Universität zu Köln

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:	Creators Email ORCID ORCID Put Code Tassius, Alexander alexandertassius@googlemail.com UNSPECIFIED UNSPECIFIED
URN:	urn:nbn:de:hbz:38-71163
Date:	30 September 2016
Language:	English
Faculty:	Faculty of Management, Economy and Social Sciences
Divisions:	Faculty of Management, Economics and Social Sciences > Business Administration > Accounting and Taxation > Professorship for Business Administration and Business Taxation
Subjects:	General statistics Management and auxiliary services
Uncontrolled Keywords:	Keywords Language Taxation; Capital Market Effects; Capital Income Taxes; Tax Avoidance; Tax Certainty English
Date of oral exam:	13 December 2016
Referee:	Name Academic Title Overesch, Michael Prof. Dr. Fochmann, Martin Prof. Dr.
Refereed:	Yes
URI:	http://kups.ub.uni-koeln.de/id/eprint/7116