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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/18960| Title: | S-based taxation under default risk |
| Keywords: | H32 H25 ddc:330 capital structure corporate taxation neutrality option pricing Unternehmensbesteuerung Duale Einkommensteuer Zins Steuerbegünstigung Kreditrisiko Theorie |
| Issue Date: | 16-Oct-2013 |
| Description: | This article studies the characteristics of a S-based tax system under default risk. In particular we show that its neutrality properties depend on whether debt is protected or unprotected. In the former case, this system is neutral. In the latter case, where default timing is optimally chosen by shareholders, the S-based system is neutral with respect to real decisions only if the firm?s and the lender?s tax rate are equal. However, the shareholders? decision to default is always distorted. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/18960 |
| Other Identifiers: | http://hdl.handle.net/10419/18960 ppn:500514798 |
| Appears in Collections: | EconStor |
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