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Corporate Financial Policy and Taxation.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Corporate Financial Policy and Taxation./
Author:	Jones, Chris.
Description:	1 online resource (274 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 83-07, Section: B.
Contained By:	Dissertations Abstracts International83-07B.
Subject:	Lagrange multiplier. -
Online resource:	click for full text (PQDT)
ISBN:	9798759940876

Corporate Financial Policy and Taxation.
Jones, Chris.

Corporate Financial Policy and Taxation. - 1 online resource (274 pages)

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

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

Includes bibliographical references

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.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798759940876Subjects--Topical Terms:

1474925
Lagrange multiplier.
Index Terms--Genre/Form:

554714
Electronic books.

Corporate Financial Policy and Taxation.
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100 1 $a Jones, Chris. $3 1201092
245 1 0 $a Corporate Financial Policy and Taxation.
264 0 $c 1988
300 $a 1 online resource (274 pages)
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
338 $a online resource $b cr $2 rdacarrier
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.
504 $a Includes bibliographical references
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.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2024
538 $a Mode of access: World Wide Web
650 4 $a Lagrange multiplier. $3 1474925
650 4 $a Equilibrium. $3 680633
650 4 $a Finance. $3 559073
650 4 $a Mathematics. $3 527692
655 7 $a Electronic books. $2 local $3 554714
690 $a 0508
690 $a 0405
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a The Australian National University (Australia). $3 1186624
773 0 $t Dissertations Abstracts International $g 83-07B.
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=28820427 $z click for full text (PQDT)