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Corporate Finance: Valuation最新文献

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Attracting Profit Shifting or Fostering Innovation? On Patent Boxes and R&D Subsidies 吸引利润转移还是促进创新?论专利箱与研发补贴
Corporate Finance: Valuation Pub Date : 2023-04-01 DOI: 10.2139/ssrn.3720397
Andreas Haufler, Dirk Schindler
{"title":"Attracting Profit Shifting or Fostering Innovation? On Patent Boxes and R&D Subsidies","authors":"Andreas Haufler, Dirk Schindler","doi":"10.2139/ssrn.3720397","DOIUrl":"https://doi.org/10.2139/ssrn.3720397","url":null,"abstract":"Many countries have introduced patent box regimes in recent years, offering a reduced tax rate to businesses for their IP-related income. Patent boxes are supposed to increase innovative activity, but they are also suspected to aim at attracting inward profit shifting from multinational firms. In this paper, we analyze the effects of patent box regimes when countries can simultaneously use patent boxes and R&D subsidies to promote innovation. We show that when countries set their tax policies unilaterally, innovation is fostered, at the margin, only by the R&D subsidy. The patent box tax rate is instead targeted at attracting international profit shifting, and it is optimally set below the corporate tax rate. With cooperative tax setting, the optimal royalty tax rate is instead equal to, or even above, the statutory corporation tax. Hence, patent box regimes emerge in the decentralized policy equilibrium, but never under policy coordination. Enforcing a nexus principle, as proposed by the OECD, is helpful to mitigate harmful competition for paper profits, but it comes at the price of increased strategic competition in direct R&D subsidies to attract physical R&D units instead of intangible patents.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122092639","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
Financial Shocks and the Relative Dynamics of Tangible and Intangible Investment: Evidence from the Euro Area 金融冲击与有形和无形投资的相对动态:来自欧元区的证据
Corporate Finance: Valuation Pub Date : 2022-08-01 DOI: 10.2139/ssrn.3669517
Johannes Gareis, Eric Mayer
{"title":"Financial Shocks and the Relative Dynamics of Tangible and Intangible Investment: Evidence from the Euro Area","authors":"Johannes Gareis, Eric Mayer","doi":"10.2139/ssrn.3669517","DOIUrl":"https://doi.org/10.2139/ssrn.3669517","url":null,"abstract":"\u0000 We develop an extended real business cycle model with financially constrained firms and non-pledgeable intangible capital. Based on a model-consistent series for firms’ borrowing conditions, we find, within a structural vector autoregression framework, that, in response to an adverse financial shock, tangible investment falls more than intangible investment. This positive co-movement between tangible and intangible investment as well as the relative resilience of intangible investment pose a challenge for the theoretical model. We show that investment-specific adjustment costs help in reconciling the model with the observed empirical evidence. The estimation of the theoretical model using a Bayesian limited information approach yields support for the presence of much larger adjustment costs for intangible investment than for tangible investment.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"144 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133490845","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Errors in Shareholder Voting 股东投票错误
Corporate Finance: Valuation Pub Date : 2021-10-19 DOI: 10.2139/ssrn.3945818
Patrick Blonien, Alan D. Crane, Kevin Crotty, David De Angelis
{"title":"Errors in Shareholder Voting","authors":"Patrick Blonien, Alan D. Crane, Kevin Crotty, David De Angelis","doi":"10.2139/ssrn.3945818","DOIUrl":"https://doi.org/10.2139/ssrn.3945818","url":null,"abstract":"Voting errors occur when bad proposals pass (false positives) and good proposals fail (false negatives). We develop a structural empirical framework to study voting errors for share-holder proposals. Over one-quarter of vote outcomes are mistakes, with 6% (21%) as false positives (negatives). Prices respond negatively to false positives. Sophisticated owners are generally associated with fewer false positives and more false negatives, but high passive ownership is associated with worse overall outcomes and activists with better. Our evidence contributes to policy debates on proxy access and advisors and investor communication by showing voting errors are common and passing bad proposals is costly.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126813763","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Debt-Equity Spread 债务-股权价差
Corporate Finance: Valuation Pub Date : 2021-10-17 DOI: 10.2139/ssrn.3944082
Hui Chen, Zhiyao Chen, Jun Li
