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Author : Dale Weldeau Jorgenson,Kun-Young Yun
Publisher : Oxford University Press
Page : 210 pages
File Size : 53,5 Mb
Release : 1991
Category : Business & Economics
ISBN : 0198285930
Introduction -- Taxation of income from capital -- The U.S. tax system -- Effective tax rates -- Summary and conclusion.
Author : E. Biørn
Publisher : Elsevier
Page : 338 pages
File Size : 55,9 Mb
Release : 2017-07-26
Category : Business & Economics
ISBN : 9781483296241
The definition and measurement of the cost of using real capital as an input in production has been much discussed and approached in several ways in earlier literature. This present study attempts to give a unified treatment of the cost of capital services, with emphasis on its relation to the corporate tax system on the one hand, and to the production technology of the firm on the other. It provides a thorough discussion of capital as a factor of production, relating the measurement of the price of capital services to the measurement of capital stock.A parallel treatment of capital and its service price with a neo-classical technology and with a putty-clay technology is presented. The book also discusses and unifies different concepts of neutrality of income taxation presented in the public finance literature. Illustrations based on data for the manufacturing sector of the Norwegian economy are given, relating partly to the actual tax system and partly to more or less hypothetical tax reforms. The study is intended to serve as a reference for researchers in econometric model building, corporate investment behaviour, tax analysis, and national accounting.
Author : Dale Weldeau Jorgenson
Publisher : MIT Press
Page : 514 pages
File Size : 41,7 Mb
Release : 1996
Category : Business & Economics
ISBN : 0262100576
V.1 Capital theory and investment behavior -- V.2 Tax policy and the cost of capital.
Author : Martin S. Feldstein
Publisher : Unknown
Page : 512 pages
File Size : 47,5 Mb
Release : 1983
Category : Business & Economics
ISBN : UCAL:B4350865
Feldstein shows how systems of taxation influence the rate and nature of capital formation--key to the development of any economy. His identification of important economic and policy questions, adroit use of modeling and new data, and careful attention to dynamics make this book a powerful addition to the literature.
Author : Anonim
Publisher : Unknown
Page : 128 pages
File Size : 55,8 Mb
Release : 2024-06-28
Category : Electronic
ISBN : 9789814477307
Author : Martin Feldstein
Publisher : University of Chicago Press
Page : 501 pages
File Size : 55,8 Mb
Release : 2009-05-15
Category : Business & Economics
ISBN : 9780226241784
Research on capital formation has long been a major focus of studies sponsored by the National Bureau of Economic Research because of the crucial role of capital accumulation in the process of economic growth. The papers in this volume examine the influence of taxes on capital formation, with specific focus on the determinants of saving and the process of investment in plant and equipment.
Author : Lutz Kruschwitz,Andreas Löffler
Publisher : Springer Nature
Page : 256 pages
File Size : 53,7 Mb
Release : 2020-02-28
Category : Business & Economics
ISBN : 9783030370817
This open access book discusses firm valuation, which is of interest to economists, particularly those working in finance. Firm valuation comes down to the calculation of the discounted cash flow, often only referred to by its abbreviation, DCF. There are, however, different coexistent versions, which seem to compete against each other, such as entity approaches and equity approaches. Acronyms are often used, such as APV (adjusted present value) or WACC (weighted average cost of capital), two concepts classified as entity approaches. This book explains why there are several procedures and whether they lead to the same result. It also examines the economic differences between the methods and indicates the various purposes they serve. Further it describes the limits of the procedures and the situations they are best applied to. The problems this book addresses are relevant to theoreticians and practitioners alike.
Author : Harold Bierman Jr.
Publisher : Springer Science & Business Media
Page : 230 pages
File Size : 47,5 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9781461510376
In 1958 an academic paper on corporate finance written by two professors (Merton Miller and Frances Modigliani, who were later awarded the Nobel prize for their research efforts) was published in The American Economic Review. One prime conclusion of their paper was that the exact form of a firm's capital structure did not affect the firm's value. Later papers by the same two authors and by many others modified the assumptions and changed this conclusion. We now think that capital structure decisions do affect a firm's value and corporate managers should understand better the financing alternatives that are available. One of the most important financial decisions is the decision to buy or lease assets. The leasing industry is large and getting larger. Unfortunately, it is very easy for a firm to evaluate incorrectly lease alternatives (see Chapter 12). The capital structure decision is one of the three most important financial decisions that management make (the distribution of earnings and the capital budgeting decisions are the other two contenders). Managers should increase their understanding of capital structure alternatives and remember that choosing the best capital structure is an art and not an exact simple calculation. But applying the art can be improved with understanding.
