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Corporate Inversions and the Cost of...

Zhou, Tianpeng.

Corporate Inversions and the Cost of Equity : = A Tale of Two Strategies.

紀錄類型:	書目-語言資料,手稿 : Monograph/item
正題名/作者:	Corporate Inversions and the Cost of Equity :/
其他題名:	A Tale of Two Strategies.
作者:	Zhou, Tianpeng.
面頁冊數:	1 online resource (81 pages)
附註:	Source: Dissertation Abstracts International, Volume: 79-12(E), Section: A.
Contained By:	Dissertation Abstracts International79-12A(E).
標題:	Finance. -
電子資源:	click for full text (PQDT)
ISBN:	9780438287464

Corporate Inversions and the Cost of Equity : = A Tale of Two Strategies.
Zhou, Tianpeng.

Corporate Inversions and the Cost of Equity :A Tale of Two Strategies. - 1 online resource (81 pages)

Source: Dissertation Abstracts International, Volume: 79-12(E), Section: A.

Thesis (Ph.D.)--Michigan State University, 2018.

Includes bibliographical references

Firms invert either through a pure inversion strategy or by merging with a foreign entity. I document that the impact of corporate inversions on the cost of equity is significantly different between the two strategies. I find that pure inversions increase the cost of equity by 10%, whereas inversions through mergers decrease it by 13%. Although both inversion strategies increase the inverting firm's shareholder value, inversions through mergers appear to create more value. However, before the tax reform of 2004, which eliminated the tax savings from pure inversions, most inversions were pure, whereas after the tax reform most were done through mergers. This finding suggests that the tax reform had an unintended consequence of reducing a managerial agency problem by eliminating the less beneficial inversion option.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9780438287464Subjects--Topical Terms:

559073
Finance.
Index Terms--Genre/Form:

554714
Electronic books.

Corporate Inversions and the Cost of Equity : = A Tale of Two Strategies.
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100 1 $a Zhou, Tianpeng. $3 1193553
245 1 0 $a Corporate Inversions and the Cost of Equity : $b A Tale of Two Strategies.
264 0 $c 2018
300 $a 1 online resource (81 pages)
336 $a text $b txt $2 rdacontent
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338 $a online resource $b cr $2 rdacarrier
500 $a Source: Dissertation Abstracts International, Volume: 79-12(E), Section: A.
500 $a Adviser: Naveen Khanna.
502 $a Thesis (Ph.D.)--Michigan State University, 2018.
504 $a Includes bibliographical references
520 $a Firms invert either through a pure inversion strategy or by merging with a foreign entity. I document that the impact of corporate inversions on the cost of equity is significantly different between the two strategies. I find that pure inversions increase the cost of equity by 10%, whereas inversions through mergers decrease it by 13%. Although both inversion strategies increase the inverting firm's shareholder value, inversions through mergers appear to create more value. However, before the tax reform of 2004, which eliminated the tax savings from pure inversions, most inversions were pure, whereas after the tax reform most were done through mergers. This finding suggests that the tax reform had an unintended consequence of reducing a managerial agency problem by eliminating the less beneficial inversion option.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Finance. $3 559073
655 7 $a Electronic books. $2 local $3 554714
690 $a 0508
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a Michigan State University. $b Business Administration -Finance - Doctor of Philosophy. $3 1193554
773 0 $t Dissertation Abstracts International $g 79-12A(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10929903 $z click for full text (PQDT)

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