The Experts below are selected from a list of 12438 Experts worldwide ranked by ideXlab platform
Wolf Wagner - One of the best experts on this subject based on the ideXlab platform.
-
capital gains taxation and the cost of capital evidence from unanticipated cross border transfers of tax base
Journal of Financial Economics, 2018Co-Authors: Harry Huizinga, Johannes Voget, Wolf WagnerAbstract:Abstract In a cross-border takeover, the tax base associated with future capital gains is transferred from target shareholders to acquirer shareholders. Cross-country differences in capital gains tax rates enable us to estimate the discount in target Valuation on account of future capital gains. We estimate that a 1 percentage point increase in the capital gains tax rate reduces the value of equity by around 0.3%, which suggests that the capital gains tax significantly raises firms’ cost of capital. Furthermore, we find that the implied capital gains tax burden is higher at times of high economic growth and low Stock Market Valuation.
Pierrexavier Meschi - One of the best experts on this subject based on the ideXlab platform.
-
international acquisition performance and experience a resource based view evidence from french acquisitions in the united states 1988 2004
Journal of International Management, 2006Co-Authors: Pierrexavier Meschi, Emmanuel MetaisAbstract:Abstract Does an acquirer with extensive acquisition experience outperform an acquirer with little or no acquisition experience? Does an acquirer with varied growth mode experience (i.e. a company undertaking not only acquisitions but also joint ventures) outperform a company that has very homogeneous experience (i.e. a company growing exclusively through acquisitions)? The main purpose of our article is to examine these two questions in-depth and to attempt to provide some answers. The questions led us to analyze the Valuation effect of the acquirer's experience for 291 French acquisitions in the United States. The results were mixed with regard to the relationship between acquisition performance, acquisition experience and heterogeneous experience. On the one hand we found no relationship between the acquisition performance and heterogeneous experience of French acquirers, which is not consistent with the literature on Stock Market Valuation of homogeneous “experience trajectories” [Singh, H., Zollo, M., 1998. The impact of knowledge codification, experience trajectories and integration strategies on the performance of corporate acquisitions. Working Paper INSEAD, 98,62,SM.]. On the other hand, our findings indicate that the relationship between the acquisition performance and acquisition experience of French acquirers follows a curvilinear (inverted U-shaped) distribution.
-
Stock Market Valuation of joint venture sell-offs
Journal of International Business Studies, 2005Co-Authors: Pierrexavier MeschiAbstract:This article examines the Stock Market performance implications of joint venture (JV) partner sell-offs using a resource-based view and an event study methodology. More specifically, it proposes hypotheses putting into evidence the Stock Market Valuation of different reasons for JV sell-offs (refocusing of a business, debt reduction, and JV failure). Abnormal returns (ARs) from JV sell-offs are estimated for a sample of 151 European selling partners. First, the results show that Stock Market reactions observed around the date of announcement are significant and positive. This finding is consistent with that of finance research literature on Stock Market reactions to ordinary asset sales. This leads us to discount the idea that Stock Markets place a specific Valuation on JV sell-offs. Second, the results indicate that the reasons for JV sell-offs are a determinant of ARs of selling partners.
Johannes Voget - One of the best experts on this subject based on the ideXlab platform.
-
capital gains taxation and the cost of capital evidence from unanticipated cross border transfers of tax base
Journal of Financial Economics, 2018Co-Authors: Harry Huizinga, Johannes Voget, Wolf WagnerAbstract:Abstract In a cross-border takeover, the tax base associated with future capital gains is transferred from target shareholders to acquirer shareholders. Cross-country differences in capital gains tax rates enable us to estimate the discount in target Valuation on account of future capital gains. We estimate that a 1 percentage point increase in the capital gains tax rate reduces the value of equity by around 0.3%, which suggests that the capital gains tax significantly raises firms’ cost of capital. Furthermore, we find that the implied capital gains tax burden is higher at times of high economic growth and low Stock Market Valuation.
Lihong Qian - One of the best experts on this subject based on the ideXlab platform.
-
Corporate real estate, Stock Market Valuation and the reputational effects of eco-certification
Journal of Property Research, 2017Co-Authors: Julia Freybote, Lihong QianAbstract:AbstractImproving the energy efficiency of retail stores has become an important strategy for retailers. However, why do some retailers obtain Energy Star certification for their stores while others do not? We argue that retailers pursue this certification to capture reputational benefits of the Energy Star label when their Stock Market Valuation is low. Using longitudinal data for US retailers (grocery and department stores) over the period of 2002 to 2014, we find that Stock Market Valuation measured by Tobin’s Q explains (1) the likelihood of a retailer obtaining Energy Star certification and (2) the share of Energy Star-certified stores in a retailer’s portfolio. Operating expenses on the other hand do not appear to drive the decision to obtain Energy Star certification. Our results also suggest that the motivations of retailers to obtain LEED and Energy Star certification differ.
Harry Huizinga - One of the best experts on this subject based on the ideXlab platform.
-
capital gains taxation and the cost of capital evidence from unanticipated cross border transfers of tax base
Journal of Financial Economics, 2018Co-Authors: Harry Huizinga, Johannes Voget, Wolf WagnerAbstract:Abstract In a cross-border takeover, the tax base associated with future capital gains is transferred from target shareholders to acquirer shareholders. Cross-country differences in capital gains tax rates enable us to estimate the discount in target Valuation on account of future capital gains. We estimate that a 1 percentage point increase in the capital gains tax rate reduces the value of equity by around 0.3%, which suggests that the capital gains tax significantly raises firms’ cost of capital. Furthermore, we find that the implied capital gains tax burden is higher at times of high economic growth and low Stock Market Valuation.