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Corporate Financial Policy and Taxation.

Jones, Chris.

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Corporate Financial Policy and Taxation.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Corporate Financial Policy and Taxation./
Author:	Jones, Chris.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 1988,
Description:	274 p.
Notes:	Source: Dissertations Abstracts International, Volume: 83-07, Section: B.
Contained By:	Dissertations Abstracts International83-07B.
Subject:	Lagrange multiplier. -
Online resource:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=28820427
ISBN:	9798759940876

Corporate Financial Policy and Taxation.
Jones, Chris.

Corporate Financial Policy and Taxation. - Ann Arbor : ProQuest Dissertations & Theses, 1988 - 274 p.

Source: Dissertations Abstracts International, Volume: 83-07, Section: B.

Thesis (Ph.D.)--The Australian National University (Australia), 1988.

This thesis examines the role played by taxes on firm financing decisions in a general equilibrium uncertainty setti ng.The study isolates the conditions required for cap ital structure and dividend policy irrelevance to the value of the corporate firm. These conditions are relaxed to see how financial decisions are made. In the process there is a review of past theories of optimal capital structure choice, where most rely on leverage related costs. We present a mode l of optimal firm financial policy that does not rely on leverage re l ated costs, but which is explained by incompleteness of securities marke t s. In the presence of taxes which discriminate between securities and investors, short-selling constraints will be required to rule out tax arbitrage. Th~se constraints, which may arise endogenously, will l imit the abi 1 i ty of investors to 1 ever on persona 1 account. Fi rm capi t a 1 structure choice then becomes a substitute for personal leverage, whe re investor risk and tax preferences will matter to firm financial policy .In subsequent chapters this analysis is used to examine two issues . The first is to see how fully anticipated inflation rates affect t he financing decisions of firms, and the second is to consider the rol e of government ownership in firms, and in particular, the effects on shareholders (taxpayers) of privatisation (private equity sale s) in publicly owned firms.

ISBN: 9798759940876Subjects--Topical Terms:

3691773
Lagrange multiplier.

Corporate Financial Policy and Taxation.
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245 1 0 $a Corporate Financial Policy and Taxation.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 1988
300 $a 274 p.
500 $a Source: Dissertations Abstracts International, Volume: 83-07, Section: B.
500 $a Advisor: Milne, Frank;Vousden, Neil.
502 $a Thesis (Ph.D.)--The Australian National University (Australia), 1988.
520 $a This thesis examines the role played by taxes on firm financing decisions in a general equilibrium uncertainty setti ng.The study isolates the conditions required for cap ital structure and dividend policy irrelevance to the value of the corporate firm. These conditions are relaxed to see how financial decisions are made. In the process there is a review of past theories of optimal capital structure choice, where most rely on leverage related costs. We present a mode l of optimal firm financial policy that does not rely on leverage re l ated costs, but which is explained by incompleteness of securities marke t s. In the presence of taxes which discriminate between securities and investors, short-selling constraints will be required to rule out tax arbitrage. Th~se constraints, which may arise endogenously, will l imit the abi 1 i ty of investors to 1 ever on persona 1 account. Fi rm capi t a 1 structure choice then becomes a substitute for personal leverage, whe re investor risk and tax preferences will matter to firm financial policy .In subsequent chapters this analysis is used to examine two issues . The first is to see how fully anticipated inflation rates affect t he financing decisions of firms, and the second is to consider the rol e of government ownership in firms, and in particular, the effects on shareholders (taxpayers) of privatisation (private equity sale s) in publicly owned firms.
590 $a School code: 0433.
650 4 $a Lagrange multiplier. $3 3691773
650 4 $a Equilibrium. $3 668417
650 4 $a Finance. $3 542899
650 4 $a Mathematics. $3 515831
690 $a 0508
690 $a 0405
710 2 $a The Australian National University (Australia). $3 1952885
773 0 $t Dissertations Abstracts International $g 83-07B.
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791 $a Ph.D.
792 $a 1988
793 $a English
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