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Taxes, financial distress, and capital structure in the United States and Japan
In Study 1, I examine whether a U.S. firm's proximity to both financial distress and tax exhaustion affects whether debt is negatively related to non-debt tax shields. Effective tax planning requires a firm to consider both the tax and non-tax costs of its financing decisions. Financial distress costs are a non-tax cost of ...
Persistence in pension account returns: the impact of survivorship and reaction of asset flows
This paper is the first to examine the effects of survivorship on persistence in the performance of U.S. equity pension accounts. Evidence of predictability of returns is stronger with the total sample of accounts than with the survivor only sample. The weaker result in the survivor only sample is consistent with the effects ...