Arbeitspapier
Corporate debt, hybrid securities and the effective tax rate
In this article we use contingent-claim analysis to calculate the effective tax rate (ETR) under corporate debt finance. In particular, we deal with both pure debt and two of the most well-known hybrid securities, i.e., convertible, and reverse convertible bonds. We show that: 1) effective taxation crucially depends on the characteristics of debt, and 2) existing measures of ETR can be dramatically biased, since they do not account for debt maturity, default risk or the ability to convert debt into equity.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 2329
- Klassifikation
-
Wirtschaft
- Thema
-
Capital structure
contingent claims
corporate taxation
hybrid securities
Fremdkapital
Wandelanleihe
Kapitalstruktur
Unternehmensbesteuerung
Steuerbelastung
Steuerinzidenz
Optionspreistheorie
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Panteghini, Paolo M.
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2008
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 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
- Panteghini, Paolo M.
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2008
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