Author : Ramesh K. S. Rao,Eric C. Stevens
Publisher : World Scientific
Page : 105 pages
File Size : 42,8 Mb
Release : 2007
Category : Business & Economics
ISBN : 9789812708373
The cost of capital concept is widely used in business decision-making. The current theory and estimates for measurement of cost of capital are derived from the seminal Modigliani-Miller analyses. This book generalizes this framework to include non-debt tax shields (e.g., depreciation) and default considerations. It develops several new results and shows how better cost of capital and marginal tax rate estimates can be generated. The unified cost of capital theory presented in the book is illustrated graphically and with comprehensive numerical examples. This book will be of great interest to practicing managers, academics, governmental agencies and private companies that generate cost of capital estimates for public consumption.
Author : Anonim
Publisher : National Academies
Page : 54 pages
File Size : 46,9 Mb
Release : 1994
Category : Saving and investment
ISBN : NAP:11215
Author : Wilbur G. Lewellen
Publisher : Unknown
Page : 148 pages
File Size : 52,8 Mb
Release : 1976
Category : Business & Economics
ISBN : UOM:35128000263192
Author : André Fok Kam
Publisher : IFSE Institute
Page : 144 pages
File Size : 49,7 Mb
Release : 2014-06-30
Category : Business & Economics
ISBN : 9780993645204
Tax is an expense of investing, in the same way as brokerage commissions or management fees. By paying attention to the tax consequences of their investing decisions, investors can substantially increase the amount of investment income that ends up in their pocket at the end of the day. This book will give Canadian investors the tools they need to maximise the after-tax return on their investments while taking their risk tolerance into account. It is relevant to investors who hold individual stocks and bonds as well as those who invest through mutual funds, exchange-traded funds and similar products.
Author : Martin Feldstein
Publisher : University of Chicago Press
Page : 134 pages
File Size : 40,9 Mb
Release : 2007-12-01
Category : Business & Economics
ISBN : 9780226241852
Economists have long recognized the importance of capital accumulation for productivity and economic growth. The National Bureau of Economic Research is currently engaged in a study of the relationship between such accumulation and taxation policies, with particular focus on saving, risk-taking, and corporate investment in the United States and abroad. The papers presented in Taxes and Capital Formation are accessible, nontechnical summaries of fourteen individual research projects within that study. Complete technical reports on this research are published in a separate volume, The Effects of Taxation on Capital Accumulation, also edited by Martin Feldstein. By addressing some of the most critical policy issues of the day with a minimum of economic jargon, Taxes and Capital Formation makes the results of Bureau research available to a wide audience of policy officials and staff as well as to members of the business community. The volume should also prove useful for courses in public policy, business, and law. In keeping with Bureau tradition, the papers do not contain policy recommendations; instead, they promote a better understanding of how the economy works and the effects of specific policies on particular aspects of the economy.
Author : Dale Weldeau Jorgenson,Kun-Young Yun
Publisher : MIT Press
Page : 510 pages
File Size : 48,7 Mb
Release : 1996
Category : Business & Economics
ISBN : 0262100916
A presentation of the cost-of-capital approach for analyzing the economic impact of tax policy.
Author : Jean-François Wen,Fatih Yilmaz,Danea Trejo
Publisher : International Monetary Fund
Page : 28 pages
File Size : 42,7 Mb
Release : 2020-05-29
Category : Business & Economics
ISBN : 9781513545981
The paper provides estimates of the long-run, tax-adjusted, user cost elasticity of capital (UCE) in a small open economy, exploiting three sources of variation in Canadian tax policy: across provinces, industries, and years. Estimates of the UCE with Canadian data are less prone to the endogeneity problems arising from the effects of tax policy changes on the interest rate or on the price of capital equipment. Reductions in the federal corporate income tax rate during the early 2000s for service industries but not for manufacturing, which already benefited from a preferential tax rate, contribute to the identification of the UCE. To capture the long-run relationship between the capital stock and the user cost of capital, an error correction model (ECM) is estimated. Supplementary results are obtained from a distributed lag model in first differences (DLM). With the ECM, our baseline UCE for machinery and equipment (M&E) is -1.312. The corresponding semi-elasticity of the stock of M&E with respect to the METR is about -0.2, suggesting, for example, that a 5 percentage point reduction in the METR, say from 15 to 10 percent, would in the long run generate an increase of 1.0 percent in the stock of M&E. The UCE for non-residential construction is statistically insignificantly different from zero.