{"title":"The Debt-Equity Spread","authors":"Hui Chen, Zhiyao Chen, Jun Li","doi":"10.2139/ssrn.3944082","DOIUrl":"https://doi.org/10.2139/ssrn.3944082","url":null,"abstract":"We propose the debt-equity spread (DES) as a measure of the valuation gap between debt and equity at firm level. DES strongly predicts stock and bond returns in opposite directions. A strategy that takes long positions in firms with low DES, whose stocks are cheap relative to bonds, and short those with high DES generates an average stock return of 6% per annum and bond return of -3.3% per annum. The return predictability is consistently stronger among small, illiquid, and difficult-to-short stocks and bonds. In addition, higher debt-equity spreads are associated with (i) higher probability for negative revision of long-term earnings growth forecasts; (ii) more equity issuance and debt repurchase, resulting in a low leverage ratio; (iii) stronger preferences for stock payments in acquisitions; and (iv) more insider stock selling. Together, these results suggest that the return prediction of DES is likely driven by mispricing rather than risk exposures.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129991143","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Motivation for Inversion 反转的动机
Corporate Finance: Valuation Pub Date : 2021-09-29 DOI: 10.2139/ssrn.3933237
Erez Levy, A. R. Ofer
{"title":"The Motivation for Inversion","authors":"Erez Levy, A. R. Ofer","doi":"10.2139/ssrn.3933237","DOIUrl":"https://doi.org/10.2139/ssrn.3933237","url":null,"abstract":"It is obvious who loses from inversion of a U.S firm - the U.S government, which loses future tax income. However, the complementary question- who benefits from inversion and consequently why do inversions occur, does not have a clear answer. We examine the effect of inversion on four entities: The shareholders, bondholders and executives of the inverted firm; and Shareholders of the target firm (if the inversion was done through merger inversion). Our findings indicate that the executives benefit from inversion while the stakeholders of the inverted firm do not. In addition, we find that the shareholders of the target firms benefit from inversion. Considering the size of the firms, the implications on the U.S tax revenues and that previous regulations attempts did not deter inversion transactions, we believe that these findings have policy implications.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"67 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133197119","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Trade Credit and the Stability of Supply Chains 贸易信用与供应链的稳定性
Corporate Finance: Valuation Pub Date : 2021-09-23 DOI: 10.2139/ssrn.3892852
Nuri Ersahin, Mariassunta Giannetti, Ruidi Huang
{"title":"Trade Credit and the Stability of Supply Chains","authors":"Nuri Ersahin, Mariassunta Giannetti, Ruidi Huang","doi":"10.2139/ssrn.3892852","DOIUrl":"https://doi.org/10.2139/ssrn.3892852","url":null,"abstract":"We study how production networks adapt when natural disasters affect the reliability of a firm in the network. Affected firms extend more trade credit to their customers, especially if these customers are important and would be difficult to replace. The suppliers of affected firms appear to facilitate the trade credit provision by extending more trade credit, especially if the relationship with the affected firm is important. Thanks to trade credit provision, supply chains appear to be stable after natural disasters. Customers sever their relationships with the affected firms and recur to new suppliers only when they do not receive more trade credit, because the affected firms and their suppliers are financially constrained.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":" 38","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120830155","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
Capital-Embodied Technological Progress and Obsolescence: The Role of Asset Valuation 资本体现的技术进步与过时:资产评估的作用
Corporate Finance: Valuation Pub Date : 2021-09-18 DOI: 10.2139/ssrn.3941848
Yosuke Jin
