| Record ID | harvard_bibliographic_metadata/ab.bib.12.20150123.full.mrc:454506354:1457 |
| Source | harvard_bibliographic_metadata |
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LEADER: 01457nam a2200241Ka 4500
001 012600386-6
005 20101027101305.0
008 090528s2010 maua b 000|0 eng d
035 0 $aocn674851213
100 1 $aBecker, Bo.
245 10 $aPayout taxes and the allocation of investment /$cBo Becker, Marcus Jacob, Martin Jacob.
260 $a[Boston] :$bHarvard Business School,$cc2010.
300 $a34 p. :$bill. ;$c28 cm.
490 1 $aWorking paper / Harvard Business School ;$v11-040
500 $a"October 2010"--Publisher's website.
504 $aIncludes bibliographical references.
520 $aWhen corporate payout is taxed, internal equity (retained earnings) is cheaper than external equity (share issues). If there are no perfect substitutes for equity finance, payout taxes may therefore have an effect on the investment of firms. High taxes will favor investment by firms who can finance internally. Using an international panel with many changes in payout taxes, we show that this prediction holds well. Payout taxes have a large impact on the dynamics of corporate investment and growth. Investment is "locked in" to profitable firms when payout is heavily taxed. Thus, apart from any level effects, payout taxes change the allocation of capital.
700 1 $aJacob, Marcus.
700 1 $aJacob, Martin.
710 2 $aHarvard Business School.
830 0 $aWorking paper (Harvard Business School) ;$v11-040.
988 $a20101027
906 $0MH