Universität zu Köln

Capital Market Effects of Taxes and Corporate Tax Avoidance

Tassius, Alexander (2016) Capital Market Effects of Taxes and Corporate Tax Avoidance. PhD thesis, Universität zu Köln.

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    Abstract

    This thesis consists of four essays: The first essay entitled “Tax Effects on Asset Pricing – New Evidence from Tax Reform Announcements in Germany”, co-authored with Michael Overesch, Chair of Business Taxation at the University of Cologne, not only presents price effects for German shares given rumors about lowering the German corporate tax rate but also shows price effects for bonds following a substantial cut in the German personal interest tax rate. The second essay “Capital Income Taxes and the Ex-Day Premium – New Evidence from a Cross-Country Analysis”, again co-authored with Michael Overesch, presents new evidence on the tax status of the marginal investor and whether the ex-day price drop equals the dividend payment. The third essay “Corporate Tax Planning and the Payout Ratio of Firms – Is the Dividend Penalty Linked to ETRs?”, co-authored with Pia Olligs, doctoral research assistant at the University of Cologne, sheds light on the question whether corporate tax avoiding firms do also react more sensible to their shareholders’ personal dividend tax rates. The concluding essay “Capital Market Reaction to Tax Avoidance: Evidence from LuxLeaks”, co-authored with Birgit Hüsecken, doctoral research assistant at the University of Cologne, and Michael Overesch, shows robust evidence that the revelation of corporate tax avoidance, when there is no threat of back taxes or penalties, does increase firm value.

    Item Type: Thesis (PhD thesis)
    Creators:
    CreatorsEmail
    Tassius, Alexanderalexandertassius@googlemail.com
    URN: urn:nbn:de:hbz:38-71163
    Subjects: General statistics
    Management and auxiliary services
    Uncontrolled Keywords:
    KeywordsLanguage
    Taxation; Capital Market Effects; Capital Income Taxes; Tax Avoidance; Tax CertaintyEnglish
    Faculty: Wirtschafts- u. Sozialwissenschaftliche Fakultät
    Divisions: Wirtschafts- u. Sozialwissenschaftliche Fakultät > Seminar für Allg. BWL und Steuerlehre
    Language: English
    Date: 30 September 2016
    Date Type: Publication
    Date of oral exam: 13 December 2016
    Full Text Status: Public
    Date Deposited: 19 Jan 2017 08:55:46
    Referee
    NameAcademic Title
    Overesch, MichaelProf. Dr.
    Fochmann, MartinProf. Dr.
    URI: http://kups.ub.uni-koeln.de/id/eprint/7116

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