austin, McCombs School of Business, Austin, TX, USA. Editor's note: Accepted by Linda K. Krull. 27 11 2019 21 01 2022 25 01 2022 2023 tax avoidance cost of capital debt and equity financing Existing studies find that tax avoidance affects...
Journal Articles
Journal of the American Taxation Association (2017) 39 (1): 1–24.
Published: 01 April 2017
... wisdom, warmth, and true friendship are profoundly missed by each of us. Editor's note: Accepted by Kenneth J. Klassen. July 2015 September 2016 2017 taxable income cost of capital performance variability, firm risk In this study we examine whether estimated...
Journal Articles
Journal of the American Taxation Association (2013) 35 (2): 33–63.
Published: 01 October 2013
... investment. Despite a reduction in their cost of capital and, thus, an incentive to increase capital investment, many firms increased their dividend payout in response to the 2003 Tax Act ( Chetty and Saez 2005 ; Brown et al. 2007 ; Blouin et al. 2011 ). Thus, firms may have responded...