{"title":"Capital-Embodied Technological Progress and Obsolescence: The Role of Asset Valuation","authors":"Yosuke Jin","doi":"10.2139/ssrn.3941848","DOIUrl":"https://doi.org/10.2139/ssrn.3941848","url":null,"abstract":"This study highlights the importance of technological progress embodied in capital goods in explaining business cycle fluctuations and stock market prices through asset valuation mechanisms. Such technological progress modifies the relative productivity of capital goods across different vintages, which is reflected in their market value. In estimating a DSGE model built on asset valuation, this study finds that investment and output increase significantly with such technological progress, as the initial negative wealth effects due to economic obsolescence of existing capital goods are more than offset by improved income prospects from new investments that generate higher payouts due to productivity enhancement. The investors’ technological shock perception crucially affects asset valuation, thereby altering the empirical results considerably. Different shock propagation mechanism analyses reveal possible asset price misalignments, namely extremely high stock market prices that are not aligned with actual capital accumulation dynamics.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"35 21","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131721501","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Social Change through Financial Innovation: Evidence from Donor-advised Funds 金融创新带来的社会变革:来自捐助者建议基金的证据
Corporate Finance: Valuation Pub Date : 2021-09-16 DOI: 10.2139/ssrn.3925198
Jillian Grennan
{"title":"Social Change through Financial Innovation: Evidence from Donor-advised Funds","authors":"Jillian Grennan","doi":"10.2139/ssrn.3925198","DOIUrl":"https://doi.org/10.2139/ssrn.3925198","url":null,"abstract":"I draw on new data and theory to examine how donor-advised funds (DAFs), a fast-growing philanthropic option, relate to social progress. DAFs are distinguished by flexibility – transforming complex assets, separating the timing of tax breaks from giving decisions, and offering impact investment opportunities. Data on 4,286 unique DAF sponsors reveals that the recent growth is driven by DAFs using modern financial technologies. Estimates indicate these innovative DAFs support social progress by targeting a more inclusive donor base and channeling generosity to charities serving areas with high inequality, in times of greatest financial need, and with more transparent and efficient operations.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115630167","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Online Appendix for: 'Options Trading Activity and the Efficiency of Corporate Investment' 在线附录:“期权交易活动与企业投资效率”
Corporate Finance: Valuation Pub Date : 2021-08-25 DOI: 10.2139/ssrn.3911145
Seraina C. Anagnostopoulou, L. Trigeorgis, A. Tsekrekos
{"title":"Online Appendix for: 'Options Trading Activity and the Efficiency of Corporate Investment'","authors":"Seraina C. Anagnostopoulou, L. Trigeorgis, A. Tsekrekos","doi":"10.2139/ssrn.3911145","DOIUrl":"https://doi.org/10.2139/ssrn.3911145","url":null,"abstract":"This Online Appendix provides additional results in support of the main analysis presented in the above-mentioned paper. This Online Appendix contains two Tables. Table OA.1 replicates the estimation that is summarized in Table 2 of the manuscript, this time including firm fixed effects. Table OA.2 replicates the estimation that is summarized in Table 3 of the manuscript, this time including firm fixed effects. All variables are defined in Appendix A of the manuscript. The paper ‘Options Trading Activity and the Efficiency of Corporate Investment’ to which this Appendix applies is available at the following URL: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3788992.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"219 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122856268","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Tacit Collusion among Dominant Banks: Evidence from Round-Yard Loan Pricing 优势银行之间的隐性串通:来自圆场贷款定价的证据
Corporate Finance: Valuation Pub Date : 2021-08-15 DOI: 10.2139/ssrn.3905375
Yu-Ju Chan, Chih-Yung Lin, Tse-Chun Lin
{"title":"Tacit Collusion among Dominant Banks: Evidence from Round-Yard Loan Pricing","authors":"Yu-Ju Chan, Chih-Yung Lin, Tse-Chun Lin","doi":"10.2139/ssrn.3905375","DOIUrl":"https://doi.org/10.2139/ssrn.3905375","url":null,"abstract":"While there is no apparent reason for loan spreads to cluster at certain numbers, we find that around 70% of loans have round-yard spreads (i.e., multiples of 25 basis points). We hypothesize that dominant banks implicitly collude by using the round-yards as focal pricing points when negotiating with their borrowers. The tacit collusion leads to higher spreads and total costs of the round-yard-priced loans than non-round-yard-priced loans. Consistent with our tacit collusion hypothesis, dominant banks round up rather than round down loan spreads to the multiples of yards. Moreover, round-yard pricing is more prevalent among lower-quality and non-repeat borrowers. Overall, we provide the first evidence that dominant banks use round-yard pricing as an effective tool for tacit collusion in the loan market.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"85 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130309017","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
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