Arbeitspapier
The value of a loss: The impact of restricting tax loss transfers
We study the economic consequences of anti-loss trafficking rules, which disallow the use of loss carry-forwards as tax shield after a substantial ownership change. Using staggered changes to these rules, we find that limiting the transfer of tax losses reduces the number of M&As with loss-making targets by 22%. We further observe decreases in birth and survival rates of young companies in response to stricter regulations and vice versa. Tightening (loosening) anti-loss trafficking rules impairs (increases) return on assets, especially for R&D-intensive firms, and stricter rules lead to a decrease in successful patent applications.
- Sprache
-
Englisch
- Erschienen in
-
Series: ZEW Discussion Papers ; No. 23-037
- Klassifikation
-
Wirtschaft
Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance
Corporate Finance and Governance: Government Policy and Regulation
Business Taxes and Subsidies including sales and value-added (VAT)
- Thema
-
Mergers and acquisitions
anti-loss trafficking rules
taxes
market entry
market exit
productivity
innovation
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Bührle, Anna Theresa
Casi-Eberhard, Elisa
Stage, Barbara
Voget, Johannes
- Ereignis
-
Veröffentlichung
- (wer)
-
ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
- (wo)
-
Mannheim
- (wann)
-
2023
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Bührle, Anna Theresa
- Casi-Eberhard, Elisa
- Stage, Barbara
- Voget, Johannes
- ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
Entstanden
- 2023